Remuneration

Remuneration in SEB 2018 (SEK thousands)

	Base salary	Cash-based variable remuneration	Expensed amount equity-based programmes	Benefits	Total	Pensions
President and CEO Johan Torgeby 1)	11,000		1,250	346	12,596	3,834
Other members of the GEC³⁾	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.

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.