B _ Corporate Governance Pension contribution To provide competitive and cost-effective retirement and disability benefits, company contributions to the defined-contribution pension Fixed remuneration plan “My Allianz Pension” are invested with a guarantee for the The fixed remuneration components comprise the base salary, contributions paid, but no further interest guarantee. perquisites, and pension contributions. They serve to provide a Each year, the Supervisory Board decides whether a budget is competitive remuneration to attract and retain Board of Management provided and, if so, to what extent. The current pension contribution members, whose experience and skills enable them to develop and generally represents 15 % of the target compensation of the board successfully implement the Allianz Group’s strategy. They secure a members. reasonable level of income in line with market conditions, and promote Apart from cases of occupational or general disability for medical a management of the company that is commensurate with risk. reasons, the earliest age a pension can be drawn is 62. Should board membership cease before the retirement age is reached, accrued Base salary pension rights are maintained if vesting requirements are met. The base salary, which is not performance-related, is paid in twelve Members of the Board of Management may have additional equal monthly installments. pension entitlements under former pension plans based on previous positions in the Allianz Group or due to membership of the Board of Perquisites Management prior to 2015. Payments of social insurance Perquisites mainly consist of contributions to accident and liability contributions abroad required by Allianz in individual cases may also insurances, tax consultant fees and the provision of a company car and give rise to additional pension entitlements. further individual perquisites if applicable. Perquisites are not linked to performance. Each member of the Board of Management is Performance-based remuneration responsible for paying the income tax due on these perquisites. The The performance-based variable remuneration includes the short- Supervisory Board regularly reviews the level of perquisites; a term annual bonus and long-term share-based remuneration. The contractual annual cap applies. If an appointment to the Board of composition aims to balance short-term performance, longer-term Management requires a change of residence, relocation expenses are success and sustained value creation. The Supervisory Board ensures reimbursed to an appropriate extent. that the targets for the variable remuneration are challenging, sustainable and ambitious. Annual Report 2021 − Allianz Group 29