The Commission de Surveillance du Secteur Financier (“CSSF”) has begun collecting the Gender Gap Report (“GPR”) on behalf of the European Banking Authority (“EBA”) according to EBA Guidelines1 adopted in Luxembourg Circular CSSF 23/836. The GPR will be collected from credit institution and all non-small and non-interconnected investment firms “non-SNI IFR”2 (the “In-scope Institution(s)”) as defined within the Law of 5 April 1993 on the financial sector (“LFS”).
What is the purpose of the GPR ?
The goal is to gather data on the gender pay gap within the In-scope Institutions to benchmark diversity practices, as required by article 38- 10 and article 38-24 of the LFS such as:
Information on the number of natural persons per In-scope Institution that are remunerated 1 million euros or more per financial year, in pay brackets of 1 million euros, including their job responsibilities, the business area involved and the main elements of salary, bonus, long-term award and pension contribution;
Information on the policy of diversity with regard to selection of members of the management body of an In-scope Institution, its objectives and any relevant targets set out in that policy, and that the extent to which these objectives and targets have been achieved.
Next steps and calendar
Reports, in XBRL format, must be submitted by 15 June 2024 either via the eDesk procedure GPG or an API solution. A user guide for report submission is available on eDesk (here).
Sources:
1Guidelines of the European Banking Authority on the benchmarking exercises on remuneration practices, the gender pay gap and approved higher ratios under Directive 2013/36/EU (EBA/GL/2022/06) (“EBA Guidelines”)
2Defined as “an IFR investment firm that does not meet the conditions for qualifying as small and non-interconnected investment firm set out in Article 12(1) of Regulation (EU) 2019/2033” by point (9a-2) of Article 1 of the LFS
