25
CORPORATE GOVERNANCE REPORT 2010
CorporategovernanCe report
2010
Contents
Preface by the Chairman of the Managing Board 3
1. Mandatory Information in the Corporate Governance Report 4
1.1.BAWAGP.S.K.’sCodeofCorporateGovernance 4
1.2.CorporateGovernanceStructure 4
2. Managing Board 5
2.1. Composition 5
2.1.1. ManagingBoardMembers 5
2.1.2. AllocationofResponsibilitiesintheManagingBoard 7
2.1.3. SupervisoryBoardMandatesandComparableFunctions 8
2.1.4. ManagingBoardCommittees 9
3. Supervisory Board 10
3.1. CompositionoftheSupervisoryBoard 10
3.1.1. SupervisoryBoardMembers 10
3.1.2. IndependenceofSupervisoryBoardMembers 11
3.1.3. IndependentMembersatCompanieswithSharesinFreeFloat 12
3.1.4. SupervisoryBoardMandatesandComparableFunctions 12
3.1.5. SupervisoryBoardActivityReport 13
3.1.6. SupervisoryBoardCommittees 13
3.1.7. PresenceofSupervisoryBoardMembersatMeetings 19
3.1.8. ContractsRequiringApproval 19
4. Information about the Remuneration of the Managing Board and Supervisory Board 20
5. Measures Taken to Promote Women in the Managing Board, in the Supervisory Board and in Management Positions 21
6. Report about the External Evaluation 22
7. Contact Information for Questions about the Report and Its Contents 24
33
prefaCe by the Chairman of the managing board
DearLadiesandGentlemen,
BAWAGP.S.K.publisheditsfirstCorporateGovernanceReportlastyear.
AsourBankcontinuestolayparticularimportanceoncorporategovern-
ance,wearepublishingoursecondreportthisyear.
In2006,BAWAGP.S.K.madeavoluntarycommitmenttoapplythe
AustrianCodeofCorporateGovernance.Becausethecodeismainly
gearedtowardslistedcompanies,theprovisionspertainingtoastock
exchangelistingarenotapplicable.Thisvoluntaryself-regulatory
measureisintendedtofurtherstrengthentheconfidenceoftheBank’s
customersanditsemployees.
Inaddition,compliancewiththecodeisverifiedinanexternalevalua-
tionperformedbyDeloitteAuditWirtschaftsprüfungsGmbHandby
Fellner,Wratzfeld&PartnerRechtsanwälteGmbH(forthequestionsregardingtheauditor).Theevaluationis
performedusingthequestionnairepreparedbytheAustrianWorkingGroupforCorporateGovernance.Asin
previousyears,allruleswereobservedinfinancialyear2010totheextentthattheywereincludedinBAWAG
P.S.K.’sformalobligation,withindividualexceptionsduetotheBank’sclosedshareholderstructure.
ThisCorporateGovernanceReportwaspreparedinaccordancewithAnnex2oftheAustrianCodeofCorporate
Governance,whichliststheinformationwhichislegallyrequiredintheCorporateGovernanceReportand
informationrequiredbythecode’sCrules(rulesthatshouldbecompliedwith;deviationsfromtheserules
mustbeexplainedandjustified).TheversionoftheAustrianCodeofCorporateGovernancethatwaspub-
lishedinJanuary2010wasalsoincorporatedintoBAWAGP.S.K.’sCodeofCorporateGovernance.Insection
5ofthisreport,youwillfindinformationforthefirsttimeaboutthemeasurestakentopromotewomeninthe
ManagingBoard,intheSupervisoryBoardandinmanagementpositions.
Iwouldliketotakethisopportunitytothankeveryonewhohelpedtopreparethisreport,andIhopetoreceive
yourcontinuedsupportinthefuture.
Sincerely,
ByronHaynes� m.p.
prefaCe by the Chairman of the managing board
44
1. mandatory information in the Corporate governanCe report
1.1. baWag p.s.K.’s Code of Corporate governanceAlthoughBAWAGP.S.K.sharesarenotlistedonthestockexchange,theBank’sManagingBoardandSuper-
visoryBoardhavedecidedtoadoptandadheretotherulescontainedintheAustrianCodeofCorporate
Governance.TheversionoftheAustrianCodeofCorporateGovernancethatwaspublishedinJanuary2010
wasincorporatedintoBAWAGP.S.K.’sCodeofCorporateGovernance.
BAWAGP.S.K.’sdeclarationofcommitmentcanbeviewedontheBank’swebsite(www.bawagpsk.com)under
“Ourbank”.HereyouwillalsofindalldeviationsfromtheAustrianCodeofCorporateGovernance(canbe
viewedonthewebsitewww.corporate-governance.at)alongwithexplanationsastowhythesedeviations
occurred.
