Aegon Ltd. · EURONEXT:AGN
Aegon — Shareholder Meeting (May 2022)
58 slides from Aegon's shareholder meeting presentation, May 31, 2022
Slide 1: Welcome - Annual General Meeting of Shareholders
Welcome Annual General Meeting of Shareholders The Hague, May 31, 2022 1 Helping people live their best lives
Slide 2: William L. Connelly, Chairman of the Supervisory Board
William L. Connelly Chairman of the Supervisory Board Helping people live their best lives 2
Slide 3: Welcome to the Annual General Meeting of Shareholders
Welcome to the Annual General Meeting of Shareholders 3
Slide 4: Agenda item 1: Opening
Agenda item 1 Opening WEGON
Slide 5: Annual Report and Annual Accounts 2021
Agenda item 2 Annual Report and Annual Accounts 2021 5
Slide 6: 2.1 Business Overview 2021
Agenda item 2.1 Business Overview 2021 6
Slide 7: Lard Friese, CEO
Lard Friese CEO Helping people live their best lives 7
Slide 8: 8
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Slide 9: Key messages
Key messages 1 Making clear headway executing our strategy 2 Delivered on our financial commitments 3 Looking ahead with purpose 4 Laying the foundations for a sustainable future 9
Slide 10: Focusing on three core markets, three growth markets, one global asset manager
Focusing on three core markets, three growth markets, one global asset manager US • Aegon has leading positions in large markets Core NL markets • Investing to grow Strategic Assets Global asset management UK • Maximizing value of Financial Assets • Strong investment capabilities are key enabler of
Slide 11: Investing to grow Strategic Assets
Investing to grow Strategic Assets • Increasing number of licensed agents in World Financial Group drives sales growth Financial Assets • Maintaining top-5 position in Middle-Market Retirement Plans new sales • Achieving record-high asset balances in our Strategic mortgage and defined contribution (
Slide 12: Maximizing value of Financial Assets
Maximizing value of Financial Assets • Dedicated teams are responsible for managing these businesses and maximizing their value Financial • Closed certain products for new business Assets • Expanded dynamic hedging to full legacy variable annuities book in US Strategic • Completed successful lump-su
Slide 13: Expanding in asset management and growth markets
Expanding in asset management and growth markets Financial • 10th consecutive full year of positive third-party net deposits in Assets Asset Management Strategic Asset Assets management • Continue to grow our businesses with our strong and local partnerships growth markets • Further invest in China
Slide 14: Executing on our operating plan
Executing on our operating plan Improving our long-term performance • Company-wide transformation agenda comprised of more than 1,200 growth and expense savings initiatives • Rapid pace in execution • Executed more than 800 initiatives at the end of 2021 • Confident to deliver target of EUR 400 mill
Slide 15: Progress on our financial targets in 2021
Progress on our financial targets in 2021 2021 guidance 2021 realized Addressable expense savings From expense initiatives vs. 2019 EUR 200 million EUR 244 million Operating capital generation Before holding expenses EUR 1.1 billion EUR 1.4 billion Free cash flow EUR 350 – 400 million EUR 729 mi
Slide 16: Continuing to transform Aegon in 2022
Continuing to transform Aegon in 2022 1 Executing on granular operational improvement plan 2 Growing in Strategic Assets, growth markets, and asset management 3 Maintaining a high pace in maximizing value of Financial Assets 4 Sharpening strategic focus; completed sale of businesses in Hungary and T
Slide 17: Looking ahead with purpose
Helping people live their best lives Looking ahead with purpose • New purpose guiding our vision and strategy • Championing opportunities offered by a longer, multi-stage life • Supporting individuals, families, and employers move through changes of longer-life revolution • A responsibility at the h
Slide 18: 18
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Slide 19: Laying the foundations for a sustainable future
