Gender pay gap reporting requires UK companies with more than 250 employees to report six groups of numbers. These are the mean and median gender pay gap in hourly pay; mean and median bonus gender pay gap; proportion of men and women receiving a bonus and the proportion of men and women in 4 equally sized pay quartiles.

The gender pay gap itself is defined as the difference between the average earnings of all men and women, irrespective of job role, seniority or level of performance and is expressed relative to men’s earnings.

Gender pay gap calculations differ from the calculation of an equal pay gap, which is the assessment of pay for men and women in comparable jobs; defined as ‘like work’ or ‘work of equal value’ under the Equality Act (2010).  

The legislation requires that pay data for the calculations must be taken from the relevant pay period in which the 5th April (the ‘snapshot date’) falls each year.

Gender pay gap report

As part of our overall ethical values, in particular our guiding principle accountability, we are committed to no slavery or human trafficking. 
Therefore, we are looking to improving our practices to combat slavery and human trafficking.

MSA Statement 2019

The BRRD provides resolution authorities with a set of resolution tools and powers which can be used when firms are judged to be failing or likely to fail and use of such resolution tools is necessary in the public interest. The BRRD also introduces strict restrictions on bailouts of bank investors. As such, investors or potential investors must understand that financial instruments subject to the BRRD resolution regime, such as bank issued shares and bonds, are subject to the following risks (this list is not exhaustive) which differ from those arising from ordinary counterparty default or insolvency:

  • the instruments are unsecured and therefore subject to the resolution regime;
  • the impact on investors, in a resolution scenario, depends crucially on the rank of the liability in the resolution creditor hierarchy, which may have changed due to the introduction of depositor preference i.e. investors in unsecured debt instruments may find themselves in a less favourable position compared to holders of deposits when these are eligible for coverage by a national deposit guarantee scheme; 
  • in the event of resolution: 
    • the outstanding amount may be reduced to zero or the security may be converted into ordinary shares or other instruments of ownership for the purpose of stabilisation and loss absorption; 
    • a transfer of assets to a bridge bank or in a sale of business may limit the capacity of the firm to meet repayment obligations; 
    • the key terms of the investment could be amended by the resolution authority, including altering the maturity of instruments or the interest rate under these instruments and suspending the payments for a certain period; 
  • the liquidity of the secondary market in any unsecured debt instruments may be sensitive to changes in financial markets and could become exacerbated in conditions/situations of stress; 
  • existing liquidity arrangements (for example, re-purchase agreements by the issuing institution) might not protect investors from having to sell these instruments at substantial discount below their principal amount, in case of financial distress of the issuing firm; 
  • liability holders have a right to compensation if the treatment they receive in resolution is less favourable than the treatment they would have received under normal insolvency proceedings. This assessment must be based on an independent valuation of the firm. Compensation payments, if any, may be considerably later than contractual payment dates (in the same way that there may be a delay in recovering value in the event of insolvency). 

Consequently, investors could face full write down or partial loss of their investments in resolution.

Should you have any questions in relation to these risks or if you are otherwise unsure about whether your investments may be affected, please contact your Relationship Manager or usual Berenberg contact. 

We recognise that bribery and corruption can undermine the rule of law, democratic processes and basic human freedoms, causing poverty and suffering, inhibiting economic growth, damaging businesses and reputation.
Please see below our policy which sets out our policies and procedures in relation to anti-bribery and corruption and reflects the statutory requirements applicable in the UK as derived from the United Nations and Organisation for Economic Co-operation and Development conventions on corruption.

Anti-Bribery and Corruption Policy

1. General
Berenberg will make any reasonable effort to update the information on its web pages on a regular basis. Despite all care, the data may have changed in the interim. Therefore Berenberg cannot assume either liability or warranty for the provided information being current, correct or comprehensive.

The same applies to all other web pages referenced by any hyperlink. Berenberg is not responsible for the content of any such other page.

Berenberg owns the copyright in all web pages including their layout and contents, except where explicit reference is made to any other provider, producer or trademark owner.

The web pages, their contents or any result generated or displayed through the presentation tools, whether as a whole or in any part, may not be called up, copied, saved, processed or modified for any commercial purpose.

