Remuneration System definition

Remuneration System means the system followed by the direct selling entity to compensate the direct seller which illustrates the mode of sharing of incentives, profits and commission, including financial and non-financial benefits, paid by the direct selling entity to the direct sellers, on a monthly or periodic or yearly basis or both, as the case may be. This system, for every Direct Selling entity, shall:
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Remuneration System means the system followed by the direct selling entity to compensate the direct seller which illustrates the mode of sharing of incentives, profits and commission, including financial and non financial benefit, paid by the direct selling entity to the direct sellers, on a monthly or periodic or yearly basis or both a the case may be.
Sample 1Sample 2Sample 3
Remuneration System means the system followed by the direct selling entity to compensate the direct seller which illustrates the mode of sharing of incentives, profits and commission, including financial and non financial benefit, paid by the direct selling entity to the direct sellers, on a monthly or periodic or yearly basis or both a the case may be. This system for every Direct selling entity, shall: 11 Have no provision that a direct seller will receive remuneration from the recruitment to participate in such direct selling. 12 Ensure that direct sellers shall receive remuneration derived from the sale of goods or services. 13 Clearly disclose the method of calculation of remuneration 14. State includes a Union territory.
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Examples of Remuneration System in a sentence

  • Pursuant to section 3.1.2 of Supervisory Policy Manual (CG-5) "Guideline on a Sound Remuneration System" issued by the Hong Kong Monetary Authority, Sumitomo Mitsui Banking Corporation Hong Kong Branch as an overseas incorporated Authorized Institution is not required to make separate disclosures in relation to its own remuneration system as Sumitomo Mitsui Financial Group will provide the relevant disclosures in its annual report.

  • Allocations to the administrative, professional, technical and operational streams includes the occupational groupings as prescribed in the Translation Manual For The New Classification And Remuneration System or as prescribed in Schedule 1.

  • Remunerations of other Directors, Supervisors and Senior Management are determined according to the Remuneration System for Directors, Supervisors and Senior Management which has been passed at the 2002 Annual General Meeting.

  • Evaluation of the Appropriateness of the Design and Operation of the Remuneration System of the Resona Group Relevant Officers and Employees(1) Remuneration Policy1) Remuneration Policy of Relevant Officers, etc.

  • Pursuant to section 3 of Supervisory Policy Manual (CG-5) Guideline on a Sound Remuneration System issued by the HKMA, the Branch complies with the requirements and has adopted the remuneration systems of ING Bank N.V. Head Office.

  • Preparing and submitting the Remuneration Policy and the Remuneration System to the Board of Directors for its approval.

  • The structure of the Company’s office positions is the basis of the Remuneration System.

  • Revision of the Remuneration System for Corporate Executive OfficersThe Company has revised the remuneration system in FY2023.

  • Positioning of Remuneration System for OfficersThe Company regards its remuneration system for officers as an important aspect of corporate governance.

  • This Agreement has been duly and validly executed and delivered by the Company and, assuming the due authorization, execution and delivery by Buyer, this Agreement constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.


More Definitions of Remuneration System

Remuneration System means the system followed by the direct selling entity to compensate the direct seller which illustrates the mode of sharing of incentives, profits and commission, including financial and non-financial benefits, paid by the direct selling entity to the direct sellers, on a monthly or periodic or yearly basis or both, as the case may be. This system, for every direct selling entity, shall;Have no provision that a direct seller will receive remuneration from the recruitment to participate in such direct selling; ensure that direct sellers shall receive remuneration derived from the sale of goods or services; clearly disclose the method of calculation of remuneration.
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Remuneration System means a system of remuneration referred to in regulation 37(3);
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Related to Remuneration System

  • distance education system means the system of imparting education through any means of communication, such as broadcasting, telecasting, correspondence courses, seminars, contact programmes or the combination of any two or more such means;

  • Distribution System Code means the code approved by the Board which, among other things, establishes the obligations of the distributor with respect to the services and terms of service to be offered to customers and retailers and provides minimum, technical operating standards of distribution systems;

  • Distribution System means the system of wires and associated facilities between the delivery points on the transmission lines or the generating station connection and the point of connection to the installation of the consumers;

  • Production System means a live SAP system used for running Licensee’s internal business operations and where Licensee’s data is recorded.

