Article 23U.K.Remuneration policy
1.Member States shall require IORPs to establish and apply a sound remuneration policy for all those persons who effectively run the IORP, carry out key functions and other categories of staff whose professional activities have a material impact on the risk profile of the IORP in a manner that is proportionate to their size and internal organisation, as well as to the size, nature, scale and complexity of their activities.
2.Unless otherwise provided for in Regulation (EU) 2016/679, IORPs shall regularly disclose publicly relevant information regarding their remuneration policy.
3.When establishing and applying the remuneration policy referred to in paragraph 1, IORPs shall comply with the following principles:
(a)the remuneration policy shall be established, implemented and maintained in line with the activities, risk profile, objectives, and the long-term interest, financial stability and performance of the IORP as a whole, and shall support the sound, prudent and effective management of IORPs;
(b)the remuneration policy shall be in line with the long-term interests of members and beneficiaries of pension schemes operated by the IORP;
(c)the remuneration policy shall include measures aimed at avoiding conflicts of interest;
(d)the remuneration policy shall be consistent with sound and effective risk management and shall not encourage risk-taking which is inconsistent with the risk profiles and rules of the IORP;
(e)the remuneration policy shall apply to the IORP and to the service providers referred to in Article 31(1), unless those service providers are covered by the Directives referred to in point (b) of Article 2(2);
(f)the IORP shall establish the general principles of the remuneration policy, shall review and update it at least every three years, and shall be responsible for its implementation;
(g)there shall be clear, transparent and effective governance with regard to remuneration and its oversight.