Public disclosure and transparency

Regulatory framework

In accordance with Article 75 of the Banking Law, credit institutions should publish the relevant information from the governance memorandum on their website. The said information should at least contain the shareholder structure and the supervisory structure of the institution or the structure of the group to which it belongs, its governing bodies, its organizational structure, including the independent operational control functions, as well as the institution’s objectives and company values, the key aspects of its policy as regards risk management and prevention of conflicts of interest and of its integrity and business continuity policy, and information on its remuneration policy and practices.

The disclosure of the risk management objectives and policies is regulated in Article 435 of Regulation No 575/2013. For each separate category of risk, the institution should publish a minimum of information. Furthermore, the article indicates which information should be made public regarding governance arrangements.

The disclosure of information on the remuneration policy and practices is governed by Article 450 of Regulation No 575/2013. This involves a mix of qualitative and quantitative information regarding the remuneration policy, which should be updated annually by the institution.

In addition, the institution should inform the relevant members of staff in a clear and coherent manner and provide recent information on the strategies and policies, at least to the extent necessary for the staff to perform their tasks. The information may be provided in written guidelines, handbooks or by any other means or channels.