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Three questions to Michael Diekmann on CEO compensation

Why did the Supervisory Board decide to increase Oliver Bäte’s salary?

The Supervisory Board is very satisfied with Mr. Bäte's performance. This is based on his target achievements in recent years and it is also reflected in his early contract renewal in 2018. Our assessment is based on the favorable financial results as well as the steadily improving satisfaction of customers and employees. 
allianz michael diekmann
Michael Diekmann

What role does peer comparison play for an appropriate CEO compensation?

The Supervisory Board has the legal mandate to regularly assess whether the target compensation of the Board of Management is appropriate and in line with the market. For the second year in a row, we found that Mr. Bäte's target compensation was well below what would be commensurate to the Allianz DAX position. Last year, we decided to wait for further developments before making an adjustment. Mr. Bäte's performance in the context of the crisis has also been very strong, and the gap in this year's salary benchmarking has remained unchanged. The Supervisory Board therefore decided unanimously, with the votes of both the shareholder and employee representatives, to raise his target salary to an appropriate level.

What does the increase mean for the fixed and the variable salary components?

Raising the target salary leads to a corresponding increase in fixed and variable compensation. The larger part can be earned under the variable compensation through adequate performance, and will not be earned in the case of weaker performance.

The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million[1] private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 793 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage more than 1.8 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are amongst the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2020, over 150,000 employees achieved total revenues of 140 billion euros and an operating profit of 10.8 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

*Including non-consolidated entities with Allianz customers.

Press contacts

Christian Kroos
Allianz SE
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

Further information

Company statement

The company provided statements to The Wall Street Journal in response to its article on September 20, 2021.

Three questions to Michael Diekmann on CEO compensation

Allianz’s Annual Report 2020 details board members’ remuneration. The base salary, annual bonus, and perquisites are linked to the performance of 2020 and 2019, whereas the Allianz Equity Incentive payouts result from grants related to 2015 and 2014. Supervisory Board Chairman Michael Diekmann answers three questions on the changes in CEO Oliver Bäte’s remuneration.

Allianz secures Binding Corporate Rules certification in initiative to strengthen data privacy within group
Allianz secures Binding Corporate Rules certification in initiative to strengthen data privacy within group

Allianz Group recently received approval of its Binding Corporate Rules from the EU-mandated Bavarian Data Protection Authority, BayLDA. Binding Corporate Rules or "BCRs" were developed by the European Union to allow multinational corporations to make intra-organizational transfers of personal data across borders in compliance with EU Data  Protection Law.