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Annual Report 2021
About a.s.r.Operating environmentSustainable value creationBusiness performanceGovernanceFinancial statementsAdditional information
At a glance
Message from the CEO
Value creation model
The story of a.s.r.
Portfolio and execution of strategy
Key trends impacting a.s.r.'s operations
Strategic targets and performance
Material topics
Contribution to the Sustainable Development Goals
Sustainable value creation
Sustainable insurer
Sustainable investor
Sustainable employer
Trustworthy company
Investor community
Role in society
Group and segment performance
Risk management
Compliance
EU Taxonomy Regulation
Climate change
Statements of the Executive Board
Corporate Governance
Supervisory Board report
Remuneration report
Employee participation
Introduction
Consolidated financial statements
Accounting policies
Group structure and segment information
Notes to the consolidated balance sheet
Notes to the consolidated income statement
Other notes
Risk Management
Capital management
Operating result
Company financial statements
Independent auditor's report
Assurance report of the independent auditor
Provisions of the Articles of Association regarding profit appropriation
Report of the Stichting Continuïteit ASR Nederland
Facts and figures
About this report
Glossary
Abbreviations
Materiality analysis and stakeholder dialogue
GRI Content Index
TCFD recommendations
EU Directive: disclosure on non-financial and diversity information
Contact details
Strategic targets and performance 2019-2021Strategic targets 2022-2024
Sustainable products and servicesProduct Approval & Review ProcessIT and the digital strategyPrevention of payment problemsComplaints management
a.s.r. asset managementa.s.r. real estate
Organisational success and employee engagementEmployee Mood MonitorHR policy and strategyWorking conditionsRemunerationBusiness targets and personal targetsEmployee Share Purchase Plan
Socially responsible taxpayerHuman rightsIntegrityEthical reflectionPrivacyPolitical engagementCarbon footprint own operations
a.s.r. foundation
ASR Nederland N.V.Non-life segmentLife segmentAsset Management segmentDistribution and Services segmentHolding and Other segment (including eliminations)
Risk governanceRisk appetiteRisk descriptions
GeneralExecutive BoardSupervisory BoardCorporate Governance Codes and regulations
Meetings of the Supervisory BoardSupervisory Board Committees
IntroductionRemuneration policyExecutive BoardSupervisory Board
General informationImpact of COVID-19Statement of compliance
Consolidated balance sheetConsolidated income statementConsolidated statement of comprehensive incomeConsolidated statement of changes in equityConsolidated statement of cash flows
Changes in presentationChanges in EU endorsed published IFRS standards and interpretations effective in 2021New standards, interpretations of existing standards or amendments to standards, not yet effective in 2021Key accounting policiesOther accounting policies
Group structureSegmented balance sheetSegmented income statement and operating resultNon-life ratiosAcquisitions
Intangible assetsProperty, plant and equipmentInvestment propertyAssociates and joint venturesInvestmentsInvestments on behalf of policyholdersInvestments related to investment contractsLoans and receivablesDerivativesDeferred taxesOther assetsCash and cash equivalentsEquitySubordinated liabilitiesInsurance liabilitiesLiabilities arising from investment contractsEmployee benefitsProvisionsBorrowingsDue to customersDue to banksOther liabilities
Gross insurance premiumsInvestment incomeRealised gains and lossesFair value gains and lossesFee and commission incomeOther incomeNet insurance claims and benefitsOperating expensesImpairmentsInterest expenseOther expensesIncome tax (expense) / gain
Fair value of assets and liabilitiesOffsetting of financial assets and liabilitiesFair value of financial assets categorised into two groups based on business model and SPPI test resultsRelated party transactionsKey management personnel remunerationEmployee Share Purchase PlanContingent liabilities and assetsEvents after the balance sheet dateList of principal group companies and associatesProfit appropriation
Risk management system including the Own Risk and Solvency Assessment Risk Management SystemInsurance riskMarket riskCounterparty default riskLiquidity riskOperational riskStrategic and operational risk management
Capital management objectivesSolvency ratio and a.s.r. ratingsAdditional information
Company balance sheetCompany income statementNotes to the company financial statements
Financial indicatorsCustomer-related indicatorsHuman Resources indicatorsResponsible investor indicatorsInvestor community indicatorsEnvironmental indicatorsSustainability ratings
ContactPublication
Governance
Annual Report 2021 Governance Remuneration report
5.3.4
Supervisory Board

The remuneration paid to the members of the SB does not depend on the financial performance of a.s.r. and none of the SB members own a.s.r. shares. The SB members are entitled to the following, as adopted by the 2019 AGM:

  • A base fee for the SB members or chair.

  • A committee fee for members or chair of each of the SB’s Committees.

In setting the level of remuneration, the responsibilities and time spent by the SB of a listed financial institution are taken into account; this includes:

  • Responding to revised and expanding legislation and regulations.

  • Fundamental changes in the nature and complexity of the company and governance.

  • a.s.r.’s profile, in which organic growth, mergers, acquisitions and collaborations in complex insurance areas are actively examined and / or pursued.

The Dutch Corporate Governance Code states that the remuneration of members of the SB should reflect the time spent on the function and the responsibility involved. The remuneration level within the reference group used will also be examined. This reference group is the same as that used for the members of the EB.

An overview of the remuneration is shown below:

Type of remuneration
In €As of July 2019
Supervisory Board​
Chair50,000
Member35,000
Audit & Risk Committee​
Chair15,000
Member10,000
Remuneration Committee​
Chair10,000
Member5,000
Nomination & ESG Committee​
Chair10,000
Member5,000

SB members who also serve on the SB of ASR Basis / Aanvullende Ziektekostenverzekeringen N.V. receive € 4,000 per annum. Annual fees are not paid to members of the EB who are also members of the SB of one of the Group entities.

