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 9 August 2010, 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 Finance and Audit Committee (previously: “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.
Members who have only belonged to the Supervisory Board or one of its committees for part of the financial year receive the remuneration pro rata temporis.
No remuneration was approved for the members of the Nomination Committee.
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| Individual remuneration received by the members of the Supervisory Board in EUR thousand | 2010 | 2009 | ||
|---|---|---|---|---|
| Name | Function | Type of remuneration | ||
1 Including supervisory board remuneration from affiliated companies |
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2 Employee representatives |
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| Herbert K. Haas | Chairman of the | Fixed remuneration | 40.01 | 33.2 |
| - Supervisory Board | Variable remuneration | 153.4 | 198.8 | |
| - Standing Committee | Remuneration for committee work | 72.1 | 53.9 | |
| - Finance and Audit Committee | Attendance allowances | 7.0 | 7.5 | |
| - Nomination Committee | 272.5 | 293.4 | ||
| Dr. Klaus Sturany | Deputy Chairman of the | Fixed remuneration | 15.01 | 15.0 |
| - Supervisory Board | Variable remuneration | 51.4 | 57.2 | |
| Member of the | Remuneration for committee work | 10.0 | 6.3 | |
| - Standing Committee | Attendance allowances | 3.0 | 3.0 | |
| 79.4 | 81.5 | |||
| Wolf-Dieter Baumgartl | Member of the | Fixed remuneration | 15.01 | 21.8 |
| - Supervisory Board | Variable remuneration | 59.6 | 106.0 | |
| - Standing Committee | Remuneration for committee work | 19.9 | 32.0 | |
| - Finance and Audit Committee | Attendance allowances | 6.5 | 7.0 | |
| - Nomination Committee | 101.0 | 166.8 | ||
| Uwe Kramp2 | Member of the Supervisory Board | Fixed remuneration | 10.0 | 10.0 |
| Variable remuneration | 34.3 | 36.7 | ||
| Remuneration for committee work | - | - | ||
| Attendance allowances | 2.0 | 2.5 | ||
| 46.3 | 49.2 | |||
| Karl Heinz Midunsky | Member of the | Fixed remuneration | 10.0 | 10.0 |
| - Supervisory Board | Variable remuneration | 34.3 | 36.7 | |
| - Nomination Committee | Remuneration for committee work | - | - | |
| Attendance allowances | 2.0 | 2.5 | ||
| 46.3 | 49.2 | |||
| Ass. jur. Otto Müller2 | Member of the Supervisory Board | Fixed remuneration | 10.0 | 10.0 |
| Variable remuneration | 34.3 | 36.7 | ||
| Remuneration for committee work | - | - | ||
| Attendance allowances | 2.0 | 2.5 | ||
| 46.3 | 49.2 | |||
| Dr. Immo Querner | Member of the Supervisory Board | Fixed remuneration | 15.01 | 15.0 |
| Variable remuneration | 59.6 | 55.5 | ||
| Remuneration for committee work | - | - | ||
| Attendance allowances | 3.5 | 4.5 | ||
| 78.1 | 75.0 | |||
| Dr. Erhard Schipporeit | Member of the | Fixed remuneration | 10.0 | 10.0 |
| - Supervisory Board | Variable remuneration | 34.3 | 37.2 | |
| - Finance and Audit Committee | Remuneration for committee work | 13.3 | 12.7 | |
| Attendance allowances | 4.0 | 3.5 | ||
| 61.6 | 63.4 | |||
| Gert Wächtler2 | Member of the Supervisory Board | Fixed remuneration | 10.0 | 10.0 |
| Variable remuneration | 34.3 | 36.7 | ||
| Remuneration for committee work | - | - | ||
| Attendance allowances | 2.0 | 2.5 | ||
| 46.3 | 49.2 | |||
| Total | 777.8 | 876.9 | ||
The individualised presentation of the remuneration shows the expense charged to the financial year in question. Since the remuneration for a financial year becomes due at the end of the Annual General Meeting that ratifies the acts of the Supervisory Board for the financial year, the relevant reserve allocations are recognised allowing for any fractional amounts. Value-added tax payable upon the remuneration is reimbursed by the company.
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.