We strive to pay competitive and performance-related remuneration in order to recruit and retain qualified employees for our Group. Our salary model is aligned with customary market values in the banking sector. We rate the salaries of women and men in the same position and at the same performance level equally.
Against the backdrop of the challenging economic climate and in view of the impact of the financial and economic crisis the LLB Group has implemented stricter cost-saving measures. The Board of Management nevertheless raised the sum of salaries by 1.5 percent as at 1 July 2011. The majority of the employees of the Liechtensteinische Landesbank were awarded a salary increase in recognition of their exceptional contribution to the implementation of the Avaloq banking software. In the years 2009 and 2010, salaries had only undergone limited adjustments.
Remuneration consists of three components: a basic salary, variable compensation (profit share) based on Group performance, as well as additional benefits. Once a year, basic salary levels are verified. Amendments are made if an employee's remuneration is not commensurate with his/her function, work experience, skills or performance.