Bankers obliged to declare salaries publicly

Angolan bankers will be required to publicly declare monthly salaries, in accordance with the Proposed Law on the General Regime of Activity and Financial Institutions (PLRGAIF), which Jornal Mercado had access to.

“Banking financial institutions must communicate and disclose to the National Bank of Angola the remuneration policy practiced”.

The regulation, which repeals the Basic Law for Financial Institutions, also gives the BNA powers to define the rules to be observed in terms of policies and reporting duties, regarding the bank’s remuneration policy. Banks such as BAI, BFA, BMA, BPC and others annually disclose, in their respective reports and accounts, the global amount of remuneration for management and tax bodies, as well as for other employees.

But they do not mention the criteria or maturity policies practiced, which will be required of them with the entry into force of another regulation of financial activity in the country.

Remuneration Committee

The draft law also provides that large banks and complex management must create a remuneration committee, composed of members of the management body that do not perform executive or supervisory functions.

The remuneration committee has the competence to formulate independent judgments on the remuneration policy and practice, incentives created for the purposes of risk, capital and liquidity management. You should also look at the long-term interests of shareholders, investors and other stakeholders, including the public. Also within the scope of the proposed regime, the BNA can determine that banks have additional reserves of own funds.

In this way, the central bank, as a supervisory authority, has at its disposal new instruments for mitigating systemic risk assumed by the banking financial sector.

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