Remuneration

Remuneration in SEB 2017 (SEK thousands)

	Base salary	Cash-based variable remuneration	Expensed amount equity-based programmes	Benefits	Total	Pensions
President and CEO Johan Torgeby 1)	7,125		1,523	112	8,760	2,625
President and CEO Annika Falkengren 2)	2,875			168	3,043	1,250
Other members of the GEC³⁾	49,225		15,489	1,854	66,568	16,918
Total	59,225	0	17,012	2,134	91,770	20,347
SEB excl. GEC	8,014,211	665,751	599,238	89,940	9,369,141	1,333,007
SEB Total	8,073,436	665,751	616,250	92,074	9,447,512	1,353,800

1) President and CEO as of 29 March. All amounts refer to the period 29 March -31 December. During this time J. Torgeby did not exercise any rights.
2) President and CEO up until 28 March. All amounts refer to the period 1 January - 28 March. During this time A. Falkengren did not exercise any rights.
3) The number and composition differ somewhat during the year but on average eleven members are included. The GEC, excluding the President, exercised rights to a value of SEK 23,030,558.

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.