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 income received by the Executive Board in the 2010 financial year on the basis of the Board members’ work for Hannover Re and its affiliated companies.

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 2010 consolidated financial statement as required by IAS 24 “Related Party Disclosures”. The provisions of the Act on the Adequacy of Management Board Remuneration (VorstAG) and of the Insurance Supervision Act in conjunction with the Regulation on the Supervisory Law Requirements for Remuneration Schemes in the Insurance Sector (VersVergV) – which entered into force on 13 October 2010 – have been observed. In addition, we took into account the more specific provisions of GAS 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, no further explanation of the information discussed in this remuneration report is provided in the notes.