Erste Bank JPMorgan Merrill Lynch International

The Managing Board is comprised of the following individuals:
Chairman:
Dr. Günter Geyer
General Manager, Chairman of the Managing Board
Member of the Managing Board since 1988
Members:
Dkfm. Karl Fink
General Manager
Member of the Managing Board since 1987
Mag. Robert Lasshofer
Deputy General Manager
Member of the Managing Board since 1999
Dr. Rudolf Ertl
Member of the Managing Board since 2001
Dr. Peter Hagen
Member of the Managing Board since 2004
Dr. Martin Simhandl
Member of the Managing Board since 2004
There were no loans outstanding to Managing Board members as of 31 December 2007.
No guarantees existed for Managing Board members as of 31 December 2007.
Compensation Plan for Managing Board Members:
The Managing Board of the Company manages the Vienna Insurance Group. The Managing
Board is also responsible for duties relating to the operational management of Wiener Städtische AG
in Austria. In some cases, responsibility may also be assumed for additional duties in affiliated or
related companies.
The compensation of Managing Board members is comprised of a fixed (approximately 60%) and
a variable (approximately 40%) component. The performance-linked component is mainly dependent
on the profit before taxes of the Group, although the profit before tax of WIENER STÄDTISCHE AG
Austria is also involved. There is a maximum limit on this performance-linked component. The
Managing Board receives no performance-linked compensation if the result from ordinary operations
falls below certain thresholds.
The standard employment agreement of a member of the Managing Board of WIENER
STÄDTISCHE Versicherung AG VIENNA INSURANCE GROUP includes a pension equal to at most
40% of the measurement basis if the member remains in the Managing Board until the age of 65 (the
measurement basis is equal to the fixed salary). The rules for Managing Board members with many
years of prior employment differ in that the percentage of the measurement basis based on past
employment is higher (up to 55%), and increases can be awarded if the Supervisory Board would like
a member to remain in the Managing Board after the age limit has been reached.
A pension is received only if a Managing Board member’s position is not extended through no
fault of his or her own, or the Managing Board member retires due to illness or age. The Managing
Board agreements of WIENER STÄDTISCHE Versicherung AG VIENNA INSURANCE GROUP make
provision for a post-employment benefit claim, which is essentially structured according to the model
of the old post-employment benefit provisions in the Austrian Employee Act (Angestelltengesetz) in
combination with relevant sector-specific provisions. Under these provisions, depending on the period
of service, Managing Board members can receive two to twelve months’ compensation, with an
increase of 50% if the member retires or withdraws after a long-term illness. A member who withdraws
of his or her own volition before retirement is possible, or withdraws due to a fault of his or her own, is
not entitled to post-employment benefits.
In 2007, the total expenses for severance benefits and pensions of EUR 13,259 million (2006:
EUR 22,412 million) included post-employment benefit and pension expenses of EUR 4,218 million
(2006: 8,291 million) for Managing Board members and senior management according to § 80 (1) of
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