Pursuant to §32 Sec. 1 and Sec. 2 of the German Banking Act (KWG) piHub Private Investments GmbH has approval to provide financial services after §1 Sec. 1a Clause 2 No. 1, §1 Sec. 1a Clause 2 No. 1a and §1 Sec. 1a Clause 2 No. 2 KWG.
As such, piHub Private Investments GmbH is under the supervision of the Federal Financial Supervisory Authority.
Publication according §16 InstitutsVergV (remuneration act)
According to the requirements of the German Banking Act piHub has the implemented an adequate remuneration system for directors and employees. The remuneration system is reviewed annually for appropriateness and adjusted if necessary. The compensation system is aligned, so that negative incentives for managers and the employees to enter into excessive risks are avoided. To avoid negative incentives in relation to remuneration the following principles apply:- The remuneration system of managers and employees is designed in a way so that no dependence on variable remuneration exists.- In the context of employment contracts no significant compensation claims are determined contractually, so that despite negative individual profit contributions the claim would remain unchanged. The compensation system provides for fixed and for variable components as part of the remuneration for directors and employees. Fixed remuneration components exist in this regard from a corresponding fixed salary and the payment of employer contributions to voluntary occupational pensions schemes. The variable remuneration components basically consist of a discretionary bonus paid by piHub, which depends on the customer satisfaction and the success of the last financial year. The decision about the amount of the bonus is subject to the decision of the Executive Board. Furthermore, there are variable compensation models to the managers with specified percentages of the business success (EBIT). The amount of percentages is designed so that no dependencies on the variable remuneration may arise. The amount of variable remuneration components for employees and managers is limited to the respective amount of fixed remuneration components.