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CompensationReportThis document is an extract from Swiss Re's Financial Report 2021.The complete Financial Report 2021 (including applicable disclaimers)is available at https://reports.swissre.com/2021/
Report from theCompensation Committee Financial performance highlights Executive compensation snapshot Say on pay and sustainability highlights Compensation philosophyand governance Board compensation Group EC compensation Group compensation framework,2021 outcomes and 2022 changes Additional compensation disclosures Report of the statutory auditor 118120122123124125128131138146148Swiss Re Financial Report 2021
CompensationSwiss Re’s compensationframework is designed to attract,motivate and retain top talent,promote sustainableperformance, and alignstakeholder interests.Swiss Re Financial Report 2021119
CompensationThe compensation framework aimsto promote sustainable performanceand long-term shareholder valuecreation through key performancemeasures and equity-basedcompensation.”Jacques de VaucleroyChair Compensation CommitteeReport from theCompensation CommitteeDear shareholders,I am pleased to present the 2021Compensation Report, which outlines keycompensation outcomes and decisionstaken by the Compensation Committee.Compensation Committee activitiesDuring 2021, the Compensation Committeemet six times and passed five decisions bycircular resolution. The CompensationCommittee‘s activities included: Reviewing the Swiss Re incentivecompensation framework to furtherfoster a pay-for-performance culture andeffectively align stakeholder interests.The review resulted in a simplified processfor funding the Group Annual PerformanceIncentive (API) pool, with a stronger focuson financial performance. In addition, thecash-based deferral plan (Value AlignmentIncentive/VAI) will be replaced by anew deferred share plan. The existingLeadership Share Plan (LSP) remains inplace with more demanding targets anda broader vesting range on the relativeTotal Shareholder Return performancecondition. These changes apply as of2022, ie in-flight cycles are not impacted.Further details are provided in the sectionGroup compensation framework, 2021outcomes and 2022 changes.120Swiss Re Financial Report 2021 Ensuring continued strengthening ofthe pay-for-performance approach byfurther aligning reward priorities tothe business strategy and encouragingperformance differentiation. Reviewing the Swiss Re stock ownershipguidelines to ensure that a part of thewealth of executives and other keyemployees is exposed to the same shareprice risk as that of shareholders. As aresult of the review, the ownershiprequirement for the Group CEO wasincreased from three times to five timeshis annual base salary as of 2022. Re-evaluating the mandates for theCompensation Committee advisors andconducting a competitive proposal process.As a result, PricewaterhouseCoopers Ltdwas selected as a new independentadvisor.
Compensation2021 Group business resultsand pay for performanceThe compensation framework aims topromote sustainable performance andlong-term shareholder value creation throughkey performance measures and equitybased compensation. For 2021, Swiss Re’scommitment to pay for performancetranslated into the following outcomes: Overall performance: Key to annualcompensation decisions was acombination of financial and qualitativefactors. Compensation decisions weremade considering Swiss Re’s overallperformance for the reporting year inwhich Swiss Re reported a US GAAP netincome of USD 1.4 billion and a returnon equity (ROE) of 5.7%. The Group’s USGAAP and economic performancesignificantly improved compared with2020, despite major COVID-19-relatedimpacts and a high occurrence oflarge-loss natural catastrophe events.Property & Casualty Reinsurance (P&CReinsurance) reported strong profit anda net income of USD 2.1 billion, reflectingimproved portfolio quality and rateincreases, as well as favourableinvestment results. P&C Reinsurancegrew its premiums earned by 5.3% andachieved a normalised combined ratioof 94.7%, in line with its target of lessthan 95.0% for the full year. Life & HealthReinsurance (L&H Reinsurance) wasimpacted by significant COVID-19-relatedlosses, incurring significantly higherCOVID-19-related claims in 2021.Excluding COVID-19-related losses,L&H Reinsurance improved net incomeby 26% to USD 1.1 billion in 2021.Corporate Solutions reported a strongnet income of USD 578 million in 2021,as the Business Unit continued tobenefit from decisive strategic actionsimplemented in the past few yearsand ongoing price increases. With anormalised combined ratio of 95.0%for the full year, Corporate Solutionssurpassed its target of less than 97.0%in 2021. Annual bonus: As the Group is stillsignificantly impacted by COVID-19related losses, it missed three of its fourfinancial Key Performance Indicatorsrelevant for the Group API. Even thoughperformance across all qualitative KPIswas above target, the Group API poolis below