1.2. Corporate governance structureTheCorporateGovernanceStructureatBAWAGP.S.K.isasfollows:
Credit Approval Committee
Shareholders’ Meeting
Supervisory Board
Managing Board
Strategic Asset Liability Committee
Enterprise Risk Meeting
Legal and Compliance Committee
Tactical Asset Liability Committee
Credit Policy Committee
CreditCommittee
Audit Committee
Related Parties Committee
NominationCommittee
Remuneration Committee
mandatory information in the Corporate governanCe report
5
Managing Board
2. managing board
2.1. Composition
2.1.1. managing board members
TheManagingBoardconsistedofsixmembersattheendof2010.
Asof31December2010,theBank’sManagingBoardwascomposedofthefollowingindividuals:
C16
WolfgangKLEINRetailBanking&SmallBusiness
StephanKORENChiefRiskOfficer
ChristophRANINGERCorporatesandFinancialMarkets
AndreasARNDTChiefFinancialOfficer
SanjaySHARMAChiefOperatingOfficer
ByronHAyNESChiefExecutiveOfficer
6
Managing Board
ByronHaynesremainstheChairmanoftheManagingBoard,andStephanKorenisDeputyChairmanofthe
Board.Effective1January2010,SanjaySharmatookoverthefunctionoftheChiefOperatingOfficer.InMay
2010,CarstenSamusch’scontractexpiredandwasnotrenewedathisownrequest.Inthesamemonth,
ChristophRaningerjoinedtheBankandinitiallyassumedresponsibilityfortheFinancialMarketsunit.In
September2010,healsotookoverresponsibilityforAustriancommercialbankingfromReginaPrehofer,who
lefttheBankattheendofAugust2010.AndreasArndtwasbroughtonboardastheBank’sChiefFinancial
Officereffective1October2010.On1November2010WolfgangKleintookchargeofRetailBankingand
SmallBusiness.
MANAGING BOARD of BAWAG P.S.K. as at 31.12.2010
Name Function Year of birthDate of first appointment
End of current tenure
Byron HAYNES Chairperson 1966 01.08.08 16.09.12Stephan KOREN Deputy Chairperson 1957 01.10.05 30.11.11Andreas ARNDT Member 1958 01.10.10 01.10.14Wolfgang KLEIN Member 1964 01.11.10 01.11.14Christoph RANINGER Member 1972 17.05.10 17.05.13Sanjay SHARMA Member 1966 01.01.10 01.01.13
ThefollowingManagingBoardmemberslefttheCompanyin2010:
Members who left the Managing Board in 2010Name Function End of tenureCarsten SAMUSCH Member 14.05.10Regina PREHOFER Member 30.08.10
7
Managing Board
2.1.2. allocation of responsibilities in the managing board
AsoftheendofDecember2010,dutieswereallocatedasfollowsintheManagingBoard:
Byron HAYNES Stephan KORENChief Executive Officer Chief Risk Officer
Corporate Office Corporate & Institutional RiskCommunications & Sponsoring Credit Risk Retail & SMEHuman Resources Market RiskStrategy & Economics Risk ReportingInternational Corporates Legal
Andreas ARNDT Wolfgang KLEINChief Financial Officer Retail Banking & Small Business
Controlling & ALM Retail Banking & Small BusinessAccounting Marketing Participations and M&A
Christoph RANINGER Sanjay SHARMACorporate and Financial Markets Chief Operating Officer
Corporates & Market Sales PaymentsCorporates & Market Solutions Information TechnologyCorporates & Markets Business Development OperationsFinancial Markets Trading & Investments Procurement, Real Estate & Facility Management
Customer Service Center
Managing BoardCompliance
Internal Audit
C16
8
Managing Board
2.1.3. supervisory board mandates and Comparable functions
ThefollowingdescribestheSupervisoryBoardmandatesandcomparablefunctionsofManagingBoard
membersatcompaniesoutsidetheGroup.Membersnotlistedinthefollowingdonothaveanyfunctionsat
companiesoutsidetheGroup.
Stephan KORENName of the company Function
Austria Wirtschaftsservice Gesellschaft mit beschränkter Haftung
Supervisory Board chairperson
Omnimedia Werbegesellschaft m.b.H. Supervisory Board chairpersonÖsterreichische Kontrollbank AG Supervisory Board memberÖsterreichische Industrieholding AG Supervisory Board memberWiener Stadtwerke Holding AG Supervisory Board memberBausparkasse Wüstenrot AG Supervisory Board memberBWA Beteiligungs- und Verwaltungs-Aktiengesellschaft Supervisory Board member
StephanKorenhadmorethanfourSupervisoryBoardmandatesatcompaniesoutsidetheGroupin2010.
However,hisfunctionsatBausparkasseWüstenrotAGandBWABeteiligungsundVerwaltungs-Aktiengesell-
schaftwerebothrelatedtotheWüstenrotgroup.
