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 3 August 2007, 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.
No remuneration was approved for the members of the Nomination Committee.
| Individual remuneration received by the members of the Supervisory Board in EUR thousand | 2009 | 2008 | ||
|---|---|---|---|---|
| Name | Function | Remuneration | ||
| 1 Employee representatives | ||||
| Herbert K. Haas | Chairman (from 5 May 2009) of the
|
Fixed remuneration | 33.2 | 20.0 |
| Variable remuneration | 198.8 | 29.1 | ||
| Remuneration for committee work |
53.9 | 7.4 | ||
| Attendance allowances | 7.5 | 6.0 | ||
| 293.4 | 62.5 | |||
| Dr. Klaus Sturany |
|
Fixed remuneration | 15.0 | 15.0 |
| Variable remuneration | 57.2 | – | ||
| Remuneration for committee work |
6.3 | – | ||
| Attendance allowances | 3.0 | 3.5 | ||
| 81.5 | 18.5 | |||
| Wolf-Dieter Baumgartl | Chairman (until 5 May 2009) of the
|
Fixed remuneration | 21.8 | 30.0 |
| Variable remuneration | 106.0 | – | ||
| Remuneration for committee work |
32.0 | 19.6 | ||
| Attendance allowances | 7.0 | 6.0 | ||
| 166.8 | 55.6 | |||
| Uwe Kramp1 | Member of the Supervisory Board | Fixed remuneration | 10.0 | 10.0 |
| Variable remuneration | 36.7 | – | ||
| Remuneration for committee work | – | – | ||
| Attendance allowances | 2.5 | 1.5 | ||
| 49.2 | 11.5 | |||
| Karl Heinz Midunsky | Member of the
|
Fixed remuneration | 10.0 | 10.0 |
| Variable remuneration | 36.7 | – | ||
| Remuneration for committee work | – | – | ||
| Attendance allowances | 2.5 | 2.0 | ||
| 49.2 | 12.0 | |||
| Otto Müller1 | Member of the Supervisory Board | Fixed remuneration | 10.0 | 10.0 |
| Variable remuneration | 36.7 | – | ||
| Remuneration for committee work | – | – | ||
| Attendance allowances | 2.5 | 2.0 | ||
| 49.2 | 12.0 | |||
| Dr. Immo Querner | Member of the Supervisory Board | Fixed remuneration | 15.0 | 15.0 |
| Variable remuneration | 55.5 | 14.6 | ||
| Remuneration for committee work | – | – | ||
| Attendance allowances | 4.5 | 3.5 | ||
| 75.0 | 33.1 | |||
| Dr. Erhard Schipporeit | Member of the
|
Fixed remuneration | 10.0 | 10.0 |
| Variable remuneration | 37.2 | – | ||
| Remuneration for committee work | 12.7 | – | ||
| Attendance allowances | 3.5 | 3.0 | ||
| 63.4 | 13.0 | |||
| Gert Waechtler1 | Member of the Supervisory Board | Fixed remuneration | 10.0 | 10.0 |
| Variable remuneration | 36.7 | – | ||
| Remuneration for committee work | – | – | ||
| Attendance allowances | 2.5 | 1.5 | ||
| 49.2 | 11.5 | |||
| Total | 876.9 | 229.7 | ||
While the remuneration in the following individualised presentation was geared to the date of cash receipt in the previous year, the presentation in the 2009 financial year was modified such that the expense charged to the financial year in question is shown. Since the remunerations for a financial year become due at the end of the Annual General Meeting that ratifies the acts of the Supervisory Board for the financial year in question, allowance is made for the relevant reserve allocations in light of 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.