Remuneration

Remuneration in SEB 2019 (SEK thousands)

	Base salary	Cash-based variable remuneration	Expensed amount equity-based programmes	Benefits	Total	Pensions
President and CEO Johan Torgeby 1)	12,000		3,138	373	15,511	3,912
Other members of the GEC³⁾	56,439		16,292	1,713	74,444	16,878
Total	68,439	0	19,430	2,086	89,955	20,790
SEB excl. GEC	8,592,788	724,833	629,618	60,749	10,007,989	1,332,705
SEB Total	8,661,227	724,833	649,048	62,835	10,097,944	1,353,495

1) Johan Torgeby did not exercise any share rights in 2019.
2)The number of members may differ somewhat during the year. At the end of the year the number of members
was eleven. In 2019, Other ordinary members of GEC exercised rights to a value of SEK 1,960,501

The Group's remuneration strategy

SEB's remuneration system aims to attract, retain and motivate employees with the right competence who thereby contribute to the Bank's long-term success. Employees' compensation should encourage good performance, sound behaviour and risk-taking that are aligned with customer and shareholder expectations.

Statement of remuneration in SEB in accordance with the Swedish Financial Supervisory Authority's regulatory framework

The statements for the SEB Group and each legal entity under supervision of the Swedish Financial Supervisory Authority

Remuneration to the Board of Directors, the President and the Group Executive Committee

The Annual General Meeting decides on the Directors' fees.

SEB's Board of Directors prepares proposals as to principles for the remuneration and other terms of employment of the President and the Group Executive Committee, to be approved by the Annual General Meeting.

Equity-based compensation

Long-term equity-based compensation is a means to attract and retain staff with key competences. It also builds long-term commitment to SEB and creates an incentive for the employees to become shareholders of SEB.