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 |
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|
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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:
In € thousand |
Fixed |
Variable remuneration (STI)1) |
Multi-year share-based remuneration (LTI)2) |
Total current remuneration |
Termination benefit entitlements |
Total for |
||||
|
||||||||||
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.
In € thousand |
Current |
Compensation |
Total for |
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:
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.