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Allianz Annual Report 2012

Annual Report 2012    Allianz Group Below we discuss the 2012 remuneration results and the link to performance against targets for all key remunera- tion elements and in particular for the payment of the Three-year bonus 2010 – 2012 and the total remuneration of each member of the Board of Management. −− Basesalary:TheSupervisoryBoardapprovedinDecember 2011 Base salary adjustments for those members of the Board of Management who had not received an increase since 2008. The Base salaries were increased: Michael Diekmann by € 80  Thou, Dr. Paul Achleitner by € 55  Thou and Oliver Bäte by € 50  Thou. This led to the following Basesalarylevelsasof1 January2012:MichaelDiekmann € 1,280 Thou, Dr. Paul Achleitner € 855  Thou and Oliver Bäte € 750  Thou. For the new Board members (Gary Bho- jwani, Dr. Helga Jung, Dr. Dieter Wemmer and Dr. Maxi- milian Zimmerer) a Base salary of € 700  Thou was approved. For all other Board members Base salaries for 2012 were maintained at their existing levels. −− Annual bonus: The 2012 target achievement for the Group, the business division/corporate functions and the qualitative performance was on average assessed at 128 % and ranged between 113 % and 137 %. Consequently, total Annual bonus awards ranged between 113 % and 137 % of target with an average bonus award of 128 % of target. This represents 78 % of the maximum payout. −− Three-year bonus: Following the final performance and sustainability assessment of the Three-year bonus plan 2010 – 2012, a total payout of € 22,749  Thou was approved by the Supervisory Board. The Supervisory Board con- ducted the sustainability assessment in accordance with the agreed criteria. This analysis concluded that the years 2010 - 2012 represented a period of solid and sustainable performance for ­Allianz. On this basis, the final distributions made under the Three-year bonus plan were confirmed in line with the cumulated award values of the three-year performance period. Regulation also requires the disclosure of the final cash payout on an individual level. The following Three-year bonus 2010 – 2012 payments per member of the Board of Management1 were made: Michael Diekmann € 4,104  Thou Dr. Paul Achleitner € 2,162  Thou Oliver Bäte € 2,582  Thou Manuel Bauer € 1,410  Thou Gary Bhojwani2 € 793  Thou Clement Booth € 2,417  Thou Dr. Helga Jung € 857  Thou Dr. Christof Mascher € 2,318  Thou Jay Ralph € 2,313  Thou Dr. Dieter Wemmer € 958  Thou Dr. Werner Zedelius € 2,292  Thou Dr. Maximilian Zimmerer € 543  Thou. 1 For joining or leaving members of the ­Allianz SE Board only the pro-rated Three-year bonus relating to their service as Board members is disclosed. 2 Gary Bhojwani’s Three-year bonus is denominated in USD. The Supervisory Board approved a payment of USD 1,068  Thou. The amount of € 793  Thou was derived by applying the con- tractually agreed USD/EUR exchange rate of 1.347910 (2011 fourth quarter average). 80