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This disclosure is intended to provide
information on the remuneration policies and practices of Silicon Valley Bank
(“SVB”) in relation to the UK branch.
In the UK, SVB is required to comply
with certain remuneration requirements (the “Codes”) within the Prudential
Regulation Authority’s (“PRA”) Rulebook and the Financial Conduct Authority’s
(“FCA”) Handbook of Rules and Guidance and in doing so has regard to the
European Banking Authority’s guidelines on sound remuneration policies. These
requirements and guidelines form part of the implementation in the UK of the EU
Capital Requirements Directive along with a limited number of discretionary
policies and derogations available to EU member states.
The Codes recognise that not all
remuneration principles apply to firms equally and introduce a concept of
proportionality, which enables a firm to apply the requirements to the extent
that it is appropriate to the its size, internal organisation (including legal
structure) and the nature, scope and complexity of its activities. The PRA and
the FCA have defined a high level proportionality framework split into three
tiers based on a firm’s relevant total assets. SVB applies the proportionality
principle in accordance with the general expectations and guidance of the PRA
and the FCA for firms of its proportionality level.
SVB endeavours to structure the
remuneration of its staff in a way that rewards them fairly and appropriately
for their contribution towards the success of the business and the level of
service and performance delivered to our clients. The remuneration policy is
designed to be consistent with and promote sound and effective risk management
and not to encourage risk-taking that exceeds SVB’s risk tolerance. It is
designed in line with our business strategy, objectives, values and long-term
interests. The policy and procedures incorporate measures to avoid conflicts of
interest and are subject to independent internal review by Compliance and
Senior Management. The remuneration policy is designed to achieve an
appropriate balance of fixed and variable components of total remuneration to
enable a fully flexible policy on variable remuneration, including the
possibility to pay no variable remuneration. In order to achieve this, the
remuneration of staff is, at least annually, reviewed for compliance with our
remuneration policies and procedures, taking into account individual
performance and market practice for the individual role being undertaken.
Senior Management finalise and authorise the annual salary awards for all
staff, and specifically the remuneration of senior officers in the risk
management and compliance functions.
© 2018 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license.
Silicon Valley Bank is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK under No. FC029579. Silicon Valley Bank is authorised and regulated by the California Department of Business Oversight and the United States Federal Reserve Bank; authorised by the Prudential Regulation Authority with number 577295; and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Silicon Valley Bank is a subsidiary of SVB Financial Group, a Delaware corporation and is an affiliate of SVB Financial Group UK Limited. SVB Financial Group UK Ltd is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK under No. 5572575 and is authorised and regulated by the Financial Conduct Authority, with reference number 446159. SVB Financial Group and its subsidiary Silicon Valley Bank are members of the Federal Reserve System and Silicon Valley Bank is a member of the FDIC.
Silicon Valley Bank is covered by the
Financial Services Compensation Scheme and by the
Financial Ombudsman Service. In relation to the Financial Services Compensation Scheme, please ensure that you review the important information on
depositor preference that affects clients of Silicon Valley Bank in the UK. Details of Silicon Valley Bank’s UK Branch remuneration policies are