B _ Corporate Governance In order to take better account of this when assessing the target of the Board of Management, in particular. The remuneration was achievement, the individual contribution factor was also restructured proposed at the usual committee remuneration level of € 50 thou for with effect from 1 January 2022. the Chairperson and € 25 thou for a regular member. In the future, the ICF will comprise three categories, namely the The Annual General Meeting approved these proposals with a Group’s financial targets, the strategic priorities, and the sustainability majority of 97.56 %. targets, which are described in detail. The new structure of the individual contribution factor will be explained in detail in the Fixed annual remuneration remuneration report for the financial year 2022. The remuneration of a Supervisory Board member consists of a fixed cash amount paid pro rata temporis after the end of the respective quarter of the business year for services rendered over that period. In Remuneration of the Allianz SE 2021, each regular Supervisory Board member received a fixed Supervisory Board compensation amounting to € 125 thou per year. The Chairperson received € 250 thou, each Vice Chairperson received € 187.5 thou. The remuneration of the Supervisory Board is governed by the Statutes of Allianz SE and the German Stock Corporation Act (AktG). Committee-related remuneration The structure of the Supervisory Board’s remuneration is regularly The Chairperson and members of the Supervisory Board committees reviewed with regard to its compliance with German, European, and receive additional committee-related remuneration. The committee- international corporate governance recommendations and related remuneration is as follows: regulations. − The set total remuneration reflects the scale and scope of the duties of the members of the Board of Management, and is appropriate to the company’s activities, and business and financial situation. The contribution to the long-term development of the company by the monitoring activity of the Supervisory Board is also reflected. − The remuneration structure takes into account the individual functions and responsibilities of Supervisory Board members, such Attendance fees and expenses as chair, vice chair, or committee mandates. In addition to the fixed and committee-related remuneration, − The remuneration structure allows proper oversight of business as members of the Supervisory Board receive an attendance fee of well as independent decisions on executive personnel and € 1,000 for each Supervisory Board or committee meeting they attend. remuneration. Should several meetings be held on the same or consecutive days, the − In view of the size, complexity and the Allianz Group’s long-term attendance fee will only be paid once. In addition, the Supervisory performance, the level of the remuneration for the Supervisory Board members are reimbursed for their out-of-pocket expenses and Board is based on the upper quartile of the Supervisory Board the VAT payable on their Supervisory Board service. The company remuneration of the companies reported in the DAX. provides insurance coverage and technical support to the Supervisory Board members to an extent reasonable for carrying out their Supervisory Board duties. The remuneration for the Supervisory Board of Allianz SE provides for a fixed remuneration. Supervisory Board members who had only served on the Supervisory Board during part of the financial year receive one twelfth of the remuneration for each month of service commenced. This shall apply accordingly for membership of Supervisory Board committees. The Supervisory Board’s Remuneration System was presented to the Annual General Meeting of Allianz SE on 5 May 2021 for approval. The inclusion of remuneration for members of the Nomination Committee was also proposed. The remuneration is set at € 25 thou for the Chairperson and € 12.5 thou for a regular member, which is half of the usual committee remuneration. This remuneration takes into account the increased tasks in the selection of suitable candidates for the election of shareholder representatives on the Supervisory Board as well as the increased selection frequency due to the proposed shortening of the term of office of shareholder representatives on the Supervisory Board from five to four years. In the financial year 2021, the Supervisory Board also set up a Sustainability Committee, to closely monitor the sustainability strategy Annual Report 2021 − Allianz Group 49