Remuneration policy

JSC "CBL Atklatais pensiju fonds" (hereinafter – the Pension fund) and AS Citadele banka are part of the Citadele Group (hereinafter – the Group) where AS Citadele banka is the Group’s parent company. The Pension fund complies with the remuneration policy approved by the Group. 

The remuneration in the Group companies, including the Pension fund, consists of fixed and variable remuneration components, if such are applied.  

The decision on the remuneration of the Pension fund’s staff is made as follows: 

  • For the Members of the Management Board of the Pension fund – by the Council of the Pension fund; 
  • For other employees of the Company – by the Chairman of the Management Board of the Pension fund according to the remuneration established within the Group for employees of respective professional levels.  

The fixed remuneration component is established as a time-based salary corresponding to the hours actually worked irrespective of the volume of work performed. 

The variable remuneration component depends on performance results. Within the Group, the variable remuneration component can be paid only in cash (bonuses for achieving quantitative/ qualitative targets, sales commissions, etc.).

The Remuneration Committee of the Group, established by the Council of AS Citadele banka and consisting of the Members of the Council, deals with issues concerning the Group’s remuneration policy. The Committee establishes the general principles of the remuneration policy at the Group level and submits the remuneration policy for approval at a AS Citadele banka Council meeting.

The customers can acquaint themselves with the Group’s remuneration policy on the website.