53 Related party transactions
In the normal course of business, Aegon enters into various transactions with related parties. Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions. Related parties of Aegon include, amongst others, its associates, joint ventures, key management personnel and the defined benefit and contribution plans. Transactions between related parties have taken place on an arm’s length basis. Transactions between Aegon and its subsidiaries that are deemed related parties have been eliminated in the consolidation and are not disclosed in the notes.
Related party transactions include, among others, transactions between Aegon N.V. and Vereniging Aegon.
On December 19, 2017 Aegon N.V. repurchased 13,042,592 common shares B from Vereniging Aegon for the amount of EUR 1,725,169.73 based on 1/40th of the Value Weight Average Price of the common shares of the five trading days preceding this transaction. The repurchase of common shares B was executed to align the aggregate shareholding of Vereniging Aegon in Aegon N.V. with its special cause voting rights of 32.6% following the completion of the Share Buy Back Program, initiated by Aegon N.V. in October 2017 to neutralize the dilutive effect of the distribution of final dividend 2016 in stock and interim dividend 2017 in stock.
On June 23, 2017, Vereniging Aegon exercised its options rights to purchase in aggregate 13,042,612 common shares B at fair value of a common share B (being 1/40th of the market value of a common share in the capital of the Company at the time of issuance) to mitigate dilution caused by Aegon’s issuance of shares on June 23, 2017, being the final dividend 2016 in the form of stock dividend.
On May 19, 2017, Vereniging Aegon exercised its options rights to purchase in aggregate 1,979,260 common shares B at fair value of a common share B (being 1/40th of the market value of a common share in the capital of the Company at the time of issuance) to mitigate dilution caused the issuance of shares on May 19, 2017, in connection with the Long Term Incentive Plans for senior management.
On June 6, 2016 Aegon N.V. repurchased 17,324,960 common shares B from Vereniging Aegon for the amount of EUR 1,968,332, based on 1/40th of the Value Weight Average Price of the common shares of the 5 trading days preceding this transaction. The repurchase of common shares B was executed to align the aggregate shareholding of Vereniging Aegon in Aegon N.V. with its special cause voting rights of 32.6%.
On May 19, 2016 Aegon N.V. repurchased 13,450,835 common shares from Vereniging Aegon for the amount of EUR 58 million being the Value Weight Average Price of the common shares of the 5 trading days preceding this transaction, as part of the EUR 400 million Share Buy Back program, initiated by Aegon N.V. in January 2016 to neutralize the dilutive effect of the cancellation of Aegon N.V.’s preferred shares in 2013. Also the amount of EUR 58 million is 14.5% of EUR 400 million, which percentage is equal to the percentage of shares held by Vereniging Aegon in the total number of outstanding and voting shares Aegon N.V. at the time of this transaction.
On November 13, 2015, Vereniging Aegon exercised its options rights to purchase in aggregate 760 common shares B at fair value of a common share B (being 1/40th of the market value of a common share in the capital of the Company at the time of issuance) to mitigate dilution caused by a correction to Aegon’s issuance of shares on May 21, 2015, in connection with the Long Term Incentive Plans for senior management.
On May 21, 2015, Vereniging Aegon exercised its options rights to purchase in aggregate 3,686,000 common shares B at fair value of a common share B (being 1/40th of the market value of a common share in the capital of the Company at the time of issuance) to mitigate dilution caused by issuance of shares on May 21, 2015, in connection with the Long Term Incentive Plans for senior management.
On January 1, 2015, Vereniging Aegon exercised its options rights to purchase in aggregate 9,680 common shares B at fair value of a common share B (being 1/40th of the market value of a common share in the capital of the Company at the time of issuance) to mitigate dilution caused by issuance of shares on January 1, 2015, in connection with the Long Term Incentive Plans for senior management.
Remuneration of members of the Management Board
The Management Board, which assists the Executive Board in pursuing Aegon’s strategic goals, is formed by members of the Executive Board, the CEOs of Aegon USA, Aegon Continental Europe, Aegon UK, Aegon Asset Management, Chief Risk Officer, Chief Technology Officer, Global Head HR and General Counsel. In April 2017, the members of the Management Board decreased by one due to the retirement of the CEO of Aegon Central & Eastern Europe.
