B _ Corporate Governance It must be noted with regard to the Board of Management The following overview compares the annual development of the remuneration from 2017 to 2018 that the payout for the mid-term remuneration of the members of the Board of Management, the bonus (MTB) for 2016 - 2018 is reported in the financial year 2018. average remuneration of the employees, and selected earnings The year-on-year change in Sergio Balbinot’s remuneration in parameters over the last five financial years. 2020 is largely attributable to the fact that he received a payout from The remuneration of the members of the Board of Management the share-based compensation for the first time in this year. presented in the table corresponds to the total remuneration Jacqueline Hunt received the share-based compensation for the rewarded and due in the respective financial year. The earnings first time in the financial year 2021. The significant change from 2020 development is shown using the two key performance indicators for to 2021 in Dr. Klaus-Peter Röhler’s remuneration is explained by the the Group’s financial target achievement – operating profit and net fact that he joined the Board of Management during the year, so the income, as well as net income as reported in the individual financial remuneration reported for 2020 is pro rata only. statements of Allianz SE. The workforce of the German companies of Remuneration awarded and due to former members of the Board the Allianz Group is used to present the average employee of Management for the financial years following their departure remuneration on the basis of full-time equivalents. comprises mainly pension payments, share-based compensation payouts and other remuneration. Comparative presentation Development of Board of Management compensation, profit and average compensation of employees Change Change Change Change 2017 to 2018 to 2019 to 2020 to Financial year 2017 2018 in % 2018 2019 in % 2019 2020 in % 2020 2021 in % 2021 Board of management compensation in € thou Board members active in financial year Oliver Bäte 4,361 121 9,634 (47) 5,058 6 5,350 11 5,912 Sergio Balbinot 1,704 181 4,793 (58) 2,030 80 3,644 (5) 3,453 Jacqueline Hunt (end of service 09/2021) 1,691 145 4,135 (52) 1,967 (14) 1,699 39 2,357 Dr. Barbara Karuth-Zelle - - - - - - - - 1,861 Dr. Klaus-Peter Röhler - - - - - - 1,285 47 1,888 Ivan de la Sota - - 1,967 (7) 1,833 (6) 1,717 6 1,814 Giulio Terzariol - - 2,622 (26) 1,946 (13) 1,694 10 1,870 Dr. Günther Thallinger 1,609 122 3,568 (46) 1,926 (13) 1,678 10 1,852 Christopher Townsend - - - - - - - - 1,903 Renate Wagner - - - - - - 1,708 10 1,883 Dr. Andreas Wimmer (appointed: 10/2021) - - - - - - - - 472 Former members Dr. Christof Mascher (end of service 12/2020) 3,854 55 5,989 (44) 3,356 (2) 3,285 (56) 1,452 Niran Peiris (end of service 12/2020) - - 2,662 (35) 1,730 (13) 1,507 - - Dr. Axel Theis (end of service 03/2020) 1,662 185 4,729 (58) 1,988 21 2,405 (26) 1,773 Dr. Helga Jung (end of service 12/2019) 3,279 93 6,313 (50) 3,135 (54) 1,428 (5) 1,354 Dr. Dieter Wemmer (end of service 12/2017) 3,505 6 3,724 (56) 1,655 15 1,902 (19) 1,544 Dr. Werner Zedelius (end of service 12/2017) 3,337 22 4,083 (35) 2,640 (14) 2,268 (15) 1,919 Profit development in € bn Operating profit 11.10 4 11.51 3 11.86 (9) 10.75 25 13.40 Net income attributable to shareholders 6.80 10 7.46 6 7.91 (14) 6.81 (3) 6.61 Net income acc. Allianz SE financial statement 3.67 46 5.36 (14) 4.60 - 4.61 16 5.35 Average employee compensation in € thou Average compensation based on full-time equivalent 85 (2) 83 4 86 (6) 81 4 84 Individual contribution factor (ICF) structure In determining the targets for 2022, even greater account was taken New board members of the increased importance of sustainability issues. In addition to Effective 1 January 2022, Sirma Boshnakova was appointed to the group-wide sustainability targets, individual environmental, social and Board of Management. Her remuneration has been set at the same governance targets were set for each member of the Board of level as the other regular members of the Board of Management. Management for their respective areas of responsibility. 48 Annual Report 2021 − Allianz Group