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.
Remuneration to the Board of Directors
SEB's Annual General Meeting 2023 decided on a fee to Directors elected by the meeting who are not
employed in SEB according to the following:
- SEK 3,600,000 to the Chair of the Board,
- SEK 1,135,000 to each of the Vice Chairmen, and
- SEK 880,000 to each of the other Directors.
In addition hereto a fee for Committee work according to the following is proposed:
- Risk & Capital Committee; Chair SEK 750,000, other member SEK 465,000
- Audit & Compliance Committee; Chair SEK 470,000, other member SEK 295,000 and
- Remuneration & Human Resources Committee; Chair SEK 410,000 other member SEK 205,000.
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 2020 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.