The total remuneration for the members of the Management Board over 2017 was EUR 19.8 million (2016: EUR 18.6 million; 2015: EUR 15.2 million), consisting of EUR 7.4 million (2016: EUR 7.0 million; 2015: EUR 6.3 million) fixed compensation, EUR 7.8 million variable compensation awards (2016: EUR 6.4 million; 2015: EUR 4.9 million), EUR 0.9 million (2016: EUR 1.9 million; 2015: EUR 1.6 million) other benefits and EUR 3.7 million (2016: EUR 3.4 million; 2015: EUR 2.5 million) pension premiums. Amounts are reflective of time spent on the Management Board.
Expenses as recognized under IFRS in the income statement for variable compensation and pensions differ from the variable compensation awards and pension premiums paid due to the accounting treatment under respectively IFRS 2 and IAS 19. IFRS expenses related to variable compensation amounted to EUR 6.3 million (2016: EUR 6.0 million; 2015: EUR 5.0 million) and EUR 3.7 million (2016: EUR 3.2 million; 2015: EUR 3.4 million) for pensions. Total IFRS expenses for the members of the Management Board over 2017 were EUR 18.3 million (2016: EUR 18.7 million; 2015: EUR 16.8 million). The amount is reflective of time spent on the Management Board.
Additional information on the remuneration and share-based compensation of members of the Executive Board and the remuneration of the Supervisory Board is disclosed in the sections below (all amounts in EUR ‘000, except where indicated otherwise).
Remuneration of members of the Executive Board
The information below reflects the compensation and various related expenses for members of the Executive Board. Mr. Rider was appointed to the Executive Board for a term of four years by the shareholders on May 19, 2017 as CFO. Amounts and numbers are disclosed for the period Mr. Rider has been part of the Executive Board. Under the current remuneration structure, rewards are paid out over a number of years, or in the case of shares, vest over a number of years. This remuneration structure has made it more relevant to present rewards earned during a certain performance year instead of what was received in a certain year.
Fixed compensation
| In EUR thousand | 2017 | 2016 | 2015 | |||||||||
|
Alex Wynaendts |
1,269 | 1,269 | 1,154 | |||||||||
|
Matt Rider 1) |
560 | - | - | |||||||||
|
Darryl Button |
- | 933 | 991 | |||||||||
|
Total fixed compensation |
1,829 | 2,202 | 2,145 | |||||||||
| 1 | Mr. Rider was appointed as CFO and member of Aegon’s Executive Board per May 19, 2017. Fixed compensation is disclosed for the period that Mr. Rider has been part of the Executive Board. The base salary of Mr Rider is EUR 900 thousand on an annualized basis. |
Conditional variable compensation awards
| In EUR thousand | 2017 | 2016 | 2015 | |||||||||
|
Alex Wynaendts |
1,147 | 1,044 | 923 | |||||||||
|
Matt Rider 1) |
499 | - | - | |||||||||
|
Darryl Button 2) |
- | 747 | 784 | |||||||||
|
Total conditional variable compensation awards |
1,646 | 1,791 | 1,707 | |||||||||
| 1 | Mr. Rider was appointed as CFO and member of Aegon’s Executive Board per May 19, 2017. Conditional variable compensation is disclosed for the period that Mr. Rider has been part of the Executive Board. |
| 2 | Mr. Button stepped down as CFO and member of Aegon’s Executive Board on December 1, 2016. Conditional variable compensation is disclosed for the period that Mr. Button has been part of the Executive Board and are reflective of his time with Aegon until December 1, 2016. Amounts are based on USD, converted to EUR, based on annual average exchange rates. Expenses recognized under IFRS accounting treatment in the income statement for Mr. Button for 2016 amount to EUR 1,237 (2015: EUR 995). |
The amounts in the table represent the conditional variable compensation awards earned during the related performance year. Expenses recognized under IFRS accounting treatment in the income statement for conditionally awarded cash and shares differ from the awards. For the performance year 2017 and previous performance years, expenses under IFRS for Mr. Wynaendts amounted to EUR 1,092 (2016: EUR 956; 2015: EUR 900). For Mr. Rider the expenses under IFRS amounted to EUR 293.
