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Equal Remuneration

Sampo Group has developed group-level monitoring and measurement regarding remuneration since 2020. Average annual employee remuneration, average annual remuneration by gender, and average employee remuneration compared to Group CEO pay are now a regular part of the Group’s sustainability reporting.

In general, remuneration in Sampo Group is well in line with the industry averages. The main reasons for the pay gap between female and male remuneration are the lack of women in the highest levels of management and the fact that certain functions are male or female dominated, such as IT and HR, respectively. For these functions, the main goal is to make sure that the available talent pool, when recruiting, becomes more equal. Other initiatives to close the pay gap include, for example, encouraging more women to apply for top-level positions and including more women in succession planning.

Average annual remuneration by binary gender (EUR), Sampo Group

  2021 2020* 2019*
  Female Male Pay
gap
Female Male Pay
gap
Female Male Pay gap
Fixed compensation 53,364 67,176 0.79 55,986 70,264 0.80 56,156 70,728 0.79
Fixed and variable compensation 56,934 76,939 0.74 59,399 80,140 0.74 59,804 82,391 0.73

*Excluding Hastings

Excluding the remuneration of the Group CEO. The gender pay gap figures do not show pay for the same/similar jobs. The gender pay gap figure describes the difference in pay between men and women explained by various factors, such as different job tasks, responsibilities, and positions in the company.

Average employee remuneration vs. Group CEO remuneration, Sampo Group

  2021 2020 2019
Average employee remuneration, EUR* 66,915 69,580 70,781
Group CEO remuneration, EUR** 2,511,459 1,313,694* 3,891,196
Pay ratio 38:1 19:1 55:1

* Hastings is included in the calculations since as of 2021. Excluding Hastings, the average employee remuneration would have been EUR 73,228 in 2021
** The former Group CEO, Kari Stadigh, retired on 31 December 2019, and he was succeeded by Torbjörn Magnusson with effect from 1 January 2020. The first instalment of long-term incentive scheme 2017:1 was due in September 2020, and performance conditions related to the insurance margin and return on capital at risk were fulfilled 100 per cent. However, as the trade weighted average price of the Sampo A share on Nasdaq Helsinki Ltd was below the starting price, there was no payment from LTI 2017:1 in 2020. 

If

Governance

If’s Remuneration Policy describes the company-specific governance framework, monitoring, and control procedures regarding remuneration, and it applies to all employees of the company. The policy is reviewed annually and approved by the Board of Directors.

If’s Compliance function reviews annually whether the Remuneration Policy complies with applicable regulation, and the Risk Management function performs an annual risk analysis of the Renumeration Policy and the compensation systems. Furthermore, an external auditor performs an independent review of the implementation of the Remuneration Policy annually. The results of the reviews are reported to the Board of Directors. A separate Remuneration Committee supports the Board of Directors in overseeing the Remuneration Policy and supervises the compliance with the remuneration governance processes.

If’s Remuneration Policy includes measures aimed at avoiding and mitigating risk-taking and conflicts of interest. Persons who effectively run the company and identified staff are subject to a deferral rule, meaning that a substantial part of variable compensation is deferred for at least 3 years, after which the Board of Directors decides on the payment/release. Variable compensation may be cancelled in whole or in part if material non-acceptable risk-taking or breaches against internal or external rules for the business by identified staff have materialised or if the payment/release threatens the company’s ability to maintain an adequate capital base.

Furthermore, to guarantee fair and objective remuneration to all If employees, all decisions concerning individual remuneration made by a leader shall also be approved by the leader’s leader (grandparent principle).

Integration of ESG into remuneration

At If, all employees, including top management, who participate in variable compensation programmes have ESG criteria linked to their variable compensation. In 2021, one common criterion was customer retention. In addition, to be eligible for payment from a variable compensation programme, the employee must have acted in compliance with internal and external rules for the business.

Equal pay analysis

If has a common Nordic-level tool and model for annual equal pay analysis. The common model enables If to perform equal pay analyses in a standardised way and on an aggregated level. The annual equal pay analysis contains an action plan for how to adjust for any unwarranted individual pay gaps detected in the process.

The equal pay analysis is one part of If’s active measurements according to discrimination law. Active measurements prevent all kinds of discrimination and promote equal rights and opportunities. In the equal pay analysis, If investigates pay differences between men and women who perform equal work or work of equal value. The analysis is conducted in cooperation with If’s union representatives. The purpose is to identify, handle, and prevent unwarranted pay differences between men and women that, directly or indirectly, can be derived from their gender.

