The remuneration system of the Board of Management of Allianz SE is designed to be appropriate compared to peers, given the Allianz Group’s range of business activities, operating environment, and business results achieved. It was last amended in 2021 taking into account the Act implementing the Second Shareholder Rights Directive (ARUG II) and the German Corporate Governance Code and was approved by the Annual General Meeting. The remuneration is published on an individualized basis in the Annual Report.

The remuneration of the Management Board consists of the fixed remuneration, the annual bonus, a long-term, share-based compensation, and the contribution to the pension plan. 

 

The predominant part of the total target compensation is performance-related, with the share-based compensation being the most significant of all components.  Together with other elements of the remuneration system such as the requirement to build up ownership in Allianz shares as well as malus and clawback, this ensures the alignment of the interests of the Board of Management and the shareholders.