2017
Over the performance year 2017, Mr. Wynaendts was awarded EUR 1,147 in total conditional variable compensation. Mr. Rider was awarded EUR 499.
Variable compensation is split 50/50 in a cash payment and an allocation of shares. Of the variable compensation related to performance year 2017, 40% is payable in 2018. Accordingly, Mr. Wynaendts and Mr. Rider will receive a cash payment
of EUR 229 and EUR 100 respectively. The number of shares to be made available in 2018 relating to performance year 2017 is 43,732 and 19,017 for Mr. Wynaendts and Mr. Rider respectively. The vested shares, less the number of shares to cover for the payment of any applicable taxes, social security premiums and possible other deductions by the government due for which the Company holds a withholding obligation in connection with the vesting of the shares, are subject to a three year retention (holding) period, before they are at the disposal of the Executive Board members.
The remaining part of variable compensation for the performance year 2017 (60%), for Mr. Wynaendts EUR 344 and 65,598 shares and for Mr. Rider EUR 150 and 28,522 shares, is to be paid out in equal portions in 2019, 2020 and 2021, subject to ex-post assessments, which may result in downward adjustments and may be subject to additional conditions being met. Any payout will be split 50/50 in a cash payment and an allocation of shares vesting. The vested shares, less the number of shares to cover for the payment of any applicable taxes, social security premiums and possible other deductions by the government due for which the Company holds a withholding obligation in connection with the vesting of the shares, are subject to a three year retention (holding) period, before they are at the disposal of the Executive Board members.
Mr. Button has not been awarded variable compensation.
2016
Over the performance year 2016, Mr. Wynaendts was awarded EUR 1,044 in total conditional variable compensation. Mr. Button was awarded EUR 747.
Variable compensation is split 50/50 in a cash payment and an allocation of shares. Of the variable compensation related to performance year 2016, 40% is payable in 2017. Accordingly, Mr. Wynaendts and Mr. Button will receive a cash payment of EUR 209 and EUR 149 respectively. The number of shares to be made available in 2017 relating to performance year 2016 is 40,722 and 29,614 for Mr. Wynaendts and Mr. Button respectively. The vested shares, less the number of shares to cover for the payment of any applicable taxes, social security premiums and possible other deductions by the government due for which the Company holds a withholding obligation in connection with the vesting of the shares, are subject to a three year retention (holding) period, before they are at the disposal of the Executive Board members.
The remaining part of variable compensation for the performance year 2016 (60%), for Mr. Wynaendts EUR 313 and 61,083 shares and for Mr. Button EUR 224 and 44,424 shares, is to be paid out in equal portions in 2018, 2019 and 2020, subject to ex-post assessments, which may result in downward adjustments and may be subject to additional conditions being met. Any payout will be split 50/50 in a cash payment and an allocation of shares vesting. The vested shares, less the number of shares to cover for the payment of any applicable taxes, social security premiums and possible other deductions by the government due for which the Company holds a withholding obligation in connection with the vesting of the shares, are subject to a three year retention (holding) period, before they are at the disposal of the Executive Board members.
2015
Over the performance year 2015, Mr. Wynaendts was awarded EUR 923 in total conditional variable compensation. Mr. Button was awarded EUR 784.
Variable compensation is split 50/50 in a cash payment and an allocation of shares. Of the variable compensation related to performance year 2015, 40% is payable in 2016. Accordingly, Mr. Wynaendts and Mr. Button will receive a cash payment of EUR 185 and EUR 157 respectively. The number of shares to be made available in 2016 relating to performance year 2015 is 30,219 and 23,621 for Mr. Wynaendts and Mr. Button respectively. The vested shares, less the number of shares to cover for the payment of any applicable taxes, social security premiums and possible other deductions by the government due for which the Company holds a withholding obligation in connection with the vesting of the shares, are subject to a three year retention (holding) period, before they are at the disposal of the Executive Board members.