Christoph RANINGERName of the company FunctionOesterreichische Clearingbank AG Supervisory Board memberWiener Börse AG Supervisory Board memberCEESEG Aktiengesellschaft Supervisory Board member
C16
9
Managing Board
2.1.4. managing board Committees
TherulesofprocedureoftheManagingBoarddefinetheresponsibilitiesandtasksofthisboard.According
totheserulesofprocedure,theManagingBoardhastherighttoformcommitteesandtoissuestatutesfor
thesecommittees.Thefollowingexecutivecommitteeshavebeenformed:
4 theEnterpriseRiskMeetingformanagingriskfortheentireBank,
4 theCreditPolicyCommittee,whichfocusesoncreditguidelinesandstrategies,
4 theCreditApprovalCommittee,whichdecidesonfinancingagreementsaboveacertainamount,
4 theStrategicAssetLiabilityCommittee,whichdealswithstrategiccapitalandliquidityplanningissues,
4 theTacticalAssetLiabilityCommittee,and
4 theLegal&ComplianceCommittee,whichdealswiththeeffectsofneworrelevantlegalprovisions.
TheBankalsoestablishedaseriesofadditionalnon-executivecommittees.Theseinclude:
4 theExposureReviewCommittee,whichwassetupin2009fortheongoinganalysisofcertaincredit
exposures,
4 theCapitalManagementMeeting,whichmonitorsthedevelopmentoftheregulatorycapitalratiosandthe
changesintherisk-weightedassets,
4 theCapitalExpenditureCommittee,whichdecidesoninvestmentsaboveacertainamount,
4 theQuarterlyReviewCommittee,inwhichcustomerswithliabilitiesexceedingacertainlevelarereported
on,and
4 theSmallBusinessCreditSteeringCommitteeandtheRetailCreditSteeringCommittee,whichdecideon
underwritingguidelinesandthefurtherdevelopmentofandchangestotheriskcockpit.
SuperviSory Board
10
3. supervisory board
3.1. Composition of the supervisory board
3.1.1. supervisory board members
Asof31December2010,thefollowingindividualsweremembersofBAWAGP.S.K.’sSupervisoryBoard:
SUPERVISORY BOARD of BAWAG P.S.K. as at 31.12.2010
Name Function Year of birthDate of
first appointmentEnd of current
tenure
Cees MAAS
Member Chairperson
1947
since 15.10.09,Supervisory Board
member since 27.07.09
Shareholders’ meeting 2011*
Pieter KORTEWEG
Member Deputy Chairperson
1941
since 15.12.09, Supervisory Board
member since 27.08.07
Shareholders’ meeting 2011*
Rudolf JETTMAR Member 1947 15.05.07 Shareholders’ meeting 2011*
Marius J.L. JONKHART
Member 1950 18.07.07 Shareholders’ meeting 2011*
Ronald E. KOLKA Member 1960 06.08.10 Shareholders’ meeting 2011*
Keith TIETJEN Member 1971 05.10.10 Shareholders’ meeting 2011*
Ingrid STREIBEL-ZARFL
delegated by the Works Council
1959 01.10.05
Brigitte JAKUBOVITS delegated by the Works Council
1957 01.10.05
Beatrix PRÖLL delegated by the Works Council
1958 01.10.05
Beate SCHAFFER
State Commissioner
1959
since 01.08.09, Deputy State
Commissioner from 01.03.07 to 31.07.09
Markus CHMELIK Deputy State Commissioner
1973 01.03.10
* Untiltheendoftheshareholders’meetingdecidingonthe2010annualfinancialstatements.
C58
SuperviSory Board
11
ThefollowingSupervisoryBoardmembersteppeddownfromhisfunctionin2010:
Members who left the Supervisory Board in 2010Name Function End of tenureScott PARKER Member 30.06.10
ScottParkerwithdrewasamemberoftheBank’sSupervisoryBoardon30June2010inordertopursuea
differentcareerpath.
TheSupervisoryBoardwasexpandedwiththeappointmentofRonaldE.Kolkaon6August2010and
KeithTietjenon5October2010tocomprisesixequityholderrepresentatives.
3.1.2. independence of supervisory board members
AccordingtoAnnex1oftheAustrianCodeofCorporateGovernance,“GuidelinesforIndependence”,a
memberoftheSupervisoryBoardshallbedeemedasindependentifsaidmemberdoesnothaveanybusiness
orpersonalrelationswiththeCompanyoritsManagingBoardthatconstituteamaterialconflictofinterests
andarethereforesuitedtoinfluencethebehaviourofthemember.TheSupervisoryBoardshallalsofollowthe
guidelinesbelowwhendefiningthecriteriafortheassessmentoftheindependenceofamemberofthe
SupervisoryBoard:
4 TheSupervisoryBoardmembershallnothaveservedasamemberoftheManagingBoardorasamanage-
ment-levelstaffoftheCompanyoroneofitssubsidiariesinthepastfiveyears.
4 TheSupervisoryBoardmembershallnotmaintainorhavemaintainedinthepastyearanybusiness
relationswiththeCompanyoroneofitssubsidiariestoanextentofsignificanceforthememberofthe
SupervisoryBoard.ThisshallalsoapplytorelationshipswithcompaniesinwhichamemberoftheSuper-
visoryBoardhasaconsiderableeconomicinterest,butnotforexercisingfunctionsinthebodiesofthe
Group.TheapprovalofindividualtransactionsbytheSupervisoryBoardpursuanttoLrule48doesnot
automaticallymeanthepersonisqualifiedasnotindependent.