target. The CompensationCommittee and the Board of Directorsdid not exercise any upward ordownward discretion. Deferred compensation: The VAI 2018(awarded 2019) performance factor forthe Swiss Re Group is 93.1% based onthe average 2019–2021 previous years’business performance. Furtherperformance factors range from 76.6%to 100.5%. The main drivers were previousyears’ business losses which were mainlydriven by reserve increases, for instancedue to COVID-19-related losses and inrelation to US casualty. Long-term incentive: Outcomes for theLeadership Performance Plan 2019(vesting in 2022) were below target withan average performance factor of 17.3%for the three-year performance periodon the ROE condition and of 0.0% onthe relative Total Shareholder Returncondition. The combined performancefactor reflecting the three-yearperformance period is outlined onpage 143.The Compensation Committee is gratefulfor the fruitful engagement and continuesto proactively consider shareholders’ andproxy advisors’ expectations. As a result,the following key enhancements have beenimplemented for this Compensation Report:Shareholder engagement andAnnual General Meeting (AGM)The compensation framework anddecisions continue to receive strongsupport from shareholders. At theAGM on 16 April 2021, shareholdersapproved all binding compensation-relatedmotions and the 2020 CompensationReport was approved in a consultative vote.Furthermore, the Compensation Reportwill be submitted to the shareholdersfor a consultative vote.In the course of 2021, Swiss Reengaged directly with shareholdersand proxy advisors, such as during theannual Chairman’s Roadshow. Swiss Re’scompensation framework (includingpotential changes to the framework),compensation-related decisions andthe compensation disclosure approachwere discussed. Further details onshareholder engagement are providedin the Corporate Governance Reporton pages 83 and 116.17 March 2022 The Group CEO scorecard presentingthe basis for how the Board of Directorsdetermined the annual bonus outcomefor the Group CEO, is disclosed. The Compensation Report structurehas been revised to increase clarity andconciseness, and a summary of keycompensation information is included.Consistent with last year and in line withSwiss Re Ltd’s Articles of Association,shareholders will be asked to vote on thefollowing motions at the AGM 2022: Maximum aggregate amount ofcompensation for the members of theBoard of Directors for the term of officefrom the AGM 2022 to the AGM 2023. Maximum aggregate amount of fixedcompensation and variable long-termcompensation for the members of theGroup EC for the financial year 2023. Aggregate amount of variable short-termcompensation for the members of theGroup Executive Committee (Group EC)for the financial year 2021.This Compensation Report complieswith applicable laws, rules and regulations,including Articles 14 to 16 of the Ordinanceagainst Excessive Remuneration inListed Companies limited by Shares.Jacques de VaucleroyChair Compensation CommitteeSwiss Re Financial Report 2021121
CompensationFinancial performancehighlights2021 key financial drivers for variable compensation �90–8.6201996.895805.10.9Returnon Wgrowthper share2020Normalisedcombined ratioP&C ReinsuranceNetReturn onoperating equity L&Hmargin ReinsuranceNormalisedcombined ratioCorporate Solutions2021Attribution of group income to key stakeholdersUSD millions (unless otherwise stated)2019%2020%Income before tax and variable compensation1215 100% –797 100%Variable compensation34829%347–Income tax expense14012% –266–US GAAP net income attributable to shareholders727–878of which paid out as dividend11 766 145% 1 855–of which share buyback1 01083%––of which added to retained earnings withinshareholders’ equity–2 049– –2 733–2021–440FY 2021 is estimated based on the average monthly CHF/USD FX rate as of January 2022. The dividend is subject toAGM approval and the amount depends on the final number of dividend eligible shares and FX rates upon dividendpayout.1 122Swiss Re Financial Report 2021 %2 249 100%41819%39418%14371 87783%–––
CompensationExecutive compensationsnapshotCore compensation design elements for the Board of Directors and the Group ECGroup EC (excluding Group CEO)Pay mix 2021Board of DirectorsPay mix 2021Group CEOPay mix 202160% Cash30% Base salary22% Base salary40% Shares21% Short-term(cash API payout)17% Short-term(cash API payout)17% Mid-term(deferred VAI award)17% Mid-term(deferred VAI award)33% Long-term(LSP grant)44% Long-term(LSP grant)Compensation design No variable or performancerelated compensation. Compensation awarded 60%in cash and 40% in shares. Shares subject to afour-year blocking period.Compensation design Strong pay for performance alignment. Balanced mix between short-term and long-term incentives. Meaningful deferral levels for key executives: 50% of the short-term incentiveis deferred for the Group CEO and 45% for other Group EC members. Forfeiture and clawback provisions incorporated in incentive