B _ Corporate Governance Under the shareholding requirements, members of the Board of Management must build share ownership within three years. The following table shows the values of the share ownership and RSU portfolios, and their proportion of base salary. Shareholding exposure as of 31 December 2021 Proportion of Share- total portfolio ownership value of base in € thou 1 2 portfolio RSU portfolio Total portfolio salary in % Board members active in financial year Oliver Bäte 3,802 9,734 13,536 708 Sergio Balbinot 1,086 5,760 6,846 702 Jacqueline Hunt - 5,671 5,671 582 Dr. Barbara Karuth-Zelle - 1,644 1,644 169 Dr. Klaus-Peter Röhler 314 4,131 4,445 456 Ivan de la Sota 1,086 4,799 5,885 604 Giulio Terzariol 1,086 4,806 5,892 604 Dr. Günther Thallinger 1,806 5,530 6,616 679 Christopher Townsend - - - - Renate Wagner 471 2,073 2,544 261 Dr. Andreas Wimmer - 1,400 1,400 144 1_Based on the XETRA closing price of the Allianz share as of 30 December 2021. Shareholdings as of 31 December 2021: Oliver Bäte: 18,309 shares; Sergio Balbinot, Ivan de la Sota, Giulio Terzariol and Dr. Günther Thallinger: 5,230 shares each. Renate Wagner: 2,270 shares, Dr. Klaus-Peter Röhler: 1,513 shares. As part of the share ownership guideline, the first acquisition for Dr. Barbara Karuth-Zelle and Christopher Townsend will take place in 2022, and for Dr. Andreas Wimmer in 2023. 2_Based on fair value of RSU portfolio as of 31 December 2021 shown in the table reporting the share-based compensation. The determination of the LTI fair values is based on an option pricing model taking into account additional input parameters, including the term structure of interest rates and the expected relative performance of the Allianz share price compared to the peer index. For the latter, simulation techniques are applied at the valuation date to determine the volatility of the Allianz stock, the volatility of the peer index and their correlation. 42 Annual Report 2021 − Allianz Group