The remaining part of variable compensation for the performance year 2015 (60%), for Mr. Wynaendts EUR 277 and 45,330 shares and for Mr. Button EUR 235 and 35,433 shares, is to be paid out in equal portions in 2017, 2018 and 2019, subject to ex-post assessments, which may result in downward adjustments and may be subject to additional conditions being met. Any payout will be split 50/50 in a cash payment and an allocation of shares vesting. The vested shares, less the number of shares to cover for the payment of any applicable taxes, social security premiums and possible other deductions by the government due for which the Company holds a withholding obligation in connection with the vesting of the shares, are subject to a three year retention (holding) period, before they are at the disposal of the Executive Board members.
The table below illustrates all the conditionally awarded cash and shares of the members of the Executive Board, and the years in which each component will be paid out and/or vest, subject to the conditions as mentioned:
|
Conditional granted performance related remuneration |
Timing of vesting, subject to targets and conditions | |||||||||||||||||||||||||||||||
| Shares by reference period | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||||||||||||
|
Alex Wynaendts |
||||||||||||||||||||||||||||||||
|
2007 |
9,253 8) | - | 9,253 | - | - | - | - | - | ||||||||||||||||||||||||
|
20111) |
17,304 | 17,304 | - | - | - | - | - | - | ||||||||||||||||||||||||
|
20122) |
65,110 | 32,555 | 32,555 | - | - | - | - | - | ||||||||||||||||||||||||
|
20133) |
62,943 | 20,981 | 20,981 | 20,981 | - | - | - | - | ||||||||||||||||||||||||
|
20144) |
67,761 | 27,105 | 13,552 | 13,552 | 13,552 | - | - | - | ||||||||||||||||||||||||
|
20155) |
75,549 | - | 30,219 | 15,110 | 15,110 | 15,110 | - | - | ||||||||||||||||||||||||
|
20166) |
101,805 | - | - | 40,722 | 20,361 | 20,361 | 20,361 | - | ||||||||||||||||||||||||
|
20177) |
109,330 | - | - | - | 43,732 | 21,866 | 21,866 | 21,866 | ||||||||||||||||||||||||
|
Total number of shares 9) |
509,055 | 97,945 | 106,560 | 90,365 | 92,755 | 57,337 | 42,227 | 21,866 | ||||||||||||||||||||||||
|
Matt Rider |
||||||||||||||||||||||||||||||||
|
20177) |
47,539 | - | - | - | 19,015 | 9,508 | 9,508 | 9,508 | ||||||||||||||||||||||||
|
Total number of shares 9) |
47,539 | - | - | - | 19,015 | 9,508 | 9,508 | 9,508 | ||||||||||||||||||||||||
|
Darryl Button |
||||||||||||||||||||||||||||||||
|
20133) |
28,716 | 9,572 | 9,572 | 9,572 | - | - | - | - | ||||||||||||||||||||||||
|
20144) |
43,258 | 17,302 | 8,652 | 8,652 | 8,652 | - | - | - | ||||||||||||||||||||||||
|
20155) |
59,054 | - | 23,621 | 11,811 | 11,811 | 11,811 | - | - | ||||||||||||||||||||||||
|
20166) |
74,038 | - | - | 29,614 | 14,808 | 14,808 | 14,808 | - | ||||||||||||||||||||||||
|
20177) |
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
|
Total number of shares 9) |
205,066 | 26,874 | 41,845 | 59,649 | 35,271 | 26,619 | 14,808 | - | ||||||||||||||||||||||||
|
Jan J. Nooitgedagt |
||||||||||||||||||||||||||||||||
|
20111) |
11,250 | 11,250 | - | - | - | - | - | - | ||||||||||||||||||||||||
|
20122) |
44,740 | 22,370 | 22,370 | - | - | - | - | - | ||||||||||||||||||||||||
|
20133) |
26,478 | 8,826 | 8,826 | 8,826 | - | - | - | - | ||||||||||||||||||||||||
|
Total number of shares 9) |
82,468 | 42,446 | 31,196 | 8,826 | - | - | - | - | ||||||||||||||||||||||||
|
Cash (in EUR) |
||||||||||||||||||||||||||||||||
|
Alex Wynaendts |
||||||||||||||||||||||||||||||||
|
2011 |
81,795 | 81,795 | - | - | - | - | - | - | ||||||||||||||||||||||||
|
2012 |
203,536 | 101,768 | 101,768 | - | - | - | - | - | ||||||||||||||||||||||||
|
2013 |