4 TheSupervisoryBoardmembershallnothaveactedasauditoroftheCompanyorhaveownedasharein
theauditingcompanyorhaveworkedthereasanemployeeinthepastthreeyears.
4 TheSupervisoryBoardmembershallnotbeamemberofthemanagingboardofanothercompanyinwhich
amemberoftheManagingBoardoftheCompanyisasupervisoryboardmember.
4 ASupervisoryBoardmembermaynotremainontheSupervisoryBoardformorethan15years.Thisshall
notapplytoSupervisoryBoardmemberswhoareshareholderswithadirectinvestmentintheCompanyor
whorepresenttheinterestsofsuchashareholder.
4 TheSupervisoryBoardmembershallnotbeacloserelative(directoffspring,spouse,lifepartner,parent,
uncle,aunt,sister,niece,nephew)ofamemberoftheManagingBoardorofpersonswhoholdoneofthe
aforementionedpositions.
C53
SuperviSory Board
12
Accordingtotheirownaccounts,thefollowingmembersareregardedasindependent:
Independence of Supervisory Board membersName IndependentCees MAAS YESPieter KORTEWEG YESRudolf JETTMAR NOMarius JONKHART YESRonald E. KOLKA NOKeith TIETJEN YES
3.1.3. independent members at Companies with shares in free float
SincenoneofBAWAGP.S.K.’ssharesareinfreefloat,thisruledoesnotapply.
3.1.4. supervisory board mandates and Comparable functions
ThefollowingdescribestheSupervisoryBoardmandatesandcomparablefunctionsofSupervisoryBoard
membersatlistedcompaniesinAustriaandabroad.Membersnotlistedinthefollowingdonothaveany
functionsatlistedcompanies.
Cees MAASName of the listed company FunctionAozora Bank, Ltd. Non-executive director
Marius JONKHARTName of the listed company FunctionAerCap Holdings NV Non-executive directorAozora Bank, Ltd. Non-executive director
Pieter KORTEWEGName of the listed company FunctionAerCap Holdings NV Non-executive director and chairperson
C53
C54
C58
SuperviSory Board
13
3.1.5. supervisory board activity report
TheSupervisoryBoardheldsevenmeetingsin2010.
ThedevelopmentoftheBank’sbusinessanditscapitalwasdiscussedateachmeeting.Inaddition,reports
weregivenonanongoingbasisabouttheBank’smarketposition,aboutrelevantlegalissuesandabout
personnelandManagingBoardmatters.Thefocusesoftheindividualmeetingsincludedthediscussion
ofkeysubsidiariesofBAWAGP.S.K.,thenewsalesstrategyandtheintensificationofcooperationwith
ÖsterreichischePostAG,theefficiencyboostingprogrammeandtheEuropeanCommission’sprocedurefor
approvingtheacceptanceofparticipationcapitalfromtheRepublicofAustria.Anotherkeytopicwasthe
effectthatregulatorychangessuchasBaselIIIwillhaveontheBank.InMarch2010thediscussions
focusedontheresultsforthe2009financialyear.
Additionalreportsandpresentationsdealtwiththemanagementletterandtheapprovaloftheincorporation
ofamendmentstothegeneralAustrianCodeofCorporateGovernanceintotheBank’sowncode.Therulesof
procedurefortheManagingBoardandSupervisoryBoardwerealsorevisedandamended.
Onceayear,theSupervisoryBoarddiscussesitsownefficiencyandpotentialmeasuresforimprovementof
discussionsandprocedures.
3.1.6. supervisory board Committees
TheSupervisoryBoardhassetupthefollowingcommittees:
4 AuditCommittee
4 CreditCommittee
4 RelatedPartiesSpecialAuditCommittee
4 NominationCommittee
4 RemunerationCommittee
Thefollowingsectiondescribesthecompositionandtheactivitiesoftheindividualcommittees.
SuperviSory Board
14
3.1.6.1. Audit Committee
3.1.6.1.1.Composition
Thiscommitteeismadeupofthefollowingindividuals:
Audit Committee FunctionMarius JONKHART ChairpersonRonald E. KOLKA Deputy ChairpersonRudolf JETTMAR MemberCees MAAS MemberIngrid STREIBEL-ZARFL delegated by the Works CouncilBrigitte JAKUBOVITS delegated by the Works Council
3.1.6.1.2.Decision-MakingPowers
ThemostimportantfunctionsoftheAuditCommitteearetheevaluationofandpreparationsfortheofficial
approvaloftheannualfinancialstatements(consolidatedfinancialstatements)ofBAWAGP.S.K.,theproposal
fortheappropriationofprofits,themanagementreport,andthecorporategovernancereportaswellasthe
evaluationoftheeffectivenessoftheBank’sinternalcontrolsystem.Thecommitteeisalsoresponsiblefor
ensuringcompliancewiththeofficialpublicdisclosurerequirements.TheAuditCommittee’sevaluationofthe
internalcontrolsystemincludestheriskmanagementsystem,andthecommitteeisresponsibleforrecom-
mendingafinancialauditorfortheBank’sfinancialstatements.Theauditprogramme,theannualaudit
scheduleandreportsontheactivitiesoftheInternalAuditdivisionareallsubmittedtotheAuditCommittee.
