Remuneration report

The remuneration report summarises the principles used to determine the remuneration of the Executive Board of Hannover Re and explains the amount of the income received by the Executive Board in the 2009 financial year on the basis of the Board members' work for Hannover Re and its affiliated companies. Furthermore, we set out the changes agreed upon as a consequence of the Act on the Adequacy of Management Board Remuneration (VorstAG), which entered into force on 5 August 2009. The Act on the Adequacy of Management Board Remuneration envisages inter alia that the remuneration structure at listed enterprises shall be oriented towards sustainable development of the company. In future, therefore, variable remuneration components shall have a multi-year measurement basis. The total remuneration of the individual Board members shall also be commensurate with their tasks and performances as well as with the position of the company..

In addition, the amount of remuneration paid to the Supervisory Board on the basis of its work for Hannover Re and its affiliated companies and the principles according to which this remuneration is determined are described.

The remuneration report is based on the recommendations of the German Corporate Governance Code and contains information which forms part of the notes to the 2009 consolidated financial statement as required by IAS 24 “Related Party Disclosures”. In addition, we took into account the more specific provisions of DRS 17 “Reporting on the Remuneration of Members of Governing Bodies”. Under German commercial law, too, this information includes data specified as mandatory for the notes (§ 314 HGB) and the management report (§ 315 HGB). These details are discussed as a whole in this remuneration report. Consequently, we have not provided any further explanation in the notes of the information discussed in the remuneration report.