plans. Stock ownership guidelines apply. Open-ended employment contracts (in line with Swiss market practice);12-month notice period. No severance clauses/”golden parachutes”. Same pension arrangements as for other employees.Group EC ratio of fixed to variable compensation The total variable compensation for individual members of the Group EC(including the Group CEO) who were active on the Group EC for thefull year 2021 ranged from 59–305% of total fixed compensation. For 2020,the ratio ranged from 138–246%.Key Group EC compensation framework changes implemented for performance year 2021ItemChangeRationaleAnnual bonuspool settingprocessEnhanced the approach to assess qualitative company performance: reduced number ofassessment dimensions and increased focus on quantifiable, qualitative Key PerformanceIndicators (KPIs) where appropriate.Increased focus and stringencyin assessment process byfocusing on quantifiable KPIs.Long-termincentiveHarmonised the vesting factors for all performance conditions: vesting ranges between 0–150%on all three plan KPIs.Introduced an additional cap: payout for negative absolute Total Shareholder Return (TSR) is cappedat 100% even if Swiss Re meets or exceeds its peer group on relative TSR performance, subjectto the Compensation Committee’s right to assess the circumstances and decide on the relative TSRperformance multiple accordingly.Plan simplification andpay for performance.Swiss Re Financial Report 2021123
CompensationSay on pay andsustainability highlightsSay on pay votes at the AGM 2022Maximum aggregate amount of compensation forthe members of the Board of Directors for the termof office from the AGM 2022 to the AGM 2023.CHF 9.9 million(AGM 2021: CHF 10.3 million)The maximum aggregate amount reflectsthe changes in the composition of the Boardof Directors and its committees.Maximum aggregate amount of fixedcompensation and variable long-termcompensation for the members of theGroup EC for the financial year 2023.CHF 36.5 million(AGM 2021: CHF 36.5 million)The maximum aggregate amount remains flatcompared with the previous year as the samenumber of Group EC members is expected for2023.Aggregate amount of variable short-termcompensation for the members of theGroup EC for the financial year 2021.CHF 16.0 million(AGM 2021: CHF 15.1 million)The increase in the aggregate amount is primarilydriven by a higher Group Business PerformanceFactor for 2021 compared with 2020.Spotlight: Diversity, equity and inclusionis key to our compensation offeringSwiss Re is committed to ensuring equalpay for equal work regardless of gender,race, ethnicity, sexual orientation or otherpersonal characteristics. Swiss Re has anon-discriminatory approach to determiningcompensation and benefits at all levels.Key pillars of the approach are:Pay equity reviews are conducted regularlywith a focus on an “adjusted gender paygap” comparing pay for people in similarroles, in the same country and samehierarchical level. During the most recentreview conducted in April 2021, thismeasure did not reveal any systemic bias:globally, the adjusted pay gap between menand women stood at 1.7% on average. Aninclusive and diverse workforce is criticalto the success of the business. More detailson Swiss Re’s initiatives fostering diversityare provided in the Sustainability Reportavailable at www.swissre.com/sustainability.Sustainability targets incompensationSound governance aroundcompensation decision-makingand approvals to ensureappropriate checks and balances.Compensation ranges definedby job family or specialisationin the local market, which ensurethat compensation for employeesin the same country/location isset based on consistentbenchmarks.Annual review of individualsalaries and target incentivesto maintain internal pay equityand pay for performance.Regular statistical analysis usingbest practice methodologies toidentify and address potentialrisks of bias.124Swiss Re Financial Report 2021 Spotlight: Strong link betweencompensation and performance againstsustainability/environmental, socialand governance (ESG) targetsSwiss Re clearly links compensationoutcomes to performance againstsustainability-related targets. To ensuremeasurability and line of sight forparticipants through transparency andsimplicity, Swiss Re considers sustainabilitycriteria in the annual bonus assessmentwhere relevant. Targets are defined at thebeginning of the year and performanceagainst these is considered within theannual assessment process. As a result,sustainability-related performance impactscompensation for all employees, includingthe Group EC. Key considerations for thesustainability target-setting process areshown in the figure on the right.TangibleandmeasurableAlign withGroupSustainabilityStrategyAccount forSwiss Re’s identifiedsustainability risks
