Compensation decisions for members of governing bodies
The following section is in line with Swiss law and specifically with Articles 14 to 16 of the Ordinance against Excessive Compensation at Public Corporations (the Ordinance), which require disclosure of compensation granted to members of the Board of Directors and the Group EC. Compensation to members of the Board of Directors and the highest-paid member of the Group EC is shown separately. At the AGM 2018 and the AGM 2019, the shareholders approved the maximum aggregate compensation amounts for the Board of Directors and Group EC for the prospective periods. For the reconciliation of these aggregate amounts to what was awarded, please refer to Shareholder compensation resolutions and awarded compensation in this Financial Report.
Related parties transactions
Disclosure on compensation decisions in 2019 covers members of the Board of Directors and the Group EC as indicated, and for both includes related parties to the extent applicable. Such related parties cover spouses, partners, children and other dependents or closely linked persons. In 2019, no compensation was paid to any related party.
Compensation for former members of governing bodies
During 2019, payments in the total amount of CHF 0.3 million were made to seven former members of the Group EC. This amount is made up of company contributions payable by Swiss Re to governmental social security systems in line with applicable laws, benefits in the context of the outstanding mortgages and loans not at market rates, risk benefits and company commitments for tax-related services.