  • Water distribution system means that portion of the water supply system in which water is conveyed from the water treatment plant or other supply point to the premises of the consumer.

  • Transportation System means the facilities at any time in place to receive Shipper’s Gas at the Entry Point(s), process, handle, transport and redeliver the Gas at the Exit Point(s), in accordance with the Transportation Agreement, as detailed in Transportation System Description.

  • Information system means a discrete set of information resources organized for the collection, processing, maintenance, use, sharing, dissemination, or disposition of information (44 U.S.C. 3502).

  • Irrigation System means such major, medium and minor irrigation system for harnessing water for irrigation and other allied uses from Government source and includes reservoirs, open head channels, diversion systems, lift irrigation schemes, anicuts, tanks, wells and the like.

  • Leak-detection system means a system capable of detecting the failure of either the primary or secondary containment structure or the presence of a release of hazardous waste or accumulated liquid in the secondary containment structure. Such a system must employ operational controls (e.g., daily visual inspections for releases into the secondary containment system of aboveground tanks) or consist of an interstitial monitoring device designed to detect continuously and automatically the failure of the primary or secondary containment structure or the presence of a release of hazardous waste into the secondary containment structure.

  • distribution system operator means a natural or legal person responsible for operating, ensuring the maintenance of and, if necessary, developing the distribution system in a given area and, where applicable, its interconnections with other systems and for ensuring the long-term ability of the system to meet reasonable demands for the distribution of electricity;

  • Collection System means software used for the collection, tracking, and reporting of 34 outcomes data for Clients enrolled in the FSP programs.

  • Cable television system means any facility consisting of a set of closed transmission paths and associated equipment designed to provide video programming to multiple subscribers when subscriber interaction is required to select a specific video program for an access fee established by the cable television system for that specific video program.

  • Reservation System means the Contributor's Reservation Terminal and Reservation System equipment and software, if any.

  • Centralized Message Distribution System (CMDS) means the industry-wide data collection system, which handles the daily exchange of message details between CMDS participating telephone companies (also known as CMDS Direct Participants). AT&T-21STATE is a CMDS Direct Participant.

  • telecommunication system means any system (including the apparatus comprised in it) which exists (whether wholly or partly in Jersey or elsewhere) for the purpose of facilitating the transmission of communications by any means involving the use of electrical or electro- magnetic energy;

  • Network Element is As Defined in the Act.

  • Verification system means the system maintained by the department under section 19-24.1-31 for verification of registry identification cards.

  • Transmission System Code means the code, approved by the Board, that is in force at the relevant time, which regulates the financial and information obligations of the Transmitter with respect to its relationship with customers, as well as establishing the standards for connection of customers to, and expansion of a transmission system;

  • Electric distribution system means the part of the electric system, after the transmission system, that is dedicated to delivering electric energy to an end user.

  • STATUS VERIFICATION SYSTEM This “Status Verification System” requirement, also referred to as “E-Verify”, only applies to contracts issued through a Request for Proposal process and to sole sources that are included within a Request for Proposal.

  • Centralized Message Distribution System (CMDS) means the transport system that LECs use to exchange outcollect and Carrier Access Billing System “CABS” access messages among each other and other Parties connected to CMDS.

  • Public transportation system means all facilities, conveyances and instrumentalities, whether publicly or privately owned, that are used in or for publicly available services for the transportation of persons or cargo.

  • Flood protection system means those physical structural works for which funds have been authorized, appropriated, and expended and which have been constructed specifically to modify flooding in order to reduce the extent of the area within a community subject to a "special flood hazard" and the extent of the depths of associated flooding. Such a system typically includes hurricane tidal barriers, dams, reservoirs, levees or dikes. These specialized flood modifying works are those constructed in conformance with sound engineering standards.

  • Storm water or wastewater collection system means piping, pumps, conduits, and any other equipment necessary to collect and transport the flow of surface water run-off resulting from precipitation, or domestic, commercial, or industrial wastewater to and from retention areas or any areas where treatment is designated to occur. The collection of storm water and wastewater does not include treatment except where incidental to conveyance.

  • Wastewater collection system means the sewer and pumping system used for the collection and conveyance of domestic, commercial and industrial wastewater; and

  • Vapor collection system means a vapor transport system which used direct displacement by the gasoline being transferred to force vapors from the vessel being loaded into either a vessel being unloaded or a vapor control system or vapor holding tank.