Copyright notices and trademark designations may neither be modified nor be removed. Other or further actions shall require Berenberg’s prior written approval.

The information kept available may be called up only in a manner not impairing the use of the Berenberg online service by other visitors.

2. Stock exchange information
Price and index information is derived from information provided by third parties and has not been verified by Berenberg. Despite due skill and care being exercised in obtaining such information, Berenberg assumes no liability for any information kept available or displayed being correct, comprehensive, or accurate. As for the rest, all and any price and index information is subject to a time delay varying for individual stock exchanges and/or types of securities but as a rule a minimum of 15 minutes.

The index designations “Dow Jones Stoxx 50, Dow Jones Euro Stoxx 50, Dow Jones Industrial Average" are trademarks of Dow Jones & Company Inc.

Recommendations given concerning individual shares shall constitute neither investment advice nor any offer to enter any contract for advice or information. Such recommendations shall serve information purposes only.

The processed information has been derived from sources we regard as reliable, the correctness and comprehensiveness of which however we cannot guarantee in any way. The judgements made in such recommendations reflect the personal appraisal of individual analysts and may be changed at any time without prior notice. Moreover they are based on assumptions underlying continuous change and may therefore subsequently turn out to have been incorrect. Therefore

Berenberg can assume no liability for any direct or indirect damage or loss suffered as a result of using individual statements, estimates and/or projections.

3. Foreign users
The information contained on Berenberg’s web pages is destined exclusively for personal use by individuals domiciled in Germany. Berenberg assumes no liability with regard to whether the information on these web pages may be suitable or usable for any use in any other location. Users accessing these web pages from other locations do so at their own initiative and at their own risk. Berenberg assumes neither warranty nor liability for these web pages or the information contained on them being in compliance with the laws at any such other location.

4. Client Log-in:
Please note that the provided data are subject to certain time delays. As a rule, securities holdings are valued at the closing quotation of the previous day. Account balances as a rule refer to the last accounting cutoff on the previous day and therefore do not reflect the actual current balance.

By sending off this notice, you agree to your personal data being stored at Berenberg. Berenberg will use such data only for purposes of processing your enquiries and will not transmit them to any third party.

5. Equity Research Portal and Terms of Business (Investment Research)
When using our Research Services at any time, you agree to our Terms of Business (Investment Research).

In the case of transfers abroad and of separately commissioned express transfers the data contained in the transfer are remitted to the beneficiary's financial institution by the only financial messaging network active worldwide, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) based in Belgium. For reasons of safeguarding the system's reliability SWIFT temporarily saves the transaction data in its data processing centres in the Netherlands and in the US. The motive for this information is a decision by data protection supervisory authorities taken in November 2006 with which these react to access by US authorities to transfer data in the data processing centre of SWIFT in the US for the purpose of combatting international terrorism.

Under the European Bank Recovery and Resolution Directive (BRRD), investors who have acquired bail-in-capable receivables or debt securities (eligible liabilities) may be held liable for the restructuring or liquidation of the repayable institution. This is carried out by converting the value of the receivable or debt instrument into equity or by write-down. An illustration of a potential order of liability (liability cascade) can be found on the BaFin website.

Complaints procedure

We believe that that only fair and responsible cooperation leads to a long-term and trusting relationship with clients, business partners and stakeholders. As such, we have developed complaints handling principles. Despite our best efforts to support all our clients as a competent service provider and as a responsible, reliable, fair and innovative partner, problems cannot always be avoided. Therefore, we would like to inform you below about our complaints handling procedures:
A complaint is any form of dissatisfaction with our services which gives cause to contact us. Should our clients or other interested parties feel dissatisfied for any reason, we will ensure that all concerns are dealt with constructively and promptly and, if possible, resolved satisfactorily.

You can contact us in the following ways:

  • In person or by phone: speak with your relationship advisor or directly at your branch
  • By post: Joh. Berenberg, Gossler & Co. KG, Complaint Management, Neuer Jungfernstieg 20, 20354 Hamburg, Germany

After receiving the details of the complaint via the means indicated above – preferably in writing – the Complaints Office will begin dealing with the matter. The complainant will initially receive an acknowledgment of receipt immediately after submitting the complaint. If you as the complainant have not received one within a few days, we would ask you to check with your relationship advisor whether your complaint has been received.. This is followed by a detailed and objective examination by us. We will endeavour to provide you with a comprehensive response, usually taking 15 working days to process a payment service user´s complaint; all other complaints will usually be dealt with within one month of receipt of the complaint. Should a response be delayed, the complainant will receive prompt feedback on the reason for the delay and by when the investigation of the incident is expected to be completed.
In our response, we will also disclose to the complainant any measures to be taken to find a satisfying solution.

