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Allianz boss Oliver Bäte
Photo: Thomas Banneyer / picture alliance / dpa
Allianz CEO Oliver Bäte can be happy: He made a big jump in salary last year.
The basic salary, annual bonus, the long-term bonuses paid out from previous years and the pension subsidies totaled 7.47 million euros in 2023, which is ten percent more than in 2022. This emerges from the insurer's new annual report.
Thanks to the jump, Bäte is likely to become one of the ten highest-paid DAX board members.
Allianz increased the basic salaries of its board members by five percent last year.
In addition, Bäte received a slightly higher annual bonus, and long-term share-based bonuses of 2.28 million euros were also due.
The supervisory board rated Bäte's performance the best of all nine board members.
However, his level of target achievement was slightly below that of 2022 because Allianz had raised the bar.
"In addition to the very good financial development, the new best results in terms of brand value and customer and employee satisfaction are also due to his strong personal commitment and form an excellent basis for the continued successful development of Allianz," the supervisory board praised the 59-year-old.
His contract was extended until 2028 at the end of the year.
He will receive even higher payouts from his employer in the next few years: the long-term bonus promised for his performance in 2023 rose to 3.68 million euros.
The boards of directors of DAX companies had to accept significant losses in income in 2022, as shown by an evaluation by the German Association for the Protection of Securities Ownership (DSW) and the Technical University of Munich.
The boards of directors of the 40 DAX companies, including the CEOs, received an average of 3.34 million euros, 8.4 percent less than in 2021. The salary gap to average employees fell 38 times; in 2021, top managers had 52 times earns as much as the average employee.
According to the study, the frontrunner was Deutsche Bank boss Christian Sewing with total compensation of 9.2 million euros, followed by VW boss Oliver Blume with 8.8 million euros.
However, Blume earned an additional 0.5 million euros as CEO of Porsche AG.
According to the data, Merck boss Belen Garijo came third with 8.3 million euros.
hey/Reuters