Remuneration in SEB 2018 (SEK thousands)
Benefits Total Pensions
President and CEO Johan Torgeby 1) 11,000   1,250 346 12,596 3,834
Other members
of the GEC 3)
57,644   8,259 2,165 68,068 16,964
Total 68,644 0 9,509 2,511 80,664 20,798
SEB excl. GEC 8,131,827 635,308 586,280 78,484 9,431,899 1,241,953
SEB Total 8,200,471 635,308 595,789 80,995 9,512,563 1,262,751

1) During 2018, J. Torgeby did not exercise any share rights.
2) The number and composition differ somewhat during the year but on average twelve members are included.At the end of the year the number of members were twelve. During the year Other members of GEC have exercised rights to a value of SEK 25,128,614.

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.

Read more about the Group's remuneration strategy

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.

Read more about remuneration to the Board of Directors, the President and the Group Executive Committee

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.

Read more about equity-based compensation