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 2017 Annual Report.


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

Lard Friese

Mr Friese was appointed as member and vice-chair of the Executive Board of NN Group N.V. (“NN Group”) on 1 March 2014 and as chair and chief executive officer (CEO) as of 7 July 2014. On 1 June 2017, Mr. Friese was reappointed as member and chair of the Executive Board and as CEO of NN Group. His term of appointment ends at the close of the annual general meeting of NN Group in 2021. Mr Friese can be reappointed by the Supervisory Board of NN Group for consecutive periods of up to four years.

Mr Friese is employed on the basis of an engagement contract (“overeenkomst van opdracht”) under Dutch law. His contract with NN Group is for an indefinite period of time.

Mr Friese, as a member of the Executive Board, is remunerated in accordance with the Executive Board remuneration policy as described in NN Group’s 2017 Financial Report on pages 28 to 32.

Mr Friese’s annual fixed salary is below market median.

Mr Friese is entitled to variable remuneration, which has been 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 Friese’s performance objectives are set annually by the Supervisory Board and are described in the Financial Report. If the contract of Mr Friese is terminated by NN Group, he 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 Friese joined the same pension arrangements as applicable to all staff of NN Group in the Netherlands as per 1 January 2015. This pension arrangements comprise a collective defined contribution (CDC) plan up to the tax limit and a taxable individual savings allowance on pensionable fixed remuneration exceeding the tax limit.


Delfin Rueda

Mr Rueda was appointed to the Executive Board of NN Group as chief financial officer on 1 March 2014 and as vice-chair as of 7 July 2014. On 31 May 2018, Mr Rueda was reappointed as member of the Executive Board and as CFO of NN Group. His term of appointment ends at the close of the annual general meeting in 2022. Mr Rueda can be reappointed by the Supervisory Board of NN Group for consecutive periods of up to four years.

Mr Rueda is employed on the basis of an engagement contract (“overeenkomst van opdracht”) under Dutch law. His contract with NN Group is for an indefinite period of time.

Mr Rueda, as a member of the Executive Board, is remunerated in accordance with the Executive Board remuneration policy as described in NN Group’s 2017 Financial Report on pages 28 to 32.

Mr Rueda’s annual fixed salary is below market median.

Mr Rueda is entitled to variable remuneration, which has been 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 Rueda’s performance objectives are set annually by the Supervisory Board and are described in the Financial Report. If the contract of Mr Rueda is terminated by NN Group, he 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 Rueda joined the same pension arrangements as applicable to all staff of NN Group in the Netherlands as per 1 January 2015. This pension arrangements comprise a collective defined contribution (CDC) plan up to the tax limit and a taxable individual savings allowance on pensionable fixed remuneration exceeding the tax limit.