Transactions with key management personnel (EB, BEC members, MB 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.
| Amounts in € thousands | Executive board | MB members1 | BEC members2 | SB3 | Total 2023 | Executive board | MB members | BEC members | SB | Total 2022 |
|---|---|---|---|---|---|---|---|---|---|---|
| Fixed compensation | | | | | | | | | | |
| Base salary in cash | 2,635 | 717 | 1,510 | 283 | 5,145 | 2,388 | - | 3,080 | 190 | 5,658 |
| Base salary in shares | 323 | 66 | - | - | 389 | - | - | - | - | - |
| Fees | - | - | - | 100 | 100 | - | - | - | 88 | 88 |
| Fringe benefits4 | 63 | 36 | 109 | | 208 | 55 | - | 177 | - | 232 |
| Other | | | | | | | | | | |
| Pension expense5 | 525 | 120 | 330 | - | 976 | 489 | - | 677 | - | 1,165 |
| | | | | | | | | | | |
| Total remuneration | 3,547 | 940 | 1,949 | 382 | 6,818 | 2,932 | - | 3,933 | 278 | 7,143 |
- 1 J.F. Sappelli was appointed as CHRO and Member of the MB of a.s.r. on 4 July 2023. R.E. Dekker was appointed as CRO and Member of the MB of a.s.r. on 4 July 2023. W. van den Berg was appointed as COO Life and Member of the MB of a.s.r. on 4 July 2023. The remuneration figures for 2023 reflect a partial year.
- 2 One director left the BEC in 2023. Four directors joined the BEC and three directors left the BEC in 2022.The remuneration figures reflect a partial year as a member of the BEC.
- 3 D. Jansen Heijtmajer was appointed as a Member of the SB of a.s.r. and as Member of the N&ESG Committee of the SB of a.s.r. on 4 July 2023. E. Friese was appointed as a Member of the SB of a.s.r. and as Member of the A&RC Committee of the SB of a.s.r. on 4 July 2023. The remuneration figures reflect a partial year as 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 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), and VPL. The amount presented is excluding amounts related to the indexation of the defined benefit plan, as they are not expenses in the current year.
In the table above, ‘Executive Board’ refers to the three members of the EB as at 31 December 2023. The three members of the EB were also members of the BEC, until 3 July 2023. At 4 July 2023 the Management Board (MB) was introduced and replaced the BEC. The three members of the EB are also members of the MB.
In the table above, ‘BEC’ refers to the eight (2022: nine) members of the BEC, i.e. those members that are not also member of the EB in the table above. The remuneration figures for 2023 reflects a partial year. 'MB' refers to the three members of the MB, i.e. those members that are not also member of the EB in the table above. The remuneration figures for 2023 reflects a partial year.
In 2023, a.s.r. has introduced the revised remuneration policy for EB and MB members. The revised remuneration policy is an add-on to the existing policy to acquire a.s.r. shares under the ESPP, resulting from the transaction with Aegon NL.
The number of shares that are allocated (granted) to MB members is 1,035 shares. The shares are purchased by the MB at a discount of 18.5%. The average grant price of the share is € 32.12, which is equal to the opening stock price on the Euronext Amsterdam stock exchange on the 1st trading day after the salary-payment date in each month in the period July to December 2023, taken into consideration the aforementioned discount.
The personnel conditions, e.g. discount on non-life insurance products, that apply to all personnel also apply to key management personnel.