Regulation

piHub has the permission according to §34 c Paragraph 1 Sentence 1 No. 2 to arrange the conclusion and proof of the opportunity to conclude contracts for loans, with the exception of contracts within the meaning of §34 i Paragraph 1 Sentence 1 GewO.

Publication according to §16 InstitutsVergV

piHub has implemented an appropriate remuneration system for managers and employees in accordance with the requirements of the German Banking Act. The remuneration system is reviewed annually for appropriateness and adjusted if necessary. The remuneration system is designed to avoid negative incentives for managers and employees to take disproportionate risks. The following principles apply to avoid negative incentives in connection with remuneration:

• The remuneration system for managing directors and employees is designed in such a way that there is no dependency on variable remuneration.
• Employment contracts do not contain any contractually agreed severance pay claims to which the amount remains unchanged despite individual negative performance contributions.

The remuneration system provides for fixed and variable components within the framework of the remuneration for the managers and employees. In this context, the fixed remuneration components consist of a fixed salary corresponding to the activity performed and the payment of employer contributions to voluntary company pension schemes. The variable remuneration components generally consist of a bonus paid voluntarily by piHub, which is based on customer satisfaction and the business success of the last financial year. The decision on the amount of the bonus is ultimately the responsibility of the Board of Directors. There are also variable remuneration models in which managers participate in the business success (EBIT) with fixed percentages. The level of the percentages is designed in such a way that no dependency on the variable remuneration can arise. The amount of the variable remuneration components of employees and managers is limited to the respective amount of the fixed remuneration components.