Ombudsman scheme

Berenberg also participates in the German Private Banks’ Ombudsman Scheme ( This is a dispute resolution procedure under which consumers have the option of contacting the Ombudsman Scheme to settle a dispute with the bank. If the subject matter of the complaint relates to a dispute concerning a payment service contract (section 675 f of the Civil Code), clients who are not consumers can also use this service. Further details are laid down in the Rules of Procedure for the Settlement of Customer Complaints in the German Banking Sector, which is available upon request or can be downloaded online at The complaint should be in text form (i.e. by letter, fax or e-mail) to the customer complaint office at the Bundesverband deutscher Banken e. V., PO Box 04 03 07, 10062 Berlin, Fax: (030) 1663-3169, E-mail:
Please be aware that we do not participate in arbitration procedures of other agencies.


European online dispute resolution platform

The European Commission has set up a European Online Dispute Resolution Platform (OS platform) at Consumers may use the OS platform for out-of-court settlements of a dispute arising from online contracts with a company established in the EU.


Proper legal recourse


There is also the possibility to file a civil lawsuite.



UK Clients - Financial Ombudsman Service

For clients of the London branch, during the complaints procedure we will also give you the details of the UK Financial Ombudsman Service - an independent public body whose job is to resolve individual disputes between consumers and businesses fairly, reasonably, quickly and informally. For further information please visit Financial Ombudsman Service





These webpages are issued by Berenberg. The European Market Abuse Regulation (MAR) applies from 3 July 2016 and principally aims to strengthen the fight against market abuse. MAR imposes requirements on certain communications to clients and requires persons disseminating Investment Recommendations to ensure information is objectively presented, and to provide certain disclosures, including any conflicts of interest concerning the financial instruments to which that information relates. You will find the relevant important disclosures here.

Any Investment Recommendation made by Berenberg, or any of its employees or officers is only valid when read or received in conjunction with the disclosures.

The information contained on these webpages is for information only. The recommendations referred to in the webpages are historic in nature and are not, nor shall they be construed as, investment advice by Berenberg under MAR. Berenberg accepts no responsibility and no representation or warranty, express or implied, is made as to the accuracy, reliability or completeness of the source of information on these webpages. To the fullest extent permitted by law, Berenberg accepts no responsibility for and shall have no liability for any loss (including without limitation direct, indirect, consequential and loss of profit), damages, or for any liability to a third party however arising in relation to the information on these webpages. Berenberg has no obligation to update, modify or amend the information. You should not construe the content of any material or disclosures provided on these webpages as legal, financial, tax, accounting or other advice, and you should consider consulting your professional advisors for such advice. Nothing on these webpages shall constitute a bid or offer, or a solicitation of a bid or offer, to initiate or conclude any transaction.


The information provided on these webpages is provided on a confidential basis and may not be reproduced, redistributed or transmitted, in whole or in part, without Berenberg’s consent. Any unauthorised use is strictly prohibited.

Joh. Berenberg, Gossler & Co. KG (“Berenberg”) is a Kommanditgesellschaft (a German form of limited partnership) established under the laws of the Federal Republic of Germany registered with the Commercial Register at the Local Court of the City of Hamburg under registration number HRA 42659 with its registered office at Neuer Jungfernstieg 20, 20354 Hamburg, Germany. A list of partners is available for inspection at our London Branch: 60 Threadneedle Street, London EC2R 8HP, United Kingdom.

Joh. Berenberg, Gossler & Co. KG is authorised by the German Federal Financial Supervisory Authority (BaFin) and subject to limited regulation by the Financial Conduct Authority, the firm reference number 222782. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request. For further information as well as specific information on Joh. Berenberg, Gossler & Co. KG, its head office and its foreign branches in the European Union please refer to