3.1.6.1.3.ActivityReport2010
TheAuditCommitteeheldsixmeetingsin2010.
ThemeetingsinFebruaryandMarchfocusedonreviewingtheBank’sannualfinancialstatementsandthe
CorporateGovernanceReportfor2009.InJuly,thecommitteediscussedtherecommendationforthe
appointmentoftheauditor,amongotherthings.AquarterlyreportfromInternalAuditandtheCompliance
departmentwaspresented.TheannualauditplansforInternalAuditandtheCompliancedepartmentwere
presentedandapproved.
Reportsonauditsandenquiriesbytheregulatoryauthoritieswerealsoprovidedonaregularbasis.Therisk
reportfortheBank,whichincludesthecalculationoftheBank’srisk-bearingcapacityandreportsoncorpo-
rate,retailandmarketrisk,wasaregularitemontheAuditCommittee’sagenda.
Theauditorswerepresentatallofthemeetingsandwereinvolvedinthediscussions.Outsideofthe
meetings,themembersoftheAuditCommitteealsohelddiscussionswithrelevantdivisionmanagers.
C39
C34
C39
SuperviSory Board
15
3.1.6.2. Credit Committee
3.1.6.2.1.Composition
Thiscommitteehasthefollowingmembers:
Credit Committee FunctionCees MAAS ChairpersonMarius J.L. JONKHART MemberRudolf JETTMAR MemberKeith TIETJEN MemberIngrid STREIBEL-ZARFL delegated by the Works CouncilBeatrix PRÖLL delegated by the Works Council
3.1.6.2.2.Decision-MakingPowers
TheCreditCommitteeisresponsiblefortheapprovalofloansandotherformsoffinancingandcredit
(especiallybutnotlimitedtocreditderivativesandsecuritisedassets)toindividualborrowersorgroupsof
associatedcustomersinthecaseofexposuresthatequal10percentormoreoftheBank’seligibleown
funds.AreportissubmittedtotheSupervisoryBoardatleastonceayearaboutthemajorinvestmentsthat
areapproved.
TheCreditCommitteeisalsoresponsibleformakingdecisionsregardingtransactionswithmanagementand
relatedparties,withtheexceptionofapprovinglegaltransactionswithManagingBoardandSupervisoryBoard
members.Theapprovalforcertainlegaltransactionsortypesoflegaltransactionscanbegrantedinadvance
foraperiodofoneyear.Areportabouteachoftheselegaltransactionsandeachoftheseloansandadvances
mustbemadetotheSupervisoryBoardatleastonceayear.
TheCreditCommitteeisalsoresponsibleforapprovingmaterialcreditpolicies(e.g.newbusinesssegments)
andadvisingtheManagingBoardonbasiccreditriskpolicyissuesaccordingtoanarrangementmadewith
theboard.
3.1.6.2.3.ActivityReport2010
TheCreditCommitteeheldsixmeetingsin2010,andanumberofdecisionsweremadeincircular
resolutions.
Inadditiontodecisionsaboutloanapplications,theCreditCommitteealsodealtwithgeneralcreditrisk
topics.AfocusinFebruarywastheguidelinesfortheInternationalBusinessunit.Theresultsofastudyon
riskreturnswerepresentedinMay.ReportsontheBank’smostimportantequityholdingswerepresentedin
July.
C39
C34
C39
SuperviSory Board
16
3.1.6.3. Related Parties Special Audit Committee
3.1.6.3.1.Composition
Thefollowingindividualsaremembersofthiscommittee:
Related Parties Special Audit Committee FunctionMarius JONKHART ChairpersonCees MAAS Deputy ChairpersonPieter KORTEWEG MemberRudolf JETTMAR MemberIngrid STREIBEL-ZARFL delegated by the Works CouncilBrigitte JAKUBOVITS delegated by the Works Council
3.1.6.3.2.Decision-MakingPowers
TheRelatedPartiesSpecialAuditCommitteereviewsallfinancingsandtransactionsaboveacertainamount
involvingcompaniesrelatedtoshareholders.TheRelatedPartiesSpecialAuditCommitteeisintendedto
ensuretransparencyinalltransactionsinvolvingtheBank’sshareholders.
3.1.6.3.3.ActivityReport2010
In2010therewerenomeetingsoftheRelatedPartiesSpecialAuditCommittee,andnocircularresolutions
werepassed.
C39
C34
C39
SuperviSory Board
17
3.1.6.4. Nomination Committee
3.1.6.4.1.Composition
Thiscommitteehasthefollowingmembers:
Nomination Committee FunctionCees MAAS ChairpersonRonald E. KOLKA Deputy ChairpersonPieter KORTEWEG MemberIngrid STREIBEL-ZARFL delegated by the Works CouncilBrigitte JAKUBOVITS delegated by the Works Council
3.1.6.4.2.Decision-MakingPowers
TheNominationCommitteedealswithManagingBoardsuccessionplanning,selectingsuitablecandidatesfor
ManagingBoardpostsandpreparationsfortheappointmentofnewManagingBoardmembers.