Laying the foundations for a sustainable future Integrated approach to sustainability Customer Business approach decisions Linked to our purpose, Helping people live their best lives, we have identified our priority Sustainability Brand approach Purpose Purpose themes through stakeholder engagement:
Slide 20: Climate change: committed to net-zero emissions by 2050
Climate change: committed to net-zero emissions by 2050 Net-zero carbon emissions from our general account investments by 2050 reduction of carbon intensity of 25% corporate fixed income and listed equity investments by 20251) reduction in greenhouse gas emissions 25% from operational activities by
Slide 21: Committed to inclusion & diversity
Committed to inclusion & diversity of Aegon’s workforce are women 50% (December 31, 2021) women in senior management 34% (December 31, 2021) Aegon’s inclusion score in its 74% 2021 Global Employee Survey Aegon’s diversity score in its 72% 2021 Global Employee Survey Source: Aegon’s 2021 Integrated A
Slide 22: Concluding remarks
Concluding remarks 1 Making clear headway executing our strategy 2 Delivered on our financial commitments 3 Looking ahead with purpose 4 Laying the foundations for a sustainable future 22
Slide 23: 2.1 Business Overview 2021
Agenda item 2.1 Business Overview 2021 23
Slide 24: 2.2 Remuneration Report 2021
Agenda item 2.2 Remuneration Report 2021 Advisory vote 24
Slide 25: Ben Noteboom, Chairman of the Remuneration Committee
Ben Noteboom Chairman of the Remuneration Committee Helping people live their best lives 25
Slide 26: 2021 Remuneration Report
2021 Remuneration Report Published as part of the 2021 Integrated Annual Report Report content • Business and remuneration highlights • Remuneration at Aegon in general • Supervisory Board Remuneration Report • Executive Board Remuneration Report Main change compared to last year • All Compensation
Slide 27: Supervisory Board Remuneration Policy in 2021
Supervisory Board Remuneration Policy in 2021 Approved by shareholders at the 2020 AGM for the 2020-2023 period Fees Scope Amount (in EUR) Base Fee Supervisory Board membership 80,000 per year – Chairman 50,000 per year – Vice-Chairman 40,000 per year – Members Risk or Audit Committee membership 13,
Slide 28: Supervisory Board remuneration in 2021
Supervisory Board remuneration in 2021 Remuneration received in 2021 In EUR thousand Base Fee1 Attendance Fee Benefits2 Total 2020 Total Connelly 95 57 10 162 144 Ellman 53 45 4 102 98 McGarry (as of June 3, 2021) 31 24 6 61 --- Noteboom 58 45 4 107 97 Ramsay (as of May 15, 2020) 61 39 21 121 68 Wel
Slide 29: Executive Board Remuneration Policy in 2021
Executive Board Remuneration Policy in 2021 Approved by shareholders at the 2020 AGM for the 2020-2023 period Component Details Fixed compensation Paid in 12 monthly installments Variable compensation Target/maximum: 80%/100% of fixed compensation Mandatory mix of 50-80% Aegon and 20-50% personal pe
Slide 30: Executive Board remuneration in 2021
Executive Board remuneration in 2021 Remuneration allocated in relation to 2021 In EUR thousand Fixed Variable1 Pension Benefits Total 2020 Total2 Friese 1,485 1,359 594 77 3,515 3,215 Rider 968 884 387 67 2,306 2,024 Total 2,453 2,243 981 144 5,821 1 Awarded in relation to 2021 plan year (upfront c
Slide 31: Executive Board variable compensation in 2021
Executive Board variable compensation in 2021 2021 Aegon Group results for calculation Executive Board variable compensation Aegon performance indicators Weight Target Result In % Free cash flows 20% 400 685 150% Relative total shareholder return (2yr: 2020-2021) 10% #5 of 15 #11 0% Operating result
Slide 32: Executive Board variable compensation in 2021 (cont'd)
Executive Board variable compensation in 2021 (cont’d) 2021 individual results calculation + total for variable compensation Friese Result 70% Aegon performance 89% 10% Strategic Roadmap development 100% Fixed 1,485 10% Execution of capital initiatives in line with Strategic Roadmap 100% x 92% 5% Wo
Slide 33: Remuneration in 2022
Remuneration in 2022 Compensation changes Supervisory Board • All fees have been indexed with 5% as of January 2022, in response to the economic developments in the last three years (last updated in January 2019). Executive Board • Mr. Friese’s fixed compensation increased with 5% as of January 2022
