Remuneration to the Board of Directors
SEB’s Annual General Meeting 2017 decided on a Directors’ fee of SEK 9,375,000 to be distributed as follows:
- SEK 2,850,000 to the Chairman of the Board,
- SEK 6,525,000 to the other Directors elected by the AGM who are not employed in the Bank to be distributed with SEK 900,000 each to the Vice Chairmen and SEK 675,000 each to other Directors, and
- SEK 3,512,500 for Committee work to be distributed as follows:
Risk & Capital Committee: Chairman SEK 550,000, other member SEK 345,000,
Audit & Compliance Committee: Chairman SEK 400,000, other member SEK 250,000 and
Remuneration & Human Resources Committee: Chairman SEK 387,500, other member SEK 195,000.
Remuneration to the President and the Group Executive Committee
SEB’s Board of Directors decides on the remuneration of the President and other members of the GEC based on a recommendation by the RemCo. Remuneration shall be in line with the guidelines set by the AGM.
According to the guidelines set by the 2017 AGM, the total remuneration for the members of the GEC is based on the three main components base pay, equity-based remuneration (Share Deferral Programme), and pensions and other benefits. Cash-based variable remuneration is not included.
The pension plans for the members of the GEC are defined contribution plans, with the exception of a small defined benefit component according to the collective agreement covering all employees. The pension plan shall be in line with the SEB Group’s Pension Policy. For termination of employment initiated by the bank, a maximum of 12 months’ severance pay is payable. SEB has the right to deduct income earned from other employment from any severance pay.
Detailed information on the remuneration is provided in note 9c. The proposed guidelines that were decided by the 2017 AGM comply in all material respects with the 2016 guidelines.