The decision targets the implementation of a remuneration system and the unfolding of a personnel loyalty program over a period of at least three years, as well as fix remuneration payments.
“In accordance with the Board of Directors’ Resolution no. 1 of 31.05.2022 as stated in the power delegated to the Board by the Extraordinary General Shareholders’ Meeting of April 28th,2021 and April 28th,2022, the Board decided to include a number of 41,000,000 shares in a loyalty program for the personnel of the bank and for the personnel of the Banca Transilvania Financial Group free of charge, respectively, at a preferential price of RON 0”, the report reads.
The lender also decided to include a number of 226,753 shares in a loyalty program for the personnel of the bank and for the personnel of the Banca Transilvania Financial Group free of charge, at a preferential price of RON0/unit.
“The above-mentioned shares, transferred free of charge, in number of 226,753 shares are the results of the compensation following the application of the algorithm and the rounding of the results, in accordance with the applicable legal provision, referring to the capital share increase approved by the General Shareholders’ Meeting, through the decision from the 28th April 2021, as well as a result of alignment with the solid banking legislation regarding remuneration policies. The transfer of the property of the before mentioned shares to the personnel of Banca Transilvania Financial Group will take place after the communication of the present document to the Central Depository, in accordance with the law”, the report also shows.
Thus, the loyalty program is expected to include a number of 41,226,753 shares for the management members and employees with solid performance in 2021.
“The personnel to which shares will be allocated for purchase at a preferential price of RON0 are the members of the Board of Directors, to the General and Deputy Managers as well as to the regional managers, dealers, head dealers and other types of employees within the Banca Transilvania Financial Group and BT subsidiaries”, as per the report.
TLV shares have lost 3.1% since the beginning of 2022, at RON2.5 per unit, amid deals worth RON1.1 billion. The lender has a stock market value of almost RON16 billion, as per stock market data.