Remuneration of the Supervisory Board
The remuneration of the Supervisory Board is determined by the Annual General Meeting of Hannover Re and regulated by the Articles of Association.
In accordance with § 12 of the Articles of Association as amended on 3 August 2007, the members of the Supervisory Board receive fixed annual remuneration of EUR 10,000 per member in addition to reimbursement of their expenses. Furthermore, each member of the Supervisory Board receives variable remuneration of 0.03% of the operating profit (EBIT) reported by the company in the consolidated financial statement drawn up in accordance with International Financial Reporting Standards (IFRS). Variable remuneration is not paid if the EBIT is negative.
In addition, the members of the Balance Sheet Committee formed by the Supervisory Board receive an emolument of 30% of the previously described fixed and variable remuneration for their committee work. The members of the Standing Committee formed by the Supervisory Board receive an additional emolument of 15% of the previously described fixed and variable remuneration for their committee work.
The Chairman of the Supervisory Board or of a Committee receives three times the aforementioned amounts, while a Deputy Chairman receives one-and-a-half times the said amounts.
No remuneration was approved for the members of the Nomination Committee.
The remuneration for a financial year is due upon completion of the Annual General Meeting that ratifies the acts of the Supervisory Board for the financial year in question. Value-added tax payable upon the remuneration is reimbursed by the company.
Excel download (20 KB)Individual remuneration received by the members of the Supervisory Board in the year under review
| Figures in EUR thousand | 2008 | 2007 | |
|---|---|---|---|
| Name | Function | ||
| Wolf-Dieter Baumgartl | Chairman of the – Supervisory Board – Standing Committee – Balance Sheet Committee – Nomination Committee |
243.0 | 185.6 |
| Dr. Klaus Sturany | Deputy Chairman of the Supervisory Board Member of the Standing Committee |
71.6 | 49.7 |
| Dr. Paul Wieandt | Deputy Chairman of the Supervisory Board (until 20 March 2007) |
17.7 | 74.1 |
| Herbert K. Haas | Member of the – Supervisory Board – Standing Committee – Balance Sheet Committee – Nomination Committee |
163.9 | 107.9 |
| Karl Heinz Midunsky | Member of the – Supervisory Board – Nomination Committee |
47.8 | 43.6 |
| Dr. Erhard Schipporeit | Member of the – Supervisory Board – Nomination Committee |
42.9 | 3.6 |
| Dr. Immo Querner | Member of the Supervisory Board | 87.8 | 35.7 |
| Otto Müller* | Member of the Supervisory Board | 47.8 | 43.6 |
| Renate Schaper-Stewart* | Member of the Supervisory Board (until 2 May 2007) | 15.2 | 42.4 |
| Dipl.-Ing. Hans-Günter Siegerist* | Member of the Supervisory Board (until 2 May 2007) | 12.8 | 35.6 |
| Uwe Kramp* | Member of the Supervisory Board | 32.0 | 1.2 |
| Gert Waechtler* | Member of the Supervisory Board | 32.0 | 1.2 |
| Total | 814.5 | 624.2 | |
| * Employee representatives | |||
All the members of the Supervisory Board receive an attendance allowance of EUR 500 for their participation in each meeting of the Supervisory Board and the Committees. These fees are included in the reported remuneration.
In the year under review no payments or benefits were granted to members of the Supervisory Board in return for services provided individually outside the committee work described above, including for example consulting or mediation services, with the exception of the remuneration paid to employee representatives on the basis of their employment contracts.