Remuneration

The primary objective of NN Group’s remuneration policy is to enable NN Group to retain and recruit qualified and expert leaders, senior staff and other highly qualified employees. It is an integral part of NN Group’s corporate strategy and risk profile, and maintains a sustainable balance between short-term and long-term value creation, building on our long-term responsibility towards our clients, society and all other stakeholders.

More information on NN Group’s remuneration policy is available in our 2023 Annual Report, Executive Board Policy and the Supervisory Board Policy of NN Group N.V.

Material elements of the remuneration regarding the members of the Executive Board of NN Group N.V.

David Knibbe

Mr Knibbe was first appointed as member of the Executive Board of NN Group N.V. (Executive Board) and CEO as per 1 October 2019, and he has been reappointed for a term of four years as per 2 June 2023. His term of appointment ends at the close of the annual general meeting of NN Group in 2027. Mr Knibbe can be reappointed by the Supervisory Board of NN Group (Supervisory Board) for consecutive periods of up to four years after notification to the General Meeting of NN Group. 

Mr Knibbe, as a member of the Executive Board, is employed on the basis of a commission contract ('overeenkomst van opdracht') under Dutch law. His contract with NN Group is for an indefinite period of time.

Mr Knibbe is remunerated in accordance with the Executive Board remuneration policy in place since 2020.

Mr Knibbe’s Total Direct Compensation is below market median.

Mr Knibbe has a discretionary variable remuneration opportunity, which will be capped at 20% of the annual base salary. The on target level of the annual variable remuneration has been set at 16% of the annual base salary.

Mr Knibbe’s performance objectives are set annually by the Supervisory Board and will be described in the Remuneration Report. In case of an involuntarily exit, Mr Knibbe will be entitled to a gross severance payment of one year base salary, except in the following circumstances: (i) the contract was terminated for cause; or (ii) if payment would be deemed reward for failure at the sole discretion of the Supervisory Board; or (iii) if the Executive Board member takes the initiative to terminate the contract.

Mr Knibbe currently joins the same pension arrangements as applicable to all staff of NN Group in the Netherlands. These pension arrangements comprise an individual collective defined contribution (IDC) plan up to the tax limit and a taxable individual savings allowance on pensionable fixed remuneration exceeding the tax limit.

Further details in relation to the remuneration of Mr Knibbe, including salary data and information regarding historical variable remuneration awards, can be found in the Remuneration Report (please refer to pages 122-138 of the 2023 Annual Report).

Annemiek van Melick

Ms Van Melick was appointed to the Executive Board as CFO and vice-chair effective as of 1 July 2022. Her term of appointment ends at the close of the annual general meeting of NN Group in 2026. Ms Van Melick can be reappointed by the Supervisory Board for consecutive periods of up to four years after notification to the General Meeting.

Ms Van Melick, as a member of the Executive Board, is employed on the basis of a commission contract ('overeenkomst van opdracht') under Dutch law.

Ms Van Melick is remunerated in accordance with the Executive Board remuneration policy in place since 2020.

Ms Van Melick’s Total Direct Compensation is below market median.

Ms Van Melick has a discretionary variable remuneration opportunity, which is capped at 20% of the annual base salary. The on target level of the annual variable remuneration is set at 16% of the annual base salary.

Ms Van Melick's performance objectives are set annually by the Supervisory Board and will be described in the Remuneration Report.

In the event that Ms Van Melick will not be reappointed as a member of the Executive Board, her membership of the Executive Board ends effectively at the close of the annual general meeting to be held in 2026 and she will not be entitled to a severance payment. Only in case of an involuntarily exit and in accordance with the Executive Board remuneration policy, Ms Van Melick will be entitled to a gross severance payment of one year base salary, except in the following circumstances: (i) the contract was terminated for cause; or (ii) if payment would be deemed reward for failure at the sole discretion of the Supervisory Board; or (iii) if Ms Van Melick takes the initiative to terminate the contract.

Ms Van Melick currently joins the same pension arrangements as applicable to all staff of NN Group in the Netherlands. These pension arrangements comprise an individual defined contribution (IDC) plan up to the tax limit and a taxable individual savings allowance on pensionable fixed remuneration exceeding the tax limit. 

Further details in relation to the remuneration of Ms Van Melick, including salary data and information regarding historical variable remuneration awards, can be found in the 2022 Remuneration Report (please refer to pages 122–138 of the 2023 Annual Report).

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