3.1.6.4.3.ActivityReport2010
TheNominationCommitteeheldfourmeetingsin2010,andanumberofdecisionsweremadeincircular
resolutions.
ThemostimportanttopicsofdiscussionweretheSupervisoryBoardmandatesoftheManagingBoard
membersandsuccessionplanning.Further,recommendationsontheappointmentofManagingBoard
membersweresubmittedtotheSupervisoryBoard.
C39
C34
C39
SuperviSory Board
18
3.1.6.5. Remuneration Committee
3.1.6.5.1.Composition
Thefollowingindividualsaremembersofthiscommittee:
Remuneration Committee FunctionCees MAAS ChairpersonPieter KORTEWEG Deputy ChairpersonKeith TIETJEN Member
3.1.6.5.2.Decision-MakingPowers
TheRemunerationCommitteedealswithrelationshipsbetweentheBankandthemembersoftheManaging
Board.Forexample,itdecidestheperformancetargetsfortheManagingBoardandalsotheremuneration
paidtoandcontractssignedwiththemembersoftheManagingBoard.TheRemunerationCommitteeisalso
responsibleforapprovingaffiliatedpartytransactionswithmembersoftheSupervisoryBoardandManaging
Board.
3.1.6.5.3.ActivityReport2010
TheRemunerationCommitteeheldfivemeetingsin2010,atwhichitdiscussedthecompensation,objectives
andcontractsoftheManagingBoardmembers.Thenewremunerationregulations(CRDIII)werealso
discussed.
C39
C34
C39
SuperviSory Board
19
3.1.7. presence of supervisory board members at meetings
TheChairmanoftheSupervisoryBoard,CeesMaas,waspresentinpersonatallSupervisoryBoardmeetings.
AnotherSupervisoryBoardmemberwaspresentatallSupervisoryBoardmeetingsandatallmeetingsof
committeesofwhichheisamember.AllotherSupervisoryBoardmemberswerepresentatmorethanthree
quartersofthemeetings.
ThestatecommissionerorherdeputywerepresentinpersonatallSupervisoryBoardmeetingsand
committeemeetings.
3.1.8. Contracts requiring approval
Accordingtothedeclarationofcommitment,theinformationindicatedisnotincludedintheannualreport
becausethisinformationisdeliveredtotheownerthroughtheSupervisoryBoard.
C58
C49
2020
4. information about the remuneration of the managing board and supervisory board
AtthemeetinginOctober2009,theSupervisoryBoarddecidedtofollowtherecommendationofthe
ManagingBoardandtopublishonlytheaggregatefiguresfortheremunerationpaidtotheSupervisoryBoard
andManagingBoard.
ExpensesforremunerationpaidtoactivemembersoftheManagingBoardduringthefinancialyearcameto
EUR9,358thousand.
TheremunerationschemeforSupervisoryBoardmembersapprovedattheAnnualGeneralMeetingstipulates
thattheChairmanoftheSupervisoryBoardshallreceiveEUR60,000percalendaryear,theDeputyChairman
shallreceiveEUR40,000percalendaryearandthemembersoftheSupervisoryBoardselectedattheAnnual
GeneralMeetingshalleachreceiveEUR30,000percalendaryear.TheChairmenoftheCreditandAudit
CommitteeseachreceiveEUR20,000andallothermembersoftheCreditandAuditCommitteeseach
receiveEUR10,000.(TheseadditionalremunerationrulesdonotapplyfortheChairmanoftheSupervisory
Board.)RemunerationofmembersoftheSupervisoryBoardcametoEUR253thousand.
BAWAGP.S.K.doesnothaveastockoptionplan.Ithasalong-termremunerationplan.
TheprinciplesappliedatBAWAGP.S.K.,inparticularthecriteriaforprofitsharing,arenotdisclosedtothe
public.
TheratiooffixedtovariablecomponentsofthetotalremunerationoftheManagingBoardisnotdisclosedto
thepublic.
SixmembersoftheManagingBoardhadapost-employmentbenefitarrangementasof31December2010.
Provisionswereformedonthebalancesheetfordirectbenefitobligations.ThepensionclaimsofManaging
Boardmemberswereshiftedtoapensionfundforthemostpart.
TheprinciplesoftheCompanypensionschemeappliedfortheManagingBoardatBAWAGP.S.K.andits
requirementsarenotdisclosedtothepublic.
TheprinciplesforentitlementsandclaimsbytheManagingBoardinthecaseoftheterminationofapostare
notdisclosedtothepublic.
BAWAGP.S.K.hasD&Oinsurance.
C30C31C51
inforMation aBout the reMuneration of the Managing Board and SuperviSory Board
2121
5. measures taKen to promote Women in the managing board, in the supervisory board and in management positions
BAWAGP.S.K.hasalreadyimplementedsomeinitiativesandmeasuresinpastyearsaimedatincreasingthe
numberofwomeninmanagementpositions.
