- Remuneration Policy AND REPORT
Supervisory Board
AEGON’s remuneration policy with regard to members of its Supervisory Board is aimed at ensuring fair and competitive compensation, and protecting the independence of the Board’s members. Terms and conditions for members of the Supervisory Board are part of AEGON’s broader Remuneration Policy and are the responsibility of the company’s Compensation Committee.
AEGON’s Remuneration Policies set out terms and conditions for the employment of Executive Board members and the remuneration for members of the company’s Supervisory Board. Each year, AEGON’s Compensation Committee reviews the company’s Remuneration Policies, to make sure they remain fully in line with prevailing international standards. This review is based partly on information provided by AEGON’s external advisors, Towers Watson.
The Committee may recommend changes to the Supervisory Board. Any material changes must also be referred to the General Meeting of Shareholders for adoption.
AEGON’s Compensation Committee is drawn from members of the company’s Supervisory Board. The Committee comprises five members:
- Leo M. van Wijk (Chairman)
- Irving W. Bailey, II 1
- Dudley G. Eustace
- Karla M.H. Peijs
- Robert J. Routs
Remuneration Policy
Members of AEGON’s Supervisory Board are entitled to the following:
- A base fee for membership of the Supervisory Board itself.
- A fee for members on each of the Supervisory Board’s Committees.
- An attendance fee for each Committee Meeting Supervisory Board members attend in person.
Each of these fees is a fixed amount. Members of AEGON’s Supervisory Board do not receive any performance or equity-related compensation, and do not accrue pension rights with the company. These measures are designed to ensure the independence of Supervisory Board members and strengthen the overall effectiveness of AEGON’s corporate governance.
Under AEGON’s current policy, members of the Supervisory Board are entitled to the following fees:
|
Base fee Amount in EUR per annum |
|
|
For membership of the Supervisory Board |
|
|
Chairman |
60,000 |
|
Vice chairman |
50,000 |
|
Member |
40,000 |
|
Committee fee 2 Amount in EUR per annum |
|
|
For membership of a Supervisory Board Commitee |
|
|
Chairman of the Audit Committee |
10,000 |
|
Member of the Audit Committee |
8,000 |
|
Chairman of other Committees |
7,000 |
|
Member of other Committees |
5,000 |
|
Attendance fee 3 Amount in EUR per annum |
|
|
For Committee meetings attended in person |
|
|
Audit Committee |
3,000 |
|
Other Committees 4 |
1,250 |
AEGON conducted a review of pay for members of its Supervisory Board in 2008. This review concluded that fees for Supervisory Board members were generally below those paid at European peer companies. However, given the market environment, Supervisory Board members agreed to forego any increases in 2009. A minor adjustment in attendance fees will be proposed to AEGON’s annual General Meeting of Shareholders in April 2010.
Remuneration report
Members of AEGON’s Supervisory Board received the following payments in 2009.
|
Member In EUR |
2009 |
2008 |
|
Dudley G. Eustace |
80,750 |
77,000 |
|
Irving W. Bailey, II |
82,185 |
85,203 |
|
Antony Burgmans |
69,000 |
63,000 |
|
Arthur Docters van Leeuwen |
72,000 |
7,000 |
|
Cecelia Kempler |
75,315 |
45,673 |
|
Shemaya Levy |
76,750 |
72,000 |
|
Karla M.H. Peijs |
60,000 |
50,417 |
|
Robert J. Routs |
70,942 |
40,673 |
|
Willem F.C. Stevens 5 |
20,762 |
73,000 |
|
Kornelis J. Storm |
54,692 |
45,942 |
|
Ben van der Veer |
63,000 |
18,000 |
|
Dirk P.M. Verbeek |
66,258 |
33,481 |
|
Leo M. van Wijk |
54,500 |
51,185 |
|
Total |
846,154 |
662,574 |
