Fundamentals of the staff remuneration system
as of 10 March 2021
The remuneration concept is designed to ensure that conflicts of interest and damaging incentives with negative effects for the company or funds are prevented. It is consistent with the goals of the managed funds and the company's risk strategy, with sustainability risks being considered. It incentivises adherence to and the furtherance of ESG compliance. The remuneration concept aims to encourage and motivate the employees to perform. It applies to all employees equally and meets the regulatory requirements.
Calculation of staff remuneration and responsibilities
In addition to a position-based monthly salary, the remuneration system also contains a variable remuneration component. We also offer other benefits such as a company pension and contributions to capital formation. For non-tariff employees, an annual target bonus is defined in advance. The amount of each person's individual bonus depends primarily on the position held and how challenging the objectives are. For management staff the target bonus comprises an annual bonus and a four-year bonus.
How much of the bonus is actually paid out depends on the degree to which the employee and the company have met their respective goals – also taking into account sustainability risks. There are no contractually guaranteed bonuses or severance packages. For management employees the degree to which the company group achieves its goals also affects the amount of the bonus.
Remuneration system of the identified employees pursuant to §37 KAGB
Under the German Code of Investment Law (KAGB), certain people are categorised as identified employees. Their remuneration comprises a fixed and a variable component. Other benefits, for instance a company car, can also be offered. These other benefits are of far lower value than the fixed and variable remuneration components.
The variable remuneration contains a short-term annual bonus and a medium-term multi-year bonus. In order to make sure all decisions and successes are taken into account, one part of the variable remuneration is based on an assessment period of several years, and is paid out after that period. The decisive factors for how much bonus is paid are the personal achievement of objectives and how well the company and company group achieve their objectives. One bonus component is linked to the value of the Munich Re share. No guaranteed bonus is provided.
MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH has a remuneration committee comprising the CEO of MEAG MUNICH ERGO AssetManagement GmbH, and that company's head of HR and the Chief Compliance Officer. It reviews the remuneration system annually.
All data as of 10 March 2021