Annual Report 2021
Governance
5.3.1
Introduction

The remuneration policy is simple and transparent:

  • A fixed salary within a salary scale (no variable remuneration system or payment in shares).

  • The system of salary scales and the way in which the members of the Executive Board (EB) progress through the scales corresponds to that of a.s.r. employees.

In favour of
Remuneration
Report

(in % of the votes cast)

90

In favour of
Remuneration
Report

(in % of the votes cast)

90

The Remuneration Report is submitted annually to the AGM for advice. In 2021, 90.14% of the votes cast were in favour of the report and 9.86% against. The Remuneration Committee has further examined the voting results and concludes that there is growing support for a.s.r.’s current remuneration policy. However, a number of shareholders will (continue to) vote negatively on the remuneration policy due to the lack of a variable remuneration scheme. This probably also explains the difference in voting results in this area compared to other Dutch-listed insurers. The remuneration policy is under constant evaluation and the Remuneration Committee will start an evaluation process of the remuneration policy towards the AGM 2023. This includes all relevant aspects and views of the stakeholders.

a.s.r. is of the opinion that it also meets the other requirements of the Shareholder Rights Directive II (as incorporated into Dutch law) in so far as they apply to a.s.r. The current remuneration policy was adopted by more than 75% of the votes cast. The remuneration policy is clear and comprehensible. It was explained how the remuneration policy contributes to a.s.r.’s strategy, sustainability and the interests of its stakeholders. The identity and positioning of a.s.r. and the remuneration relationships within a.s.r. were also taken into account. This has been achieved through providing a framework for the four perspectives: the organisational perspective, the internal perspective, the external perspective and the stakeholder perspective.

Finally, this 2021 Remuneration Report will also be submitted to the AGM for advice.