The Managing Board is comprised of the following individuals:
Chairman:
Dr. Günter Geyer
General Manager, Chairman of the Managing Board
Member of the Managing Board since 1988
Members:
Dkfm. Karl Fink
General Manager
Member of the Managing Board since 1987
Mag. Robert Lasshofer
Deputy General Manager
Member of the Managing Board since 1999
Dr. Rudolf Ertl
Member of the Managing Board since 2001
Dr. Peter Hagen
Member of the Managing Board since 2004
Dr. Martin Simhandl
Member of the Managing Board since 2004
There were no loans outstanding to Managing Board members as of 31 December 2007.
No guarantees existed for Managing Board members as of 31 December 2007.
Compensation Plan for Managing Board Members:
The Managing Board of the Company manages the Vienna Insurance Group. The Managing Board is also responsible for duties relating to the operational management of Wiener Städtische AG in Austria. In some cases, responsibility may also be assumed for additional duties in affiliated or related companies.
The compensation of Managing Board members is comprised of a fixed (approximately 60%) and a variable (approximately 40%) component. The performance-linked component is mainly dependent on the profit before taxes of the Group, although the profit before tax of WIENER STÄDTISCHE AG Austria is also involved. There is a maximum limit on this performance-linked component. The Managing Board receives no performance-linked compensation if the result from ordinary operations falls below certain thresholds.
The standard employment agreement of a member of the Managing Board of WIENER STÄDTISCHE Versicherung AG VIENNA INSURANCE GROUP includes a pension equal to at most 40% of the measurement basis if the member remains in the Managing Board until the age of 65 (the measurement basis is equal to the fixed salary). The rules for Managing Board members with many years of prior employment differ in that the percentage of the measurement basis based on past employment is higher (up to 55%), and increases can be awarded if the Supervisory Board would like a member to remain in the Managing Board after the age limit has been reached.
A pension is received only if a Managing Board member’s position is not extended through no fault of his or her own, or the Managing Board member retires due to illness or age. The Managing Board agreements of WIENER STÄDTISCHE Versicherung AG VIENNA INSURANCE GROUP make provision for a post-employment benefit claim, which is essentially structured according to the model of the old post-employment benefit provisions in the Austrian Employee Act (Angestelltengesetz) in combination with relevant sector-specific provisions. Under these provisions, depending on the period of service, Managing Board members can receive two to twelve months’ compensation, with an increase of 50% if the member retires or withdraws after a long-term illness. A member who withdraws of his or her own volition before retirement is possible, or withdraws due to a fault of his or her own, is not entitled to post-employment benefits.
In 2007, the total expenses for severance benefits and pensions of EUR 13.259 million (2006: EUR 22.412 million) included post-employment benefit and pension expenses of EUR 4.218 million (2006: 8.291 million) for Managing Board members and senior management according to § 80 (1) of the Austrian Stock Corporation Act (AktG). In 2007, the members of the Managing Board received gross compensation for their services equal to EUR 4.971 million (2006: 5.562 million). The members of the Managing Board also received special gross compensation of EUR 9 million in 2006 for the growth in value of the Group during the years 2001 to 2005, including the successful capital increase at the end of 2005. The total compensation paid to former members of the Managing Board (including surviving dependents) was EUR 1.042 million in 2007 (2006: EUR 0.974 million).
