Remuneration

Remuneration in SEB 2016 (SEK thousands)

	Base pay	Cash-based variable compensation	Expensed amount equity-based programmes	Benefits	Total	Pensions
President and CEO, Annika Falkengren	11,500		6,343	1,425	19,268	5,000
Other members of the GEC¹⁾	48,855		21,997	1,650	72,502	15,347
Total	60,355	0	28,340	3,075	91,770	20,347
SEB excl. GEC	8,045,057	683,978	674,016	91,304	9,494,355	1,347,352
SEB Total	8,105,412	683,978	702,356	94,379	9,586,125	1,367,699

1) The number and composition differ somewhat during the year but on average eleven members are included.
During the year the President and CEO has exercised share rights to a value of SEK 6,398,251.
The corresponding value for the GEC excluding the President is SEK 8,181,695.

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.