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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

Allianz designated global systemically relevant insurance group
Allianz designated global systemically relevant insurance group

The Financial Stability Board (FSB) designated Allianz and eight other large international insurance groups as global systemically relevant. The concrete ramifications of this are now to be determined together with the regulators. Therefore, it is too soon to give a detailed assessment of its effects.

Allianz strengthens ecological and social focus of its business

Allianz is set to become the first company in the world to establish a committee at board level tasked with ensuring that ecological and social issues are taken into account in decisions made throughout the organization. The committee's members will be Allianz SE board members Clement Booth, Maximilian Zimmerer and Jay Ralph. Chairman of the committee, Jay Ralph, explains in an interview why sustainable management is so important to Allianz.

Allianz raises its target for reducing emissions and will be carbon-neutral from 2012

Allianz Sustainability Report published concurrently with Annual Report for the first time / Report's environmental data verified by independent auditor / Overview of 2011 milestones in sustainability