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Remuneration of the Supervisory Board
The remuneration of the Supervisory Board is determined by the Annual General Meeting of Hannover Rück SE and regulated by the Articles of Association.
In accordance with § 14 of the Articles of Association as amended on 30 May 2016 and the resolution of the Annual General Meeting on 7 May 2013, the members of the Supervisory Board receive fixed annual remuneration of EUR 30,000 per member in addition to reimbursement of their expenses. Furthermore, each member of the Supervisory Board receives variable remuneration measured according to the average earnings per share (EPS) of the company over the past three financial years preceding the Annual General Meeting at which the actions of the Supervisory Board for the last of these three years are ratified. The variable remuneration amounts to EUR 330 for each EUR 0.10 average earnings per share (EPS) of the company. The measurement of this performance-based remuneration component according to the average earnings per share of the last three financial years ensures that the variable remuneration is geared to sustainable corporate development. The variable remuneration is limited to an annual maximum of EUR 30,000. The Chairman of the Supervisory Board receives twice the aforementioned remuneration amounts and the Deputy Chairman of the Supervisory Board receives one-and-a-half times the said amounts.
In addition, the members of the Finance and Audit Committee formed by the Supervisory Board receive remuneration of EUR 15,000 for their committee work and the members of the Standing Committee formed by the Supervisory Board receive remuneration of EUR 7,500. In this case, too, the Chairman of the Committee receives twice and the Deputy Chairman one-and-a-half times the stated amounts. No remuneration is envisaged for the Nomination Committee.
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.
All the members of the Supervisory Board receive an attendance allowance of EUR 1,000 for their participation in each meeting of the Supervisory Board and the Committees in addition to the aforementioned remuneration. If a meeting of the Supervisory Board and one or more committee meetings fall on the same day, the attendance allowance for this day is only paid once in total.
| Individual remuneration received by the members of the Supervisory Board | ||||
| Name | Function | Type of remuneration | 2016 | 2015 |
|---|---|---|---|---|
| in EUR thousand1 | ||||
| Herbert K. Haas2 | Chairman of the • Supervisory Board • Standing Committee • Finance and Audit Committee • Nomination Committee |
Fixed remuneration | 100,0 | 100.0 |
| Variable remuneration | 92.5 | 82.7 | ||
| Remuneration for committee work | 85.0 | 85.0 | ||
| Attendance allowances | 18.0 | 13.0 | ||
| 295.5 | 280.7 | |||
| Dr. Klaus Sturany | Deputy Chairman of the Supervisory
Board Member of the Standing Committee |
Fixed remuneration | 45,0 | 45.0 |
| Variable remuneration | 44.0 | 40.1 | ||
| Remuneration for committee work | 7.5 | 7.5 | ||
| Attendance allowances | 5.0 | 6.0 | ||
| 101.5 | 98.6 | |||
| Wolf-Dieter Baumgartl2 | Member of the • Supervisory Board • Standing Committee • Finance and Audit Committee • Nomination Committee |
Fixed remuneration | 50,0 | 50.0 |
| Variable remuneration | 46.2 | 41.4 | ||
| Remuneration for committee work | 22.5 | 22.5 | ||
| Attendance allowances | 14.0 | 11.0 | ||
| 132.7 | 124.9 | |||
| Frauke Heitmüller3 | Member of the Supervisory Board | Fixed remuneration | 30,0 | 30.0 |
| Variable remuneration | 29.4 | 26.7 | ||
| Remuneration for committee work | – | – | ||
| Attendance allowances | 4.0 | 4.0 | ||
| 63.4 | 60.7 | |||
| Otto Müller3 | Member of the Supervisory Board | Fixed remuneration | 30,0 | 30.0 |
| Variable remuneration | 29.4 | 26.7 | ||
| Remuneration for committee work | – | – | ||
| Attendance allowances | 4.0 | 4.0 | ||
| 63.4 | 60.7 | |||
| Dr. Andrea Pollak | Member of the • Supervisory Board • Nomination Committee |
Fixed remuneration | 30,0 | 30.0 |
| Variable remuneration | 29.4 | 26.7 | ||
| Remuneration for committee work | – | – | ||
| Attendance allowances | 4.0 | 4.0 | ||
| 63.4 | 60.7 | |||
| Dr. Immo Querner2 | Member of the Supervisory Board | Fixed remuneration | 50,0 | 50.0 |
| Variable remuneration | 46.2 | 41.4 | ||
| Remuneration for committee work | 10.0 | 10.0 | ||
| Attendance allowances | 7.0 | 7.0 | ||
| 113.2 | 108.4 | |||
| Dr. Erhard Schipporeit | Member of the • Supervisory Board • Finance and Audit Committee |
Fixed remuneration | 30,0 | 30.0 |
| Variable remuneration | 29.4 | 26.7 | ||
| Remuneration for committee work | 15.0 | 15.0 | ||
| Attendance allowances | 9.0 | 7.0 | ||
| 83.4 | 78.7 | |||
| Maike Sielaff3 | Member of the Supervisory Board | Fixed remuneration | 30,0 | 30.0 |
| Variable remuneration | 29.4 | 26.7 | ||
| Remuneration for committee work | – | – | ||
| Attendance allowances | 4.0 | 4.0 | ||
| 63.4 | 60.7 | |||
| Total | 979,9 | 934.1 | ||
| 1 Amounts excluding reimbursed VAT 2 Including supervisory board remuneration and remuneration for committee work as well as advisory board remuneration received from entities affiliated with the company 3 Employee representatives |
||||
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 for the variable remuneration are recognised allowing for any fractional amounts. Value-added tax payable upon the remuneration is reimbursed by the company.
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.