309,489 | 103,163 | 103,163 | 103,163 | - | - | - | - | ||||||||||||||||||||||||
|
2014 |
456,643 | 182,656 | 91,329 | 91,329 | 91,329 | - | - | - | ||||||||||||||||||||||||
|
2015 |
461,305 | - | 184,522 | 92,261 | 92,261 | 92,261 | - | - | ||||||||||||||||||||||||
|
2016 |
522,060 | - | - | 208,824 | 104,412 | 104,412 | 104,412 | - | ||||||||||||||||||||||||
|
2017 |
573,550 | - | - | - | 229,420 | 114,710 | 114,710 | 114,710 | ||||||||||||||||||||||||
|
Total cash |
2,608,378 | 469,382 | 480,782 | 495,577 | 517,422 | 311,383 | 219,122 | 114,710 | ||||||||||||||||||||||||
|
Matt Rider |
||||||||||||||||||||||||||||||||
|
2017 |
249,390 | - | - | - | 99,756 | 49,878 | 49,878 | 49,878 | ||||||||||||||||||||||||
|
Total cash |
249,390 | - | - | - | 99,756 | 49,878 | 49,878 | 49,878 | ||||||||||||||||||||||||
| CONTINUED > | ||||||||||||||||||||||||||||||||
|
Conditional granted performance related remuneration |
Timing of vesting, subject to targets and conditions | |||||||||||||||||||||||||||||||
| Cash (in EUR) | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||||||||||||
|
Darryl Button |
||||||||||||||||||||||||||||||||
|
2013 |
140,301 | 46,767 | 46,767 | 46,767 | - | - | - | - | ||||||||||||||||||||||||
|
2014 |
300,120 | 120,048 | 60,024 | 60,024 | 60,024 | - | - | - | ||||||||||||||||||||||||
|
2015 |
392,155 | - | 156,862 | 78,431 | 78,431 | 78,431 | - | - | ||||||||||||||||||||||||
|
2016 |
373,369 | - | - | 149,347 | 74,674 | 74,674 | 74,674 | - | ||||||||||||||||||||||||
|
2017 |
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
|
Total cash |
1,205,945 | 166,815 | 263,653 | 334,569 | 213,129 | 153,105 | 74,674 | - | ||||||||||||||||||||||||
|
Jan J. Nooitgedagt |
||||||||||||||||||||||||||||||||
|
2011 |
53,180 | 53,180 | - | - | - | - | - | - | ||||||||||||||||||||||||
|
2012 |
139,858 | 69,929 | 69,929 | - | - | - | - | - | ||||||||||||||||||||||||
|
2013 |
130,188 | 43,396 | 43,396 | 43,396 | - | - | - | - | ||||||||||||||||||||||||
|
Total cash |
323,226 | 166,505 | 113,325 | 43,396 | - | - | - | - | ||||||||||||||||||||||||
| 1 | The number of shares is based on a volume weighted average price of EUR 4.727. After vesting a 3 year holding period applies to shares vested. |
| 2 | The number of shares is based on a volume weighted average price of EUR 3.126. After vesting a 3 year holding period applies to shares vested. |
| 3 | The number of shares is based on a volume weighted average price of EUR 4.917. After vesting a 3 year holding period applies to shares vested. |
| 4 | The number of shares is based on a volume weighted average price of EUR 6.739. After vesting a 3 year holding period applies to shares vested. |
| 5 | The number of shares is based on a volume weighted average price of EUR 6.106. After vesting a 3 year holding period applies to shares vested. |
| 6 | The number of shares is based on a volume weighted average price of EUR 5.128 After vesting a 3 year holding period applies to shares vested. |
| 7 | The number of shares is based on a volume weighted average price of EUR 5.246 After vesting a 3 year holding period applies to shares vested. |
| 8 | During the vesting period, dividend payments on these shares are deposited in blocked savings accounts on behalf of the executive members. For active members of the Executive Board 50% of the shares vested in 2012 and 50% vested in 2016. |
| 9 | The shares that were allocated, vested with the acceptance of the Annual Accounts at the AGM in the year of vesting. The vesting price (in EUR) was: 7.2428 on 21 May 2015, 4.5020 on 20 May 2016, and 4.4230 on May 2017. |
Other benefits
| In EUR thousand | 2017 | 2016 | 2015 | |||||||||
|
Alex Wynaendts |
165 | 178 | 151 | |||||||||
