Annual Report 2021
Financial statements
Key management personnel remuneration

Transactions with key management personnel (EB, BEC members and SB) are transactions with related parties. Additional information on the remuneration of members of the EB and SB is disclosed in the remuneration report; see chapter 5.3.

Annual remuneration key management personnel
Amounts in thousandExecutive board1BEC members2Supervisory board3Total 2021Executive board1BEC members2Supervisory board3Total 2020
Fixed compensation
Base salary2,2792,2472054,7302,1961,5842163,997
Fringe benefits444128-1724984-133
Variable compensation
One-year variable--------
Multi-year variable5-----61-61
Extraordinary items6----18227-209
Pension expense7473486-959709479-1,188
Total remuneration2,7962,8612925,9493,1372,2353095,681
  • 1 E.J.M. Hollegien was appointed as CFO and member of the EB of a.s.r. on 1 December 2021. A.T.J. van Melick stepped down as member of the EB of a.s.r. on 12 October 2021. The remuneration figures for 2021 reflect a partial year as a member of the EB. A.T.J. van Melick started at a.s.r. on 1 January 2020 and was appointed as CFO and member of the EB on 12 February 2020. H.C. Figee left the EB and a.s.r. on 1 February 2020. The remuneration figures for 2020 reflect a partial year as a member of the EB.
  • 2 Four directors joined the BEC on 29 June 2021. The remuneration figures for 2021 reflect a partial year.
  • 3 Remuneration as a SB member of a.s.r. and remuneration as a committee chair or member of the SB of ASR Bank N.V. (2020) or SB of ASR Basis / Aanvullende Ziektekostenverzekeringen N.V. J.G. Wijn was appointed as chair of the SB on 19 May 2021. C. van der Pol left the SB as of 19 May 2021. The remuneration figures for 2021 reflect a partial year as a member of the SB.
  • 4 Variations arise as a result of the fiscal treatment of lease vehicles depending on the price and private use of the car, personal allowance and social security.
  • 5 As of July 2014, a.s.r. converted the variable remuneration system existing up to that time into fixed remuneration. The outstanding tranches for senior management are a consequence of the discontinued scheme. The scheme applied to senior management for the period January 2011 to July 2014. The 4th tranches of the deferred variable remuneration include a 5-year revaluation, based on the value development of a.s.r. Since the IPO, this has been dependent on the value development of the a.s.r. share. The multi-year variable 2020 relate to this final distribution.
  • 6 After the successful IPO in 2016, the SB and EB decided in 2017 to make a one-off extra payment to all employees in the form of a monthly salary. By order of the supervisor (DNB), the distribution had to be paid in instalments to the identified staff (the members of the EB and other identified employees). The extraordinary items 2020, relates to a one-off 40-year anniversary payment for J.P.M. Baeten (2020: 136 thousand) in accordance with current regular employee conditions and the final distribution of the one-off payment in the form of a monthly salary for 40% originating in 2017 (2020: 15 thousand).
  • 7 The post-employment defined benefit plan of a.s.r. ended 31 December 2020. A new DC plan started from 1 January 2021. The defined benefit obligation will continue to exist, but no further regular annual premium contributions will be paid to the plan. All members of the EB participate in the DC plan. The annual pension expenditure is based on a premium table. Further changes in the cost of pension benefits are mainly due to the impact of age. The pension costs include DC pensions based on maximum pensionable salary cap, compensation for the maximum pensionable salary cap (to be used for pensions at the employees’ discretion in total), and VPL.

In the table above, ‘Executive Board’ refers to the three members of the EB as at 31 December 2021. The three members of the EB are also members of the BEC. In the table above, ‘BEC’ refers to the eight (2020: five) members of the BEC as at 31 December 2021, i.e. those members that are not also member of the EB in the table above.