BAWAGP.S.K.’sWomen’sInitiativewaslaunchedinMay2009.Thegoalofthisinitiativeistocreatea
workingenvironmentinwhichespeciallyfemaleemployeescanachievesuccess.Keyfocusesinthisarethe
harmonisationofsalariesandtrainingopportunities,aswellaswomen’spromotionstokey,specialistand
managementpositions.
FemalemanagersandstaffhavenowestablishedaWomen’sNetworktodevelopconcretemeasuresfor
ensuringequalopportunitiesandforenablingtheBanktobenefitfromthediversityofitsstaff.Inadditionto
informationevents,therewasalsoaseriesofround-tablediscussionswithdivisionheads.Anextensive
programmehasalsobeenadoptedfor2010.Awarenessistobeincreased,andcommunicationmeasuresare
tobeintensified.Workshopsandcoachingwillalsobeofferedtohelpwomentaketheirnextcareersteps.
Ingeneral,BAWAGP.S.K.consciouslypromotesequalopportunities–particularlythebalancedhiringofmen
andwomen–intherecruitingprocesswiththefollowingprovisions:
4 Theformulationofjobpostingsmustbegender-neutral.
4 Selectionmustbebasedonpredefinedcriteriathatareobjective,documentedanddirectlyrelatedtothe
position.
4 Theselectionmustbeacoordinateddecisionmadebymultipleassessors.
4 Personnelconsultantshavetoaimtopresentanequalnumberofqualifiedwomenandmen.
4 Divisionheadsshouldaimtomaintainanequalnumberofmenandwomenwithintheirdivisions,bothin
managementpositionsandstaffpositions,ortoachieveanequalratioatbothlevels.
BAWAGP.S.K.placesgreatemphasisontheroleofwomeninitstalentdevelopmentandinitssuccessionand
careerplanningandstrivestoachieveabalancedratioofmentowomen.
Asaforward-lookingbusiness,oneofBAWAGP.S.K.’sobjectivesistocontinuouslyincreasethenumberof
womeninmanagementpositions.Tothisend,wewanttomakeanunequivocalstatementaboutthefuture
roleofwomeninthebusinessworldandintheBank.
L60
gender eQuaLity MeaSureS
2222
report aBout the externaL evaLuation
6. report about the external evaluation
Bericht über die Evaluierung der Einhaltung des österreichischen Corporate Governance Kodex Fassung Jänner 2010 durch BAWAG P.S.K. im Geschäftsjahr 2010
ObwohldieAktienderBAWAGP.S.K.BankfürArbeitundWirtschaftundÖsterreichischePostsparkasse
Aktiengesellschaft(idFBAWAGP.S.K.)nichtanderBörsenotieren,habensichVorstandundAufsichtsratder
Gesellschaftentschlossen,dieRegelndesösterreichischenCorporateGovernanceKodex(„ÖCGK“)inder
jeweiligenFassungzuübernehmenundanzuwenden.DiePräambeldesÖCGKbeinhalteteineEmpfehlungzur
DurchführungeinerfreiwilligenexternenEvaluierungderEinhaltungderRegelndesÖCGK.
DieBAWAGP.S.K.folgtdieserEmpfehlung,weshalbunsderVorstandderBAWAGP.S.K.beauftragthat,die
EinhaltungderRegelndesÖCGK2010durchdieBAWAGP.S.K.imGeschäftsjahr2010zubeurteilen
(„Evaluierung“),soweitsichdiesenichtaufdieAbschlussprüfungbezieht.ZielderEvaluierungistes,derÖffent-
lichkeiteinBildüberdieEinhaltungderCorporateGovernanceGrundsätzedurchdieBAWAGP.S.K.zugeben.
UnsereEvaluierungbasiertaufmündlichenAuskünftenvonVertreternundMitarbeiternderBAWAGP.S.K.
undstichprobenartigerEinsichtinDokumente.DieEvaluierungerfolgteaufderGrundlagedesvomösterrei-
chischenArbeitskreisfürCorporateGovernanceerstelltenFragebogenszurBewertungderEinhaltungdes
österreichischenCorporateGovernanceKodex.EntsprechenddenErläuterungenimÖCGKbleibenSonder-
regelungenfürBankenvondenÖCGK-Regelnunberührt,weshalbbeiderÜberprüfungderEinhaltungder
RegelndesÖCGKbeieinerBankdieseSonderregelungenjenendesÖCGKvorgehen.
UnseresErachtenshatdieBAWAGP.S.K.dievonunszubeurteilendenRegelndesÖCGK2010imGeschäfts-
jahr2010–soweitdiesevonderVerpflichtungserklärungderBAWAGP.S.K.umfasstwaren–undunterBerück-
sichtigungderBesonderheiteinergeschlossenenAktionärsstrukturmitfolgendenAusnahmeneingehalten:
4 Frage27/5(HöchstgrenzenfürdievariablenVergütungskomponenten)
4 Frage39/2(indringendenFällenentscheidetdergesamteAufsichtsrat)
4 Frage39/3(MehrheitunabhängigerMitgliederindenAusschüssen).
EinigeRegelungenwarenaufdieBAWAGP.S.K.imEvaluierungszeitraumnichtanwendbar.
