Wage and Remuneration Policy

The remuneration that the employees of Turto Bankas receive is determined by following the Employees’ Remuneration Policy approved through the decision of the Board of the Company. It determines common, clear and transparent rules for paying and inciting the employees for their work. Moreover, the employees’ remuneration system is based on these rules. The remuneration policy is applied to all employees of Turto Bankas.

The remuneration of the company’s employees consists of:

• a fixed remuneration component;
• a variable remuneration component.

The remuneration for the Director of Turto Bankas is determined by following the Decree of the Government of the Republic of Lithuania and consist of the fixed and variable remuneration components depending on the goals of the company and the results achieved. You may familiarise yourself with them here.

The remuneration of the Members of the Board of Turto Bankas is determined by following the order of the Minister of Finance and conforms to the provisions of the Decree of the Government of the Republic of Lithuania, according to which the remuneration of Board Members, including the Chairperson, cannot be more than 1/5 of the average monthly wage of the Company’s Manager.

The remuneration for the independent members of the Audit Committee of Turto Bankas is determined by following the provisions of the Articles of Association of Turto Bankas, which were approved through the 30 September 2014 Minister of Finance of the Republic of Lithuania Order No 1K-300 ‘On the Approval of State Enterprise Turto Bankas’ Articles of Association’ (with later supplementations and amendments), according to which the value of remuneration may be up to 1/8 of the average monthly wage of the Company’s Manager (other members of the board do not receive any remuneration for work in the Audit Committee).

The employees of Turto Bankas also receive various additional benefits, which are envisaged in the Remuneration Policy and in the Collective Agreement.