Prudential Regulation Authority Rulebook

18.1

The Chapter applies in relation to high earners and not only in relation to material risk takers.

18.2

A firm must submit a High Earners Report to the PRA annually.

18.3

The firm must submit that report to the PRA within four months of the end of the firm’s accounting reference date.

18.4

A firm that is not, and does not have in its consolidation group, an undertaking responsible for consolidation must complete that report on an unconsolidated basis in respect of remuneration awarded in the last completed financial year to all high earners of the firm who mainly undertook their professional activities within the EEA.

18.5

An undertaking responsible for consolidation must complete that report on a consolidated basis in respect of remuneration awarded in the last completed financial year to all high earners of the consolidation group entities who mainly undertook their professional activities within the EEA at:

1. (1) PRA approved parent holding company, PRA designated parent holding company, PRA approved intermediate holding company, PRA designated intermediate holding company or PRA designated institution of the consolidation group;
2. (2) each consolidation group entity that has its registered office (or if it has no registered office, its head office) in an EEA State; and
3. (3) each branch of any other consolidation group entity that is established or operating in an EEA State.

18.6

The firm’s High Earners Report must report, in pay brackets of €1m, the number of high earners, including their job responsibilities, the business area involved and the main elements of salary, bonus, long-term award and pension contribution. The number of high earners must be reported as the number of natural persons, independent of the number of working hours on which their contract is based.

[Note: Art. 75(3) of the CRD]

[Note: CRD]

18.7

The firm must ensure that the information in the High Earners Report is denominated in euro, determined by reference to the exchange rate used by the European Commission for financial programming and the budget for December of the reported year.

[Note: EBA/GL/2014/07]