European Central Bank will expand Executive Board remuneration disclosures in its 2025 Annual Accounts

The European Central Bank published a reply from President Christine Lagarde to Members of the European Parliament on remuneration transparency, confirming that Executive Board pay components are already publicly disclosed and setting out steps to make the information easier to access. The Executive Board decided to improve the user-friendliness of existing disclosures, including by adding to the Annual Accounts 2025 the percentages of basic salary used to calculate functional allowances such as representation and residence allowances. The letter reiterates that Executive Board remuneration levels are aligned with those of major central banks and that the remuneration structure was set when the ECB was established in 1998 and has not been increased other than annual general salary adjustments under the President’s terms and conditions. Lagarde also disclosed that her membership of the Bank for International Settlements Board of Directors was remunerated by the BIS at CHF 130,457 in 2025; as it is treated as an official mandate under the Code of Conduct for high-level ECB officials, the restriction referenced by the MEPs is described as not applicable, and the BIS payment is not included in the ECB Annual Accounts because it is not paid by the ECB. The additional disclosure elements are intended to be included in the Annual Accounts 2025, subject to the Governing Council’s consideration of the accounts.