|
Matt Rider 1) |
59 | - | - | |||||||||
|
Darryl Button 2) |
- | 739 | 528 | |||||||||
|
Total other benefits |
224 | 917 | 679 | |||||||||
| 1 | Mr. Rider was appointed as CFO and member of Aegon’s Executive Board per May 19, 2017. Other benefits are disclosed for the period that Mr. Rider has been part of the Executive Board. |
| 2 | Mr. Button stepped down as CFO and member of Aegon’s Executive Board on December 1, 2016. Other benefits are disclosed for the period that Mr. Button has been part of the Executive Board and are reflective of his time with Aegon December 1, 2016. These benefits also included expenses related to his expatriation and commuter assignment from the United States to the Netherlands, borne by the Group. |
Other benefits include non-monetary benefits (e.g. company car), social security contributions by the employer, and tax expenses borne by the Group.
Pension contributions
Pension contributions reflect the expenses related to the pension accrual over the financial year disclosed in the table, excluding back service charges.
| In EUR thousand | 2017 | 2016 | 2015 | |||||||||
|
Alex Wynaendts 1) |
1,670 | 1,631 | 1,219 | |||||||||
|
Matt Rider 2) |
224 | - | - | |||||||||
|
Darryl Button 3) |
- | 375 | 215 | |||||||||
|
Total pension contributions |
1,894 | 2,006 | 1,434 | |||||||||
| 1 | The increase to the base pay of Mr. Wynaends, resulted in a backservice liability of EUR 1,361 in 2016 which is expensed over 2016-2019 (2016: EUR 416, 2017: EUR 432). |
| 2 | Mr. Rider was appointed as CFO and member of Aegon’s Executive Board per May 19, 2017. Pension contributions are disclosed for the period that Mr. Rider has been part of the Executive Board. |
| 3 | Mr. Button stepped down as CFO and member of Aegon’s Executive Board on December 1, 2016. Pension contributions are disclosed for the period that Mr. Button has been part of the Executive Board and are reflective of his time with Aegon until December 1, 2016. Expenses recognized under IFRS accounting treatment in the income statement for Mr. Button for 2016 amount to EUR 375 (2015: EUR 215). |
The amounts as presented in the table are the pension contributions in the related book year. The 2017 and 2016 contributions for Mr. Wynaendts to the Aegon pension funds reflect the increase to his fixed salary in 2016 as well as the current low interest rates. Under IFRS, the service cost as recognized in the income statement related to the defined benefit obligation of Mr. Wynaendts amounted to EUR 1,733 (2016: EUR 1,666; 2015: EUR 1,962). Service cost for Mr. Rider amounted to EUR 175 (2016: nil; 2015: nil).
Total
The total amount of remuneration, consisting of the fixed compensation, conditional variable compensation awards, other benefits and pension contributions, for Mr. Wynaendts related to 2017 was EUR 4,683 (2016: EUR 4,538; 2015: EUR 3,446) and for Mr. Rider EUR 1,342. The total remuneration for the members of the Executive Board over 2017 was EUR 6.0 million (2016: EUR 7.3 million; 2015: EUR 6.0 million). Total expenses recognized under IFRS accounting treatment in the income statement for Mr. Wynaendts related to 2017 was EUR 4,258 (2016: EUR 4,086; 2015: EUR 4,167) and for Mr. Rider EUR 1,088 (2016: nil; 2015: nil). Total IFRS expenses for the members of the Executive Board over 2017 was EUR 5.3 million (2016: EUR 8.0 million; 2015: 7.1 million). As a result of the termination of the Board membership of Mr. Button in 2016, an additional Dutch employer wage tax was estimated at EUR 1,394 in 2016. In 2017 it turned out that based on the actual situation and the expected value of the deferred compensations no additional Dutch employer wage tax will be due.
