Remuneration

Remuneration in SEB 2020 (SEK thousands)

	Base salary	Cash-based variable remuneration	Expensed amount equity-based programmes	Benefits	Total	Pensions
President and CEO Johan Torgeby 1)	12,500		3,663	385	16,548	4,071
Other members of the GEC³⁾	62,840		14,820	1,703	79,363	18,893
Total	75,340	0	18,483	2,088	95,911	22,964
SEB excl. GEC	8,893,989	680,839	562,811	64,307	10,201,946	1,498,811
SEB Total	8,969,329	680,839	581,294	66,395	10,297,857	1,521,775

1) Johan Torgeby did not exercise any share rights in 2020.
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 7,485,759.

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.