Povzetek: Prejemki so eno izmed najpomembnejših orodij, s katerimi delničarji usklajujejo svoje interese z interesi oseb, ki jim poverijo vodenje in nadzor družbe. V zadnjih dveh desetletjih so se razprave glede prejemkov osredotočile zlasti na primernost politike plačil v javnih delniških družbah in na vlogo delničarjev pri oblikovanju politike prejemkov, s tem namenom pa je bilo v Sloveniji sprejetih več zakonskih dopolnitev in priporočil dobre prakse. Najnovejši pravni akt na tem področju je Delničarska direktiva II, ki podrobneje razčlenjuje razkritja prejemkov in utrjuje vlogo delničarjev pri določanju prejemkov poslovodstev v obliki bodisi zavezujočih bodisi le posvetovalnih sklepov na podlagi jasnega, razumljivega in celovitega pregleda politike prejemkov družbe. Politika prejemkov naj bo oblikovana tako, da bo prispevala k uresničevanju poslovne strategije, dolgoročnih interesov in vzdržnosti družbe, zato ne bi smela biti v celoti ali vsaj pretežno povezana s kratkoročnimi cilji. Prispevek povzema veljavno ureditev prejemkov organov vodenja in nadzora v Republiki Sloveniji. Slovensko zakonodajo je treba uskladiti z direktivo do junija 2019.
Ključne besede: politika prejemkov, organi vodenja, organi nadzora, delničarska direktiva, razkritja prejemkov, fiksni in variabilni prejemek
Title: Directors’ Remuneration Policy - De Lege Lata and its Harmonisation with the Shareholder’ Rights Directive II
Abstract: Remuneration is one of the key instruments for shareholders to align their interests and those of their directors. Over the last two decades, the discussion on the remuneration has been focused primarily on the appropriateness of remuneration policies in the listed companies, and on the role of shareholders in the determination of remuneration policy (say-on-pay initiatives). To this end, numerous law amendments and best practice recommendations have been adopted. The latest legal act in this field is the Shareholders' Rights Directive II, which provides for a more detailed disclosure of directors' remuneration and strengthens the role of shareholders in determining remuneration policies, either through a binding or an advisory vote on the remuneration policy, which should be based on a clear, understandable and comprehensive overview of the company's remuneration policy. The remuneration policy should be determined in such a way that it contributes to the business strategy, long-term interests and sustainability of the company, and should not be linked entirely or mainly to short-term objectives. The article summarises the current remuneration regulation and say-on-pay rights in Slovenia. The Slovenian legislation should be harmonised with the Directive by June 2019.
Keywords: remuneration policy, directors, shareholders' rights directive, remuneration report, individual director's remuneration, fixed and variable remuneration