Slide 34: 2.2 Remuneration Report 2021 - Advisory vote
Agenda item 2.2 Remuneration Report 2021 Advisory vote 34
Slide 35: How to vote
How to vote Click here to vote • Please submit your vote by clicking on “for”, “against”, or “withheld” • You can change your vote until the voting is closed • A vote confirmation will be displayed 35
Slide 36: 2.3 Adoption of the Annual Accounts 2021
Agenda item 2.3 Adoption of the Annual Accounts 2021 Voting item 36
Slide 37: 2.4 Approval of the final dividend 2021
Agenda item 2.4 Approval of the final dividend 2021 Voting item 37
Slide 38: Dividend
Dividend* • It is proposed that the final dividend for 2021 will amount to EUR 0.09 per common share and EUR 0.00225 per common share B ‐ If approved, and in combination with the interim dividend of EUR 0.08 per share paid over the first half of 2021, Aegon’s total dividend over 2021 will amount to
Slide 39: 2.4 Approval of the final dividend 2021
Agenda item 2.4 Approval of the final dividend 2021 Voting item 39
Slide 40: Release from liability
Agenda item 3 Release from liability 40
Slide 41: 3.1 Release from liability for the Executive Board
Agenda item 3.1 Release from liability for the members of the Voting item Executive Board for their duties performed during 2021 41
Slide 42: 3.2 Release from liability for the Supervisory Board
Agenda item 3.2 Release from liability for the members of the Voting item Supervisory Board for their duties performed during 2021 42
Slide 43: Release from liability
Agenda item 3 Release from liability 43
Slide 44: Composition of the Supervisory Board
Agenda item 4 Composition of the Supervisory Board 44
Slide 45: 4.1 Supervisory Board Profile
Agenda item 4.1 Supervisory Board Profile 45
Slide 46: Supervisory Board Profile
Supervisory Board Profile • Duties and responsibilities • Aegon Profile • Profile of the Supervisory Board ‐ Qualifications of the Supervisory Board as a whole ‐ Personal qualifications of members of the Supervisory Board ‐ Guiding principles for the composition of the Supervisory Board • Size of th
Slide 47: 4.2 Reappointment of Ms. Corien Wortmann-Kool
Agenda item 4.2 Reappointment of Ms. Corien Wortmann-Kool Voting item as member of the Supervisory Board 47
Slide 48: Ms. Corien Wortmann-Kool
Ms. Corien Wortmann-Kool • Age: 62 • Nationality: Dutch • Main occupation ‐ Chair of the Board of Stichting Pensioenfonds ABP • Main former occupation ‐ Member of the European Parliament • Membership of other Boards ‐ Member of the Supervisory Board of Royal DSM ‐ Member of the Capital Markets Advis
Slide 49: 4.3 Appointment of Ms. Karen Fawcett
Agenda item 4.3 Appointment of Ms. Karen Fawcett Voting item as member of the Supervisory Board 49
Slide 50: Ms. Karen Fawcett
Ms. Karen Fawcett • Age: 59 • Nationality: British • Main occupation ‐ Non-Executive Director • Main former occupation ‐ CEO Retail, Brand, and Marketing for Standard Chartered Bank • Membership of other Boards ‐ Member of Private Bank Foundation Board of LGT (not listed) ‐ Non-Executive Director at
Slide 51: Composition of the Supervisory Board
Agenda item 4 Composition of the Supervisory Board 51
Slide 52: Cancellation, issuance, and acquisition of shares
Agenda item 5 Cancellation, issuance, and acquisition of shares 52
Slide 53: 5.1 Proposal to cancel common shares and common shares B
Agenda item 5.1 Proposal to cancel common shares and Voting item common shares B 53
Slide 54: 5.2 Authorization to issue common shares
Agenda item 5.2 Authorization of the Executive Board to issue Voting item common shares with or without pre-emptive rights 54
Slide 55: 5.3 Authorization to issue shares for a rights issue
Agenda item 5.3 Authorization of the Executive Board to issue Voting item shares in connection with a rights issue 55
Slide 56: 5.4 Authorization to acquire shares in the company
Agenda item 5.4 Authorization of the Executive Board to Voting item acquire shares in the company 56
Slide 57: Any other business
Agenda item 6 Any other business 57
Slide 58: Closing
Agenda item 7 Closing WEGON