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      "text": "As a delegated body of the SECC, the GCOC is responsible for the oversight of the Divisions' year-end compensation processes.",
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      "text": "A review of all existing compensation governance requirements; Increased engagement with the DCCs on the appropriateness of the compensation parameters employed by the DCCs; The introduction of significantly enhanced requirements for the documentation of variable compensation decisions.",
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      "text": "Ensure that sound compensation parameters and metrics (financial and non-financial) were considered by divisions when allocating variable compensation pools within the division, with particular reference to: The financial performance of the respective division and sub-divisional business areas, in the context of wider business strategy. The consideration of inherent risk profiles based on the different types of risk (e.g. operational, market, liquidity, reputational, regulatory and credit risk). Other strategic qualitative factors.",
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      "text": "To review the Divisional governance structure (and the communication thereof) and processes supporting variable compensation decisions at an individual employee level, to: Broadly assess adherence to established compensation governance requirements. Determine if further enhancements to the division's compensation governance processes are needed.",
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      "text": "Furthermore, the GCOC mandated that the enhancements made to the Variable Compensation decision documentation were applied to all Regulated Employees, thus ensuring that managers who make Variable Compensation allocation decisions for Regulated Employees appropriately documented the metrics considered when making their decisions.",
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      "text": "In addition to the formation of the CCC, a number of additional governance enhancements were introduced during 2013 with particular focus on the remit and work of the Group Compensation Oversight Committee (\"GCOC\").",
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      "text": "As a delegated body of the SECC, the GCOC is responsible for the oversight of the Divisions' year-end compensation processes. As such, the GCOC provides a compensation framework and guidance to Divisional Compensation Committees (\"DCC\") to establish their divisional compensation frameworks. The GCOC then reviews these frameworks ensuring that both the frameworks and the DCCs' general practices comply with the Bank's compensation principles and policies, as well as external regulatory requirements.",
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