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Allianz Annual Report 2013

Annual Report 2013    Allianz Group44 they accept a limited number of non-executive supervisory roles in appropriate external organizations. In these cases, 50 % of the remu­ neration received is paid to ­Allianz SE. A Board member retains the full remuneration only when the Supervisory Board qualifies the appointment as a personal one. Remuneration paid by external orga­ nizationsisshownintheannualreportsofthecompaniesconcerned. The remuneration relating to the external appointment is set by the governing body of the relevant organization. Outlook for 2014 The Supervisory Board approved the following changes to the remu­ neration of the Board of Management in December 2013: −− The base salary of all regular members of the Board of Manage­ ment has been harmonized for 2014. Those base salaries at € 700  Thou for 2013 will be adjusted to € 750  Thou. −− For all Board members, the respective target amounts for each of the variable components (annual bonus, MTB and equity- related) were aligned with the applicable base salary to ensure a pay split at target of 25 % fixed and 75 % variable compensation. From 2014, a regular Board member has a target amount of € 750 thou per variable component resulting in a total direct compensation at target of € 3,000 thou, the Chief Executive Officer a target amount of € 1,280 thou per variable component resulting in a total direct compensation at target of € 5,120 thou. −− The overall cap on the total variable compensation has been low­ ered from 165 % to 150 %, the cap for the single targets (quantitative Group targets, quantitative divisional targets, and qualitative targets) remained unchanged at 165 %. Overall, for a Board member with a current base salary of € 700  Thou, the three measures lead to a reduction of € 40  Thou at cap: the maxi­ mum direct compensation decreased from currently € 4,165 Thou to € 4,125 Thou. For the Chief Executive Officer this reduction equals € 81  Thou at cap (from € 7,121  Thou down to € 7,040 Thou). The pension contributions as a percentage of base salary paid by the company to the contribution-based pension plan remain unchanged. Remuneration of the Supervisory Board The remuneration of the Supervisory Board is governed by the Stat­ utes of ­Allianz SE and the German Stock Corporation Act. The structure of the Supervisory Board’s remuneration is regularly reviewed with respect to German, European and international corporate gover­ nance recommendations and regulations. REMUNERATION PRINCIPLES −− Set total remuneration at a level aligned with the scale and scope of the Supervisory Board’s duties and appropriate to the company’s activities and business and financial situation. −− Set a remuneration structure that takes into account the indi­ vidual functions and responsibilities of Supervisory Board mem­ bers, such as chair, vice-chair or committee mandates. −− Set a remuneration structure to allow for proper oversight of businessaswellasforadequatedecisionsonexecutivepersonnel and remuneration. REMUNERATION STRUCTURE AND COMPONENTS The remuneration structure, which comprises fixed and committee- related remuneration only, was approved by the Annual General Meeting 2011 and is laid down in the Statutes of ­Allianz SE. It became effective for the financial year 2011. Fixed annual remuneration The remuneration of a Supervisory Board member consists of a fixed cash amount paid after the end of each business year for services rendered over that period. A regular Supervisory Board member receives a fixed remuneration of € 100  Thou per year. Each deputy Chairperson receives € 150 Thou and the Chairperson € 200  Thou. Committee-related remuneration The Chairperson and members of the Supervisory Board committees receive additional committee-related remuneration. The committee- related remuneration is as follows: Committee-related remuneration € thou Committee Chair Member Personnel Committee, Standing Committee, Risk Committee 40 20 Audit Committee 80 40 Nomination Committee – – Attendance fees and expenses In addition to the fixed and committee-related remuneration, mem­ bers of the Supervisory Board receive an attendance fee of € 750 for each Supervisory Board or committee meeting they attend in person. Should severalmeetingsbeheld onthesameorconsecutivedays,the attendance fee will be paid only once. ­Allianz SE reimburses the members of the Supervisory Board for their out-of-pocket expenses and the VAT payable on their Supervisory Board activity. For the per­ formance of his duties, the Chairman of the Supervisory Board is

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