ING Direct 2011 Annual Report Download - page 175

Notes to the consolidated annual accounts of ING Group continued
The two members of the Executive Board of ING Groep N.V. are also members of the Management Boards of ING Bank N.V., ING
Verzekeringen N.V., Insurance Eurasia and Americas Insurance Holdings. The Management Board members of ING Bank N.V., ING
Verzekeringen N.V., Insurance Eurasia and Americas Insurance Holdings are also considered to be key management.
Key management personnel compensation (Executive Board and Management Boards) (1)
2011
amounts in thousands of euros
Executive Board of
ING Groep N.V. (2)
Management Boards of
ING Bank N.V.,
ING Verzekeringen N.V.,
Insurance Eurasia and
Americas Insurance Holdings (3) Total
Base salary and variable compensation in cash 2,666 8,240 10,906
Pension costs 315 2,083 2,398
Retirement benefit 1,828 1,828
Fair market value of variable compensation in stock 2,433 2,433
Total compensation 2,981 14,584 17,565
(1) In light of the changed governance structure of both the Banking and Insurance organisation several changes were made to the Board structure of both
entities, which resulted in an overall increase in the number of Board members. In January 2011, one additional Board member joined the Management
BoardBanking, and two additional Board members joined the Management Board Insurance. In October 2011 a Management Board Banking member
stepped down and his successor and another member joined that same month. The latter Board member also joined the Management Board Insurance at
the same time. InNovember 2011, a separate Management Board for Americas Insurance Holdings was created, which included four new members.
(2) Includes the compensation earned in the capacity as Executive Board member. One Executive Board member stepped down from the Executive Board
asper1October 2011, therefore his compensation is included till October 2011
(3) Excluding members that are also members of the Executive Board of ING Groep N.V.
Key management personnel compensation (Executive Board and Management Boards)
2010
amounts in thousands of euros Executive Board of ING Groep N.V.
Management Boards
of ING Bank N.V. and
ING Verzekeringen N.V. (1) Total
Base salary and variable compensation in cash 2,853 5,910 8,763
Pension costs 292 1,263 1,555
Termination benefit 980 980
Fair market value of variable compensation in stock 1,376 1,376
Total compensation 3,145 9,529 12,674
(1) Excluding three members that are also members of the Executive Board of ING Groep N.V.
The Executive Board members decided to forego the variable remuneration in relation to performance year 2010. The above table outlines
the actual situation.
Key management personnel compensation (Supervisory Board)
amounts in thousands of euros
Supervisory Board
2011 2010
Base salary 857 1,010
Total compensation 857 1,010
Loans and advances to key management personnel
amounts in thousands of euros
Amount
outstanding 31 December Average interest rate Repayments
2011 2010 2011 2010 2011 2010
Executive Board members (1) 1,968 1,968 3.6% 3.6%
Management Board members of ING Bank N.V.,
ING Verzekeringen N.V., Insurance Eurasia and
Americas Insurance Holdings 2,314 13 3.4% 4.3% 388 4
Supervisory Board members 282 282 8.6% 8.6%
Total 4,564 2,263 388 4
(1) Includes the Executive Board member that stepped down from the Executive Board as per 1 October 2011.
The total number of stock options on ING Groep N.V. shares held by the Executive Board members, including the Executive Board member
that stepped down from the Executive Board as per 1 October 2011, of ING Group N.V. amounted to 164,689 as at 31 December 2011
(2010: 164,689) and total number of stock options on ING Groep N.V. shares held by Management Board members of ING Bank N.V.,
INGVerzekeringen N.V., Insurance Eurasia and Americas Insurance Holdings amounted to 1,913,631 as at 31 December 2011 (2010:
2,676,675). As at 31 December 2011, members of the Executive Board, including the Executive Board member that stepped down from
the Executive Board as per 1 October 2011, held 149,400 ING Groep N.V. shares (2010: 118,723) and members of the Management
Boards of ING Bank N.V., ING Verzekeringen N.V., Insurance Eurasia and Americas Insurance Holdings held 84,173 ING Groep N.V. shares
(2010: 284,995). As at 31 December 2011, members of the Supervisory Board held 244,968 ING Groep N.V. shares (2010: 167,407).
1 Who we are 2 Report of the Executive Board 3 Corporate governance 4 Consolidated annual accounts 5 Parent company annual accounts 6 Other information 7 Additional information
173ING Group Annual Report 2011