CompensationCompensation philosophyand governanceGuiding principles of Swiss Re’scompensation frameworkSwiss Re’s compensation frameworkis designed to reflect the nature of itsbusiness by: Reinforcing a culture of sustainableperformance with a focus onrisk-adjusted financial results. Ensuring alignment of compensationto long-term business results andindividual contribution, and recognisingboth what was achieved and how itwas achieved. Attracting, motivating and retainingthe qualified talent the Group needsto succeed globally. Supporting Swiss Re’s commitmentto ensure equal pay for equal workregardless of gender, race, ethnicity,sexual orientation or other personalcharacteristics. Aligning the interests of employeeswith those of Swiss Re’s shareholdersand society at large. Fostering compliance, supportingappropriate and controlled risk-taking inline with Swiss Re’s business and riskstrategy, and avoiding conflicts of interest.Swiss Re’s total compensation is wellbalanced in terms of fixed versus variablecompensation and short-term versuslong-term incentives. This encouragessustainable long-term performance andsupports shareholder alignment.Complemented by pension plans andbenefits, the total reward package iscompetitive in local labour markets.Compensation PolicyBuilding on the overarching compensationprinciples included in Swiss Re Ltd‘sArticles of Association, the compensationframework is captured within the Swiss ReGroup Compensation Policy (CompensationPolicy). The Compensation Policy isimplemented globally to the extent possible.Variations may apply at the regional,entity and Business Unit (including DivisioniptiQ) level to accommodate specificrequirements, such as compliance withlocal regulations and talent management.The Compensation Policy governs thecompensation structure and processesand is regularly reviewed by HumanResources, Risk Management and theCompensation Committee against FINMArequirements and further relevantregulations as appropriate.Approval authoritiesAuthority for decisions related tocompensation at the Board of Directorsand Group EC level is governed bySwiss Re Ltd’s Articles of Association,which include rules on: The annual and binding approval bythe AGM of the maximum aggregateamounts of compensation of membersof the Board of Directors and of theGroup EC (Article 22). The supplementary amount for changesin the Group EC if the maximum aggregateamount of compensation approved bythe AGM is not sufficient to also covercompensation of a new Group EC member(Article 23). The compensation principles for boththe members of the Board of Directors andof the Group EC covering short-term andlong-term elements, performance-relatedpay, payment in shares, financialinstruments or units, compensation in kindor other types of benefits (Article 24). The agreements with members of theBoard of Directors and the Group EC,external mandates and credits andloans (Articles 25 to 27).Swiss Re Ltd’s Articles of Association arecomplemented by stringent governanceon compensation matters set out in theBylaws of Swiss Re Ltd and in the Bylawsof Swiss Reinsurance Company Ltd,including the Charter of the CompensationCommittee. Authority levels aresummarised in the table overleaf.The Board of Directors has approved anauthority matrix that defines the limits towhich each level of management canauthorise compensation payments. TheGroup CEO, the Compensation Committeeor the Board of Directors, as applicable,approve all compensation that exceedsthe pre-set limits. The Group CEO is notinvolved in decision-making concerning hisown compensation. The Board of Directorsalso establishes and periodically reviewsSwiss Re’s compensation framework(including guidelines and performancecriteria) and prepares the compensationrelated proposals to the AGM.Further details can be found in theCorporate Governance Report onpages 78–116 and on Swiss Re’s webpageat www.swissre.com/articles andwww.swissre.com/bylaws.Swiss Re Financial Report 2021125
CompensationApproval processes for key compensation decisionsGroup CEOBoard compensationMaximum aggregate amount of compensation for the next term of officeCompensation for the BoD ChairmanIndividual compensation for the members of the BoD (excl. BoD Chairman)Group EC compensationMaximum aggregate amount of fixed compensationand variable long-term compensationAggregate amount of variable short-term compensationCompensation for the Group CEOIndividual compensation for the members of the Group EC (excl. Group CEO)Variable short-term and long-term compensation pools for the GroupCompensation and benefits principles for the Group and for the BoDCCBoD ChairmanBoDAGMPPPPAEA, P1A2A2PEEA, P1APEEEEPEPEEEA, P1A2A2AAAPPP Proposal; E Endorsement; A ApprovalCC Compensation Committee; BoD Board of Directors; AGM Annual General Meeting1 The maximum aggregate amount has to be approved by the AGM.2 Within the maximum aggregate amount of compensation approved by the AGM and, for Group EC members, within the additional amount available for changesin the Group EC after the AGM as per the Articles of Association (if applicable). The Compensation CommitteeThe Compensation Committee is governedby a Charter approved by the Board