DieBestätigungüberdieEinhaltungderRegelndesÖCGKrichtetsichausschließlichandieBAWAGP.S.K.
DrittekönnendarauskeinerleiRechteableiten.InsbesonderesinddieErgebnisseunsererEvaluierungnicht
alsAnlageempfehlungzuverstehenundsollenbeiEntscheidungenüberVertragsabschlüssemitder
BAWAGP.S.K.außerBetrachtbleiben.
Wien,am4.März2011
Wirtschaftsprüfer
Deloitte Audit Wirtschaftsprüfungs GmbH
Dr. Peter Bitzyk m.p. ppa. Mag. Wolfgang Wurm m.p. Wirtschaftsprüfer Wirtschaftsprüfer
2323
report aBout the externaL evaLuation
ZUSAMMENFASSENDE BEURTEILUNG
der Einhaltung des Corporate Governance Codex durch die BAWAG P.S.K.
WirwurdenvonderBAWAGP.S.K.BankfürArbeitundWirtschaftundÖsterreichischePostsparkasseAktien-
gesellschaft(„BAWAG P.S.K.“)beauftragt,diefreiwilligeEvaluierungderEinhaltungdesÖsterreichischen
CorporateGovernanceKodexinderFassungderVerpflichtungserklärungvom29.7.2010bezüglichder
PflichtenbetreffenddenAbschluss-undBankprüfer(Regeln77bis83)durchzuführen.ImEinzelnenhandelt
essichhierbeiumdieRegelnbezüglich
4 derPrüfungdesJahresabschlusses;
4 derErstattungeinesManagementLettersdurchdenAbschlussprüferunddesseninterneBehandlungund
4 derEvaluierungderFunktionsfähigkeitdesRisikomanagementsdurchdenAbschlussprüfer.
GrundlagefürdieEvaluierungwarder„FragebogenfürdiefreiwilligeexterneEvaluierungderEinhaltung
desösterreichischenCorporateGovernanceKodex“,herausgegebenvomÖsterreichischenArbeitskreisfür
CorporateGovernance.AbgefragtwerdenhierbeidieC-RegelndesCorporateGovernanceKodexnachdem
Prinzip„ComplyorExplain“,demzufolgedieNichteinhaltungvonRegelnkeineVerletzungdesKodexdar-
stellt,wenndieAbweichungzufriedenstellendbegründetwird.DieEvaluierungerfolgteanhandvonUnter-
lagen,dieunsvonderBAWAG P.S.K.sowievonDeloitteAuditWirtschaftsprüfungsGmbHzurVerfügung
gestelltwurden.
DaessichumeinefreiwilligeEvaluierunghandelt,richtensichdieErgebnisseausschließlichandie
BAWAG P.S.K.DrittekönnenausderEvaluierungkeinerleiRechteableiten;insbesondereistdieEvaluierung
nichtalsAnlageempfehlungzubetrachten.
UnseresErachtensentsprichtdieBAWAG P.S.K.denC-RegelndesCorporateGovernanceKodexinder
FassungderVerpflichtungserklärungvom29.7.2010bezüglichderPflichtenbetreffendAbschluss-und
Bankprüfer(Regeln77bis83).GeringfügigeAbweichungenvondenRegelnergebensichausdenBesonder-
heitendesBankbetriebesundwerdenentsprechenderläutert.
Wien,am23.Februar
MarkusFellner
FellnerWratzfeld&PartnerRechtsanwälteGmbH
Fellner Wratzfeld & Partner Rechtsanwälte GmbH
Markus Fellner m.p.
2424
7. ContaCt information for Questions about the report and its Contents
Ifyouhaveanyquestionsorrequireadditionalinformation,pleasecontact:
BAWAGP.S.K.
CorporateOffice
Georg-Coch-Platz2
A-1018Vienna
E-mail:[email protected]
Fax: +43(1)059905ext.522029
ContaCt inforMation for QueStionS aBout the report and itS ContentS
Imprint
BAWAGP.S.K.BankfürArbeitundWirtschaftundÖsterreichischePostsparkasseAktiengesellschaftGeorg-Coch-Platz2,A-1018Vienna,AustriaCompaniesRegistrynumber:205340xDataProtectionAuthoritynumber:1075217EUVATnumber:ATU51286308Telephone:+43(0)59905-0E-mail:[email protected]:www.bawagpsk.com
Editor:JuliaWiesinger-Knie(BAWAGP.S.K.,CorporateOffice)Translation:LanguageLinkSprachdienste,ViennaLayoutandproduction:GottfriedNeubauer,HelmutWernbacher(BAWAGP.S.K.,MarketingCommunication)Typesetting:AV+AstoriaDruckzentrum,Vienna
www.bawagpsk.infowww.bawagpsk-annualreport.com