Interests in Aegon N.V. held by active members of the Executive Board
Shares held in Aegon at December 31, 2017 by Mr. Wynaendts amount to 448,601 (2016: 401,948). Mr. Rider was appointed as CFO and member of Aegon’s Executive Board per May 19, 2017. Mr. Rider held no shares on December 31, 2017. The shares held in Aegon mentioned above do not exceed 1% of total outstanding share capital at the reporting date. At the reporting date no loans with Aegon or outstanding balances such as guarantees or advanced payments exist for either Mr. Wynaendts or Mr. Rider.
Remuneration of active and retired members of the Supervisory Board
| In EUR | 2017 | 2016 | 2015 | |||||||||
|
Robert J. Routs |
134,000 | 140,000 | 143,000 | |||||||||
|
William L. Connelly (as of May 19, 2017) |
60,125 | - | - | |||||||||
|
Robert W. Dineen |
104,000 | 115,000 | 121,000 | |||||||||
|
Mark A. Ellman (as of May 19, 2017) |
70,125 | - | - | |||||||||
|
Ben J. Noteboom (as of May 20, 2015) |
101,500 | 109,000 | 69,250 | |||||||||
|
Ben van der Veer |
106,000 | 109,000 | 115,000 | |||||||||
|
Dirk P.M. Verbeek |
100,000 | 111,000 | 112,125 | |||||||||
|
Corien M. Wortmann-Kool |
100,750 | 90,000 | 96,000 | |||||||||
|
Dona D. Young |
115,500 | 113,000 | 121,000 | |||||||||
|
Total for active members |
892,000 | 787,000 | 777,375 | |||||||||
|
Leo M. van Wijk (up to May 20, 2015) |
- | - | 38,625 | |||||||||
|
Irving W. Bailey, II (up to May 20, 2016) |
- | 53,625 | 135,000 | |||||||||
|
Shemaya Levy (up to May 19, 2017) |
40,375 | 95,250 | 101,000 | |||||||||
|
Total remuneration |
932,375 | 935,875 | 1,052,000 | |||||||||
|
VAT liable on Supervisory Board remuneration |
195,799 | 196,534 | 220,920 | |||||||||
|
Total |
1,128,174 | 1,132,409 | 1,272,920 | |||||||||
Aegon’s Supervisory Board members are entitled to the following:
| ◆ | A base fee for membership of the Supervisory Board. No separate attendance fees are paid to members for attendance at the regular Supervisory Board meetings (2017: 7 meetings; 2016: 8 meetings; 2015: 7 meetings); |
| ◆ | An attendance fee of EUR 3,000 for each extra Board meeting attended, be it in person or by video and/or telephone conference; |
| ◆ | A committee fee for members on each of the Supervisory Board’s Committees; |
| ◆ | An attendance fee for each Committee meeting attended, be it in person or through video and/or telephone conference; and |
| ◆ | An additional fee for attending meetings that require intercontinental travel between the Supervisory Board member’s home location and the meeting location. |
Not included in the table above is a premium for state health insurance paid on behalf of Dutch Supervisory Board members. There are no outstanding balances such as loans, guarantees or advanced payments
Common shares held by Supervisory Board members
| Shares held in Aegon at December 31 | 2017 | 2016 | ||||||
|
Robert W. Dineen |
10,000 | 10,000 | ||||||
|
Ben J. Noteboom |
23,500 | 23,500 | ||||||
|
Ben van der Veer |
1,450 | 1,450 | ||||||
|
Dirk P.M. Verbeek |
1,011 | 1,011 | ||||||
|
Dona D. Young |
13,260 | 13,260 | ||||||
|
Total |
49,221 | 49,221 | ||||||
Shares held by Supervisory Board members are only disclosed for the period for which they have been part of the Supervisory Board.