ofDirectors, which defines its purpose,composition, and procedural rules,including its responsibilities and authoritiesfor making proposals and decisions relatedto compensation of the members of theBoard of Directors and the Group EC. Itoperates as the Group’s compensationcommittee and oversees the compensationframework applied at all entities of theSwiss Re Group. In 2021, the CompensationCommittee consisted of five independentmembers of the Board of Directors.The Compensation Committee has anannual agenda to ensure that importantreviews take place at the right timesthroughout the year, including the oversightof each stage of the compensation cycle.The Compensation Committee alsocommits time to executive sessions andconducts a periodic self-evaluation topreserve its high level of effectiveness.126Swiss Re Financial Report 2021 During 2021, the Compensation Committeeheld six meetings and provided updatesto the Board of Directors on topicsdiscussed, decisions made and items forapproval after each of these meetings. Inaddition, the Compensation Committeepassed five decisions by circular resolution.The Chairman of the Board of Directors,the Group CEO and the Group Chief HumanResources Officer & Head CorporateServices participate in the CompensationCommittee meetings. Other members ofsenior management may attend as deemedappropriate and upon invitation by theChair of the Compensation Committee.Management members do not attend whentheir own compensation is discussed.The Global Head Reward serves as theSecretary to the Compensation Committeeand attends its meetings (excluding theexecutive sessions).Further details on the CompensationCommittee can be found in the CorporateGovernance Report (page 99 andpage 101) and on Swiss Re’s webpage atwww.swissre.com/bylaws, including theCharter of the Compensation Committee.
CompensationOverview of the main topics addressed during the reporting yearJanFebBoard compensationBoard of Directors feesBenchmarking and compensation policyJunSep OctDecGroup EC compensation Performance assessment and compensation proposals Benchmarking Past performance cyclePerformance assessment process, performance factors and variable compensation pool Review of decisions of prior compensation cycleUpcoming performance cycle Leadership Share Plan pool for upcoming yearPerformance targets for upcoming year Upcoming performance cycle discussion Compensation framework and other topics Compensation framework and policiesAGM, investor and proxy advisor feedback ESG-related discussionsGovernance, compliance and regulatory matters (including Compensation Report and self-evaluation)External advisorsThe Compensation Committee retainsadvisors to provide an external perspective.In 2021, a Request for Proposal (RFP) wasconducted following a re-evaluation of theCompensation Committee’s independentadvisor mandate. During the RFP, selectedadvisors with the required capabilitiesand with strong standings in the marketwere invited to offer their services.Following several rounds of assessments,PricewaterhouseCoopers Ltd was selectedand assumed the mandate as of1 September 2021, providing informationabout remuneration trends and adviceon executive compensation issues. Theprevious advisor, Mercer, continued toprovide market benchmarking during 2021.In addition, Niederer Kraft Frey Ltd providedlegal advice, mainly about specific aspectsof compliance, plan rules and disclosurematters regarding compensation. Theadvisors may also have other mandateswith Swiss Re. The CompensationCommittee annually reviews the externaladvisors’ role and mandate.Additional safeguards ingoverning compensation:Control functions and key risk takersSwiss Re bears risks in the course of itsbusiness activities, including market, creditand liquidity, underwriting, operational(including legal and compliance) andreputational risk. The Control Functions(defined as Group Risk Management,Compliance and Group Internal Audit)annually perform an independentassessment of risk and control-relatedbehaviours of the Group and each of theBusiness Units/Group Functions, and ofSwiss Re’s Key Risk Takers individually. Thesereports are delivered to key executivesincluding the Group Chief Risk Officer andthe Group Chief Human ResourcesOfficer & Head Corporate Services. The riskand control-related behaviour assessment ofGroup and Business Units/Group Functionsprovides additional input to determine theGroup Annual Performance Incentive (API)pool and its allocation to each BusinessUnit/Group Function. The assessmentresults of each Key Risk Taker serve asadditional input when considering individualperformance and compensation outcomes. To ensure meaningful assessments, thecontinued independence of ControlFunctions needs to be safeguarded. Hence,each aggregate API pool for the ControlFunctions and individual compensation forthe Head of each Control Function areapproved at Board level.Prohibition of personalhedging strategiesAny use of personal hedging strategies orremuneration and liability-related insurancethat could undermine the risk alignmenteffects and economic exposure embeddedin compensation arrangements isprohibited.Swiss Re Financial Report 2021127
