Allianz Supervisory Board Chairman Michael Diekmann is expected to become one of the top earners among the DAX supervisors with a strong salary increase this year. The insurance giant wants to increase the annual fixed remuneration for the chairman of the supervisory board by 200,000 to 450,000 euros, according to the annual report published on Friday.

His deputy Herbert Hainer would then receive 225,000 euros, 35 percent more than before, normal supervisory board members would receive 150,000 (previously 125,000) euros a year. As justification, Allianz referred to the development of remuneration on supervisory boards of comparable companies. The Annual General Meeting still has to approve the increase.

Last year, the 68-year-old Diekmann already came to 537,000 euros with all attendance fees and extra royalties for membership in committees. He also sits on the supervisory boards of Siemens and Fresenius.

Other mandates

For years, the highest earner among the DAX supervisory board chairmen was Paul Achleitner, who received 2021,870 euros from Deutsche Bank in 000, but handed over his post to Alexander Wynaendts last year.

Hans-Dieter Pötsch received 2021,415 euros as Chairman of the Supervisory Board of Volkswagen in 000, but his salary as CEO of major shareholder Porsche SE was added.

Allianz CEO Oliver Bäte had to make slight cuts in salary last year. Basic salary, annual bonus, the long-term bonuses paid out in recent years and pension subsidies totaled EUR 6.78 (2021: 6.96) million.

More money in the next few years

In the next few years, significantly more money awaits him: The long-term bonus promised for his performance in 2022 rose to 3.50 (3.15) million euros. Bäte earned a total of 2022.8 (5.7) million in 86. The target remuneration of the Management Board will be increased by five percent from 2023, as stated in the annual report.

The Supervisory Board credited Bäte above all with the rapid settlement of the hedge fund scandal involving the US subsidiary of Allianz Global Investors (AllianzGI), which cost the Group 5.6 billion euros. "As Chairman of the Management Board, Oliver Bäte once again led the company and his team to record operating results with a steady hand in the crisis year 2022," it said.

However, the highest earner on the Allianz Board of Management was Ivan de la Sota, who left early at the end of the year and received a severance payment of two years' salary - 6.5 million euros. Overall, the Spaniard came to 8.26 million euros, although the Supervisory Board blamed him for the weak performance in Spain and Brazil, for which he was responsible, among other things.