Remuneration policy for investment firms

This course provides an in-depth understanding of remuneration governance requirements applicable to Professionnels du Secteur Financier (PFS) in Luxembourg under CSSF Circular 10/437 and related regulatory standards. It aims to equip participants with the knowledge and tools to design, implement, and maintain compliant, transparent, and risk-aligned remuneration frameworks.

By the end of this training, participants will be able to:

• understand the scope and key principles of CSSF Circular 10/437 and other relevant EU remuneration regulations;
• clarify the respective responsibilities of the Board, senior management, and control functions in remuneration oversight;
• apply the principle of proportionality based on the size, risk profile, and complexity of the institution;
• distinguish between fixed and variable components of remuneration and understand regulatory limits and ratios;
• integrate risk, compliance, ex-post risk adjustments, and performance assessment metrics;
• ensure compliance with CSSF reporting, disclosure, and documentation obligations.

• Regulatory framework overview
• Governance and oversight responsibilities
• Proportionality principle and scope
• Structure of remuneration
• Risk alignment mechanisms
• Disclosure, transparency, and reporting

This training is coordinated by Julien Treffort and Vinciane Istace, Partners, and Elena Bunduchi, manager at PwC Luxembourg.

Vinciane leads the People, Experience and Change (P, E & C) and People Process Outsourcing (PPO) teams at PwC Luxembourg. She has been with PwC for more than 30 years. As Human Capital Partner and Leader from 2003 to 2016, Vinciane structured PwC's HR operational capabilities and co-designed the firm's HR strategy, overseeing 2,850 people with a team of 50 HR experts. As Partner in our Advisory practice, she accompanies clients in navigating workforce transformations and advises them on all aspects of the employee life cycle, cultural change, as well as the strategic evolution of the HR function.

Julien has been working at PwC Luxembourg since 2007. He is involved in services covering personal taxation and social security with a strong focus on reward and compensation matters.

Julien advises a broad range of clients from both the financial and the industrial sectors. He assists employers in structuring employees’ and executives’ employment and compensation in both Luxembourg and in an international context. He has dealt with numerous assignment aiming at designing, structuring and tax advising employers in connection with incentive plans and supplementary pension plans for their key employees.

With over 7 years of experience in Reward and HR Regulations, Elena’s areas of expertise design and implementation of remuneration and benefits, reward and regulatory compliance review, HR audits and due diligence. She also conducts salary benchmarking, reviews remuneration structures, grades and job architectures.

Punctual consultancy on Financial Sector applicable regulations on remuneration practices in accordance with transposed regulations in local laws and CSSF Circulars: CRD-V, IFD, AIFMD/UCITS Directives, MiFID, SRD II, etc.