CompensationBoard compensation34.0Compensation framework forthe Board of DirectorsThe objective of compensating membersof the Board of Directors is to attract andretain experienced individuals who arehighly motivated to perform a critical rolein the strategic oversight of Swiss Reand to contribute their individual businessexperience and expertise.The fee structure for the members of theBoard of Directors takes into account theirlong-term contribution to Swiss Re’ssuccess and achieves strong alignmentwith shareholder interests:Board membersreceive no variable orperformance-basedcompensation.Fees are delivered60% in cash and40% in shares.Shares are subjectto a four-yearblocking period.The fee level for each member of theBoard of Directors is reviewed annuallyand benchmarked regularly. For furtherinformation on the benchmarking providerand the peer group, please refer topage 127 and page 132 of thisCompensation Report.Since 2018, all fees for Board of Directormemberships remained flat (ie the fee forthe Chairman, the Vice Chairman, thebase fees as well as all committee fees).Individual fee levels vary to reflect roles,responsibilities and time commitment, forinstance due to committee membershipsthat differ in meeting frequency or duration.A minimum Swiss pension fund solutionis provided to members of the Board ofDirectors who are not exempted frommandatory occupational benefit plansin Switzerland. This is offered by anestablished external provider and appliesonly to a limited number of individualsdepending on their personal situationdue to which local law imposes suchpension solution. Pension contributions aresplit equally between Swiss Re and therespective individual. Contributions madeby Swiss Re are included in the maximumaggregate compensation of the Boardof Directors proposed to the AGM forapproval.Subsidiary boardsThe majority of the board members atsubsidiary level are Swiss Re executiveswho do not receive any additionalcompensation for their services in theseroles. When a member of the Boardof Directors also serves on the board ofa subsidiary, the maximum aggregatecompensation of the Board of Directorsproposed to the AGM for approval alsoincludes such subsidiary board fees.128Swiss Re Financial Report 2021 29.934.029.934,0Board of DirectorsTerm of office:29,9AGM 2021–AGM 202234,0CHF millions29,910.3Maximum9.9 aggregate amount approved10.39.9Amount paid/grantedSay on payAt the AGM 2021, shareholdersapproved a maximum aggregate amountof compensation of CHF 10.3 million for themembers of the Board of Directors for theterm of office from the AGM 2021 to theAGM 2022. The compensation paid to the13 members of the Board of Directors fortheir term of office from the AGM 2021 tothe AGM 2022 was CHF 9.9 million andtherefore within the approved amount.Further details on the compensationfor members of the Board of Directors areprovided in the tables on the followingpage. Currency conversions are calculatedusing December 2021 year-to-date FXrates for 2021 and 2022 figures, andDecember 2020 year-to-date FX ratesfor 2020 figures, where relevant.
Compensation(1) Individual Board compensation for the term of office between AGM 2021 and AGM 2022 (in CHF thousands, approved by AGM)AuditedMembers of the Board of DirectorsBasefeesGovernance mitteeSergio P. Ermotti, Chairman,Chair Governance & Nomination CommitteeRenato Fassbind, Vice Chairman,Lead Independent Director, Chair AuditCommittee225425Raymond K.F. Ch’ien, member225Karen Gavan, member22575Joachim Oechslin, member225Deanna Ong, member22575Jay Ralph, member225Joerg Reinhardt, member22530Philip K. Ryan, member,Chair Finance and Risk Committee22575Sir Paul Tucker, member225Jacques de Vaucleroy, member,Chair Compensation Committee22530Susan L. Wagner, member,Chair Investment Committee22530Larry Zimpleman, member22575Total compensation for the term of office from AGM 2021 to AGM 20224Finance andRisk CommitteeInvestmentCommitteeAdditionalfees2Total33 325305119502005050502748743252177221286054789 942300The Chairman‘s and Governance Committee and the Nomination Committee were disbanded on 28 October 2021. The Governance and Nomination Committee wasestablished and constituted on the same day. Individual Board compensation for the term of office between AGM 2021 and AGM 2022 was not impacted by this change.Including Vice Chairman or subsidiary board fees (converted at 2021 average exchange rates where applicable).3 Excluding company contributions to social security systems
Swiss Re Financial Report 2021 123 Compensation 22% Base salary 17% Short-term (cash API payout) 17% Mid-term (deferred VAI award) 44% Long-term (LSP grant) Group CEO Pay mix 2021 Key Group EC compensation framework changes implemented for performance year 2021 Core compensation design elements for the Board of Directors and the Group EC 60% Cash
