Remuneration report

Remuneration of the Management Board and Supervisory Board

The members of the Management Board receive their remuneration exclusively from UNIQA Insurance Group AG, the Group holding company.

In € thousand

2016

2015

1)

The fixed salary components included remuneration in kind equivalent to €68,940 (2015: €86,661).

The expenses attributable to the financial year in question for the remuneration of the members of the Management Board amounted to:

 

 

Fixed remuneration1)

2,379

2,469

Variable remuneration

2,242

1,029

Current remuneration

4,622

3,498

Termination benefit entitlements

2,513

0

Total

7,135

3,498

of which proportionately recharged to operating subsidiaries:

3,883

2,157

Former members of the Management Board and their surviving dependants received:

2,815

2,751

The breakdown of the total Management Board remuneration among the individual members of the Management Board was as follows:

Member of the Management Board

In € thousand

Fixed
remuneration

Variable remuneration (STI)1)

Multi-year share-based remuneration (LTI)2)

Total current remuneration

Termination benefit entitlements

Total for
the year

1)

The Short-Term Incentive (STI) includes the variable remuneration for the 2015 financial year, paid out in 2016.

2)

The Long-Term Incentive (LTI) corresponds with a share-based remuneration agreement that was introduced in 2013 for the first time, with the beneficiary entitled to receive a cash settlement following a four-year term. Details can be found in the notes to the consolidated financial statements.

Andreas Brandstetter

650

493

0

1,144

0

1,144

Hannes Bogner (until 31 May 2016)

192

388

0

580

1,663

2,243

Wolfgang Kindl (until 31 May 2016)

491

325

0

816

0

816

Erik Leyers (since 1 June 2016)

354

299

0

653

0

653

Thomas Münkel (until 31 May 2016)

202

362

0

564

850

1,414

Kurt Svoboda

490

375

0

865

0

865

Total 2016

2,379

2,242

0

4,622

2,513

7,135

Total 2015

2,469

1,029

0

3,498

0

3,498

In 2017, it is expected that the members of the Management Board of the UNIQA Insurance Group AG will be paid variable remuneration (STI) in the amount of €1.7 million for the 2016 financial year. Payments in the amount of €383,000 are expected to be made in 2017 to cover the 2013 allocation of a long-term incentive (LTI) with a term to 2016.

In addition to the remuneration listed above, the following pension fund contributions were paid in the financial year for the existing pension commitments to the members of the Management Board. The compensation payments arise if a member of the Management Board steps down before the age of 65 because pension entitlements are generally funded in full until the age of 65 to avoid overfinancing.

Pension funds contributions

In € thousand

Current
contributions

Compensation
payments

Total for
the year

Andreas Brandstetter

84

0

84

Hannes Bogner (until 31 May 2016)

53

1,072

1,125

Wolfgang Kindl (until 31 May 2016)

119

0

119

Erik Leyers (since 1 June 2016)

14

0

14

Thomas Münkel (until 31 May 2016)

102

1,758

1,861

Kurt Svoboda

105

0

105

Total 2016

478

2,830

3,308

Total 2015

681

0

681

The remuneration paid to the members of the Supervisory Board for their work in the 2015 financial year was €425,000. Provisions of €470,000 have been set aside for the remuneration to be paid for this work in 2016. A total of €77,000 was paid out in 2016 to cover attendance fees and out-of-pocket expenses to employee representatives (2015: €49,100).

In € thousand

2016

2015

Current financial year (provision)

470

425

Attendance fees and out-of-pocket expenses

77

49

Total

547

474

The breakdown of the total remuneration (including attendance fees and out-of-pocket expenses to employee representatives) paid to the individual members of the Supervisory Board was as follows:

Name of Supervisory Board member

In € thousand

2016

2015

Walter Rothensteiner

75

74

Christian Kuhn

67

65

Erwin Hameseder

67

65

Eduard Lechner

66

65

Markus Andréewitch

40

33

Ernst Burger

39

37

Peter Gauper

16

39

Jutta Kath

33

0

Rudolf Könighofer

29

0

Johannes Schuster

45

37

Kory Sorenson

46

43

Out-of-pocket expenses for employee representatives

26

17

Total

547

474

Former members of the Supervisory Board did not receive any remuneration.

The disclosures in accordance with Section 239(1) of the Austrian Commercial Code in conjunction with Section 80b of the Austrian Insurance Supervision Act, which must be included as mandatory disclosures in the notes to the consolidated financial statements for IFRS financial statements to release the Company from the requirement to prepare financial statements in accordance with the Austrian Commercial Code, are defined more broadly for the separate financial statements in accordance with the provisions of the Austrian Commercial Code. The separate financial statements include not only the remuneration for the decision-making functions (Management Board) of UNIQA Insurance Group AG, but also the remuneration paid to the Management Boards of the subsidiaries if such remuneration is based on a contract with UNIQA Insurance Group AG.