alliance-Supervisory Board Chairman Michael Diekmann (68) is expected to become one of the top earners among the Dax supervisors with a strong salary increase this year. The insurance giant wants to increase the annual fixed salary for the chairman of the supervisory board by 200,000 to 450,000 euros, according to the annual report published on Friday. His deputy Herbert Hainer (68) would then receive 225,000 euros, 35 percent more than before, normal supervisory board members will receive 150,000 (previously 125,000) euros a year. As justification, Allianz referred to the development of remuneration in supervisory boards of comparable companies. The general meeting still has to approve the increase.
Last year, the 68-year-old Diekmann came to 537,000 euros with all attendance fees and extra bonuses for membership in committees. He also sits on the boards of directors Siemens and Fresenius. The best earner among the heads of the Dax supervisory board for years was Paul Achleitner (66), who received 870,000 euros from Deutsche Bank in 2021, but gave up his post to Alexander Wynaendts (62) last year. Hans-Dieter Pötsch (71) got 2021 as Volkswagen-Head of the supervisory board 415,000 euros, but his salary as CEO of the major shareholder Porsche SE was added to that.
6.8 million euros for Allianz boss Bäte
Allianz CEO Oliver Bäte (58) had to make slight cuts in salary last year. Basic salary, annual bonus, long-term bonuses paid out in previous years and pension contributions added up to remuneration of EUR 6.78 (2021: 6.96) million. Significantly more money awaits him in the next few years: the long-term bonus promised for his performance in 2022 rose to 3.50 (3.15) million euros. Bäte earned a total of 8.5 (7.86) million in 2022. The target remuneration of the board of directors will be increased by 5 percent from 2023, as stated in the annual report.
Above all, the supervisory board credited Bäte with the quick resolution of the hedge fund scandal at the US subsidiary of Allianz Global Investors (AllianzGI), which cost the group 5.6 billion euros. “As Chairman of the Board of Management, Oliver Bäte once again led the company and his team to record operating results in the crisis year 2022 with a steady hand,” the statement said.
De la Sota came to 8.3 million euros before leaving
However, the best earner on the Allianz board was Ivan de la Sota (58), who left early at the end of the year and received a severance payment of two years’ salary – 6.5 million euros. Overall, the Spaniard came to 8.26 million euros, although the supervisory board said the poor performance in Spain and Brazil charged, for which he was responsible, among other things.
Despite the economic turmoil, Allianz delivered a record result for 2022. Germany’s largest insurer increased its operating result last year by 6 percent to 14.2 billion euros and was therefore not only at the upper end of its own expectations, but also well above analysts’ estimates. However, the hedge fund scandal and outflows at the subsidiary Pimco weighed on it.