Topdanmark

Governance

Topdanmark’s Remuneration Policy is reviewed and approved by the Board of Directors every other year. The remuneration policy is prepared in accordance with the applicable legislation, and its overall purpose is to ensure transparency and shareholder influence on Topdanmark's remuneration. The remuneration policy must strengthen the attraction, retention, and motivation of qualified members of Topdanmark's management, ensure consistency between the interests of management, the company, and its shareholders, and contribute to optimisation of long-term value creation at group-level and support Topdanmark's business strategy. The policy is available on Topdanmark’s website (www.topdanmark.com). 

Integration of ESG into remuneration

In 2021, Topdanmark updated the remuneration policy for executive management and other selected employees in senior management to ensure the integration of sustainability into remuneration. This means that Topdanmark’s cash- and share-based short-term incentive programme and result criteria include ESG considerations within the areas of climate, environment, social sustainability, and responsible management. 

Equal pay analysis

Topdanmark's position on diversity and equal opportunities for everyone applies to remuneration, as well. It is company policy that remuneration depends on objective criteria such as experience, competencies, efforts, results, and the content of the position. To comply with the equal pay policy, Topdanmark has implemented a job title and job position structure that is based on the objective assessment of positions and that ensures remuneration is based on the above-mentioned criteria. In this way, the company both gets consistency and ensures that the conditions are not based on the person or their gender. Likewise, Topdanmark’s agreements contribute to ensuring equal pay for equal work. 

Hastings

Governance

Hastings’ approach to remuneration is based on the company’s 4Cs cultural framework, which focuses on getting things right for colleagues, customers, company, and community. The remuneration arrangements are also aligned to the risk management strategy, the Corporate Governance Code, and the approach to conduct and business ethics. The design and operation of the remuneration arrangements consider the risk management framework and appetite, relevant risks, and regulatory conduct requirements, and legal and statutory obligations.

Hastings seeks to pay employees competitively and fairly for the work they do, and to reward them appropriately based both on the performance of the company and their own individual performance against relevant goals. In addition, Hastings wants to encourage the right behaviours in line with the 4Cs.

The remuneration approach aims to reward fairly, with competitive pay, in comparison to internal and external benchmarks, with incentives reflecting the results achieved and the contribution made by individuals; to encourage employees to achieve and surpass their goals, and demonstrate appropriate conduct and behaviours; to be transparent, easy to understand, and clearly explained and communicated; to be consistent in approach throughout the organisation; and to encourage employees and leaders to take appropriate but not excessive risks, whilst operating within agreed risk appetites and avoiding conflicts of interest.

Hastings’ remuneration approach also aims to enable the achievement of business goals and the creation of value for shareholders; to encourage and reward good outcomes for customers; to allow the company to pay what it needs to attract and retain people with the capabilities, mindsets, and attitudes to help the business achieve its strategy; to align individual interests to those of the Hastings Group; and to be compliant with relevant legislation and regulation.

Integration of ESG into remuneration

Hastings’ variable compensation takes into account performance against the 4Cs goals, which include measures on employee engagement, customer experience, progression in Hastings’ ESG and diversity and inclusion agendas, and the embedding of strong governance.

Equal pay analysis

Hastings’ approach to remuneration applies equally to everyone. Salary ranges are set based on objective criteria, such as internal and external benchmarks, reflecting a fair rate for the role, and considering experience and capability. Hastings produces a Gender Pay Gap Report annually, in accordance with UK legislation, and actively seeks to address any issues by ensuring equal pay for equivalent roles, and by improving the gender balance across all levels in the organisation.

Mandatum

Governance

The goal of Mandatum’s remuneration mechanism is to encourage and stimulate employees to do their best and surpass their targets. When employees are successful in meeting their targets, they contribute to the long-term financial success of the company.

In remuneration, Mandatum complies with Sampo Group's remuneration principles and the company's own remuneration policies, in addition to the regulations related to the company’s industry. Mandatum reviews its remuneration policies annually, and the Board of Directors approves them. The remuneration policies include measures aimed at avoiding risk-taking and conflicts of interest. Variable remuneration from the remuneration programmes shall always be conditional on the decision of the Board of Directors. In addition, part of the variable remuneration paid to identified staff is deferred in accordance with the remuneration policies.

Remuneration is constantly monitored in Mandatum, as well-functioning and competitive remuneration is an essential tool for attracting and engaging competent and experienced employees. To guarantee fair and objective remuneration, all decisions concerning individual remuneration made by a leader shall also be approved by the leader’s leader.

Integration of ESG into remuneration

When setting remuneration criteria, Mandatum considers how the chosen criteria and achieving the target support the company values and objectives, including the sustainability objectives. Addressing sustainability risks and the adverse sustainability impacts of Mandatum’s own investment activities is critical for the long-term success of the company. Therefore, the company’s remuneration structure includes measures to ensure that sustainability risks and adverse sustainability impacts are properly reflected in the remuneration of employees concerned. In Mandatum, investment activities take particular account of compliance with the Responsible Investment Policy. In addition, