This study seeks to examine the level of transparency of remuneration policy in financial holding companies (FHCs) using the example of the UniCredit Group, as well as to identify the factors that affect its level. It will also indicate to what extent international recommendations on remuneration policy transparency have been implemented into national legal regulations and codes of best practice. Using data collected on the basis of annual reports of financial institutions that belong to the UniCredit Group from 2005 to 2018, I found that the UniCredit Group’s remuneration policy has a low level of transparency. Although the dominant bank discloses all information required by international recommendations and regulations, the subsidiary banks’ disclosures are kept to a minimum. The study also showed that the level of transparency (measured by the remuneration policy transparency index) is influenced by all the governance characteristics examined (the size of the bank’s board, the appointment of independent directors in the bank’s board, the frequency of meetings of the remuneration committee, and the direct involvement of the shareholder) and firm characteristics (the size of the bank and the financial performance measured by ROE). The study also showed that not all countries have decided to implement international recommendations on remuneration policy into their legal regulations and codes of best practice (this is especially true for countries outside the European Union).

本研究旨在以UniCredit集团为例，研究金融控股公司（FHC）薪酬政策透明度的水平，并找出影响其水平的因素。它还将表明关于薪酬政策透明度的国际建议在多大程度上已落实到国家法律法规和最佳实践守则中。使用根据UniCredit集团2005年至2018年金融机构年度报告收集的数据，我发现UniCredit集团的薪酬政策透明度较低。尽管主导银行披露了国际建议和法规要求的所有信息，但子银行的披露则保持在最低限度。该研究还表明，透明度水平（由薪酬政策透明度指数衡量）受所检查的所有治理特征（银行董事会的规模，银行董事会独立董事的任命，董事会会议的召开频率）的影响。薪酬委员会，以及股东的直接参与）和公司特征（银行的规模和ROE衡量的财务绩效）。该研究还表明，并非所有国家都已决定将有关薪酬政策的国际建议纳入其法律法规和最佳做法守则中（对于欧盟以外的国家尤其如此）。银行董事会的独立董事的任命，薪酬委员会会议的频率以及股东的直接参与）以及公司特征（银行的规模和ROE衡量的财务绩效）。该研究还表明，并非所有国家都已决定将有关薪酬政策的国际建议纳入其法律法规和最佳做法守则中（对于欧盟以外的国家尤其如此）。银行董事会中独立董事的任命，薪酬委员会会议的频率以及股东的直接参与）以及公司特征（银行的规模和ROE衡量的财务绩效）。该研究还表明，并非所有国家都已决定将有关薪酬政策的国际建议纳入其法律法规和最佳做法守则中（对于欧盟以外的国家尤其如此）。