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During the current pandemic crisis many companies within the Financial Services Industry (FSI) are struggling to balance the various countries’ COVID-19 relief measures with the very strict EU regulatory requirements that govern remuneration within the sector. An important question in this respect is whether application for COVID-19 relief implies that no, or lower variable remuneration may be paid, and if so, whether this only applies for Identified Staff or for all employees.

To assist FSI companies in addressing these and similar issues, the EMEA Employee Benefits group at Baker McKenzie have compiled the below guide, which contains the input of our specialists in France, Germany, Italy, the Netherlands, Spain and the United Kingdom on the most pressing questions we have been asked by our FSI clients world-wide.

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Agnès Charpenet practices in the Tax Group of Baker McKenzie in Paris since December 1998.

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Jeremy Edwards is a partner and the head of the Employee Benefits Group in Baker McKenzie’s London office. He advises on all aspects of employee share plans and employee taxation. Jeremy has over 20 years’ experience as a share plan lawyer and two years’ experience as a corporate lawyer. He is currently serving on the advisory panel of ProShare and is a regular speaker at share plan conferences held in the United Kingdom.

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Agnes Herwig rejoined Baker McKenzie's Frankfurt office as a senior associate in February 2022 after she worked as an in-house lawyer at one of the world's leading quick commerce companies. She was recognized as Ones to Watch lawyer (Anwälte der Zukunft) for Labor and Employment Law by Best Lawyers/Handelsblatt 2021. Initially, Agnes joined Baker McKenzie in 2016. She is a member of the Firm's European and Global Employment & Compensation Group as well as the Global Immigration & Mobility Group.

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Don-Tobias Jol is a partner within the Amsterdam Tax practice with over 19 years of experience. He focuses on global compensation and benefits advisory, with particular emphasis on executive and equity-based compensation. Don-Tobias is a frequent author and speaker on a variety of international remuneration issues, and currently serves on the Board of Directors of the Global Equity Organization (GEO). He has been on international assignments to South Africa (in 2005 and 2006) and Saudi Arabia (in 2012 and 2013) to serve clients of his respective employers at the time. Don-Tobias is a member of Baker McKenzie’s Global Employment & Compensation Practice Group, and heads the Firm’s Dutch Compensation & Benefits advisory team.

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Ludmilla Maurer, a counsel, joined Baker McKenzie’s Frankfurt office in 2010. She is a member of the German Tax Practice Group, a member of the EMEA Steering Committee for Employee Benefits and a member of the Global Immigration & Mobility Steering Committee. Ludmilla studied law at the University of Bayreuth, Germany, concentrating on tax law. She also has an additional qualification in business studies as Wirtschaftsjuristin from the University of Bayreuth. She passed the first State Exam in Bayreuth in 2006 and was admitted to the German bar in 2009. After passing the first State Exam, Ms. Maurer worked at an international law firm in Moscow as a law clerk. During her legal clerkship (Referendariat) and prior to joining Baker McKenzie, she worked for several large international law firms in their corporate departments. In 2013, Ludmilla was admitted as a certified tax advisor and a certified tax lawyer. In 2015, she completed a Master of International Taxation, MIntTax, degree at the University of Sydney.

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Andrea Mirabella is an associate in Baker Mckenzie Milan office.

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Gillian Murdoch is an associate in Baker McKenzie's London office. Gill qualified in the employee benefits team in 2014 after joining the firm as a trainee in 2012. Gill was named as a "Next Generation Lawyer" by Legal 500 in 2017.

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Geoffrey Poras is a Counsel at Baker McKenzie's Paris office.