a.s.r.’s remuneration policy is based on the principle that the average level of total remuneration should be just below the median of the peer group. Every three years (for the EB every two years), an independent consultant is hired to perform a market comparison-based remuneration benchmark. The relevant peer group for a.s.r. employees (excluding the EB of ASR Nederland N.V., a.s.r. asset management and the a.s.r. real estate front office) is the general market. The relevant peer groups for the latter two are the asset management market and real estate positions. The EB’s peer group is described in chapter 5.3.3. In line with the remuneration policy, the remuneration of a.s.r. employees consists solely of a fixed payment.

a.s.r. does not have a company-wide variable remuneration scheme; for more information, see chapter 5.3. In 2021, however, there was one type of variable remuneration for exceptional, additional performance of specific employees: the Boter-bij-de-vis (incidental bonus). This reward cannot be agreed in advance, but is granted for exceptional performance. In 2021, 97 employees (2020: 102) received this incidental bonus.

a.s.r. also has other special forms of variable remuneration, such as retention fees, a welcome bonus and a buy-out, which are only occasionally applied. All forms of variable remuneration are in line with legislation and regulations. In 2021, sixemployees (2020: five) received this form of special remuneration.

At a.s.r., jobs are weighted regardless of gender. Women and men with similar work experience, performance and potential receive equal pay. Through the yearly gender pay gap analysis a.s.r. analyses the existence of a possible wage gap between women and men.

The differences between the wages of women and men are calculated on the basis of the gross hourly wage in order to exclude differences caused by part-time and full-time positions. The gross hourly wage of women is often lower than that of men. However, the analysis shows that this difference can be explained by two factors:

• Women are overrepresented in positions in lower salary scales. Whilst men are overrepresented in positions with higher salary scales.

• The average years of service of women is 3.0 years less compared to men. As such, men reached a relatively higher position in the salary scale for the same job level compared to women.

When adjusted for the factors mentioned above the gender pay gap analysis shows that there is no pay gap (0%) between women and men for equal work and a comparable number of years of work experience. The differences presented in the following table are explained by the number of years of service and job type.

a.s.r. continues to strive for a more equal representation of women and men in all layers of the organisation and positions. In the last couple of years positive developments were accomplised, namely a more proportional representation of women and men in the influx of new employees and the growth of current employees.

In addition, every quarter, in various working groups at a.s.r. a discussion takes place, based on data and analytics, whether women and men actually have equal opportunities at a.s.r. in a broad sense: such as the influx of new employees, internal career opportunities, female / male ratios per management layer, job type and salary scale. The aim is to ensure that a.s.r. offers equal opportunities to women and men and to develop interventions to guarantee this and to stimulate the new influx and growth of women in particular to ensure an equal ratio between women and men in all organisational layers.

• ¹ The figures for the EB include CEO’s compensation.
• ² Excluding CEO’s compensation, the male average hourly wage of the EB would not be applicable as a.s.r. does not have male EB members.

The average number of years of service among men is 3.0 years higher than among women. In 2021, the average number of men's years of service has decreased more than the average number of women's years of service. This is because at a.s.r. many men are for a relatively long period of time in service compared to women. In 2021 more male (62%) than female employees (38%) left a.s.r. As the male employees had a longer term of service (15.6 years) compared to female employees (7.5 years) that left, there is a higher decrease of the average years of service of men than women.

For the complete a.s.r. remuneration policy and the Remuneration Disclosure, see www.asrnl.com.