Remuneration of the Supervisory Board members in 2021

The remuneration of current, and former, members of the SB is in accordance with the remuneration policy. Neither a.s.r. nor any undertaking that is part of the same group provides loans, advances or guarantees on behalf of a member of the SB.

The Dutch Corporate Governance Code states that the remuneration of members of the SB should reflect the time spent on the function and the responsibility involved. A basic principle of a.s.r.’s remuneration policy (both for the EB and the SB) is that remuneration should be just below the median for the reference group. The responsibilities and time spent by a.s.r.’s SB have increased in recent years due to changes in governance, legislation and regulation. In 2020 a benchmark study was conducted based on reference group compensation data which is publicly available, retrieved from Annual Reports. This benchmark study shows that the current remuneration levels of the members and chairman of the SB are significantly below the median for the reference group. For various reasons, the SB decided not to submit a proposal for amendment to the coming AGM. A benchmark study will also be carried out next year, after which this will be evaluated further.

Annual remuneration for members of the Supervisory Board
Amounts for 2021 in € thousandFixed remuneration
​Base salary1Fees2Total remunerationFixed portion of the total remuneration
Joop Wijn3441357100%
Herman Hintzen4351954100%
Sonja Barendregt5351954100%
Gerard van Olphen6351146100%
Gisella van Vollenhoven7351853100%
​​​​​
Former member​​​​
Kick van der Pol821829100%
Total20588292100%
  • 1 Remuneration as a SB member or chair of the SB of a.s.r.
  • 2 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.
  • 3 Joop Wijn was appointed as chair of the SB on 19 May 2021. The fees relate to the amounts received as a committee member (later chair) of the N&ESG Committee (€ 7,917) and as a committee member of the Remuneration Committee (€ 5,000). The remuneration figures for 2020 reflect a partial year as a member of the SB.
  • 4 The fees relate to the amounts received as a committee member of the Audit & Risk Committee (€ 10,000), a partial year as a committee member of the N&ESG Committee (€ 3,750) and as a committee member of the Remuneration Committee (€ 5,000).
  • 5 The fees relate to the amounts received as chair of the Audit & Risk Committee (€ 15,000) and as a committee member of the SB of ASR Basis/Aanvullende Ziektekostenverzekeringen N.V. (€ 4,000).
  • 6 The fees relate to the amounts received as a committee member of the Audit & Risk Committee (€ 10,000) and a partial year as a committee member the N&ESG Committee (€ 1,250).
  • 7 The fees relate to the amounts received as a committee member of the N&ESG (€ 5,000), chair of the Remuneration Committee (€ 10,000) and a partial year as a committee member of the SB of ASR Basis/Aanvullende Ziektekostenverzekeringen N.V. (€ 3,000).
  • 8 Kick 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. The fees relate to the amounts received as chair of the N&ESG Committee (€ 4.167) and as a committee member of the Remuneration Committee (€ 2,083) and as a committee member of the SB of ASR Basis/Aanvullende Ziektekostenverzekeringen N.V. (€ 1,667).
Annual remuneration for members of the Supervisory Board
Amounts for 2020 in € thousandFixed remuneration
​Base salary1Fees2Total remunerationFixed portion of the total remuneration
Kick van der Pol3501969100%
Joop Wijn49311100%
Herman Hintzen5352459100%
Sonja Barendregt6351752100%
Gerard van Olphen735540100%
Gisella van Vollenhoven8351550100%
​​​​​
Former member​​​​
Cor van den Bos9181128100%
Total21693309100%
  • 1 Remuneration as a SB member or chair of the SB of a.s.r.
  • 2 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.
  • 3 Kick 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. The fees relate to the amounts received as chair of the N&ESG Committee (€ 4.167) and as a committee member of the Remuneration Committee (€ 2,083) and as a committee member of the SB of ASR Basis/Aanvullende Ziektekostenverzekeringen N.V. (€ 1,667).
  • 4 Joop Wijn was appointed as chair of the SB on 19 May 2021. The fees relate to the amounts received as a committee member (later chair) of the N&ESG Committee (€ 7,917) and as a committee member of the Remuneration Committee (€ 5,000). The remuneration figures for 2020 reflect a partial year as a member of the SB.
  • 5 The fees relate to the amounts received as a committee member of the Audit & Risk Committee (€ 10,000), a partial year as a committee member of the N&ESG Committee (€ 3,750) and as a committee member of the Remuneration Committee (€ 5,000).
  • 6 The fees relate to the amounts received as chair of the Audit & Risk Committee (€ 15,000) and as a committee member of the SB of ASR Basis/Aanvullende Ziektekostenverzekeringen N.V. (€ 4,000).
  • 7 The fees relate to the amounts received as a committee member of the Audit & Risk Committee (€ 10,000) and a partial year as a committee member the N&ESG Committee (€ 1,250).
  • 8 The fees relate to the amounts received as a committee member of the N&ESG (€ 5,000), chair of the Remuneration Committee (€ 10,000) and a partial year as a committee member of the SB of ASR Basis/Aanvullende Ziektekostenverzekeringen N.V. (€ 3,000).
  • 9 The remuneration figures for 2020 for Cor van den Bos reflect a partial year as a member of the SB and chair of the Audit & Risk Committee.
5.3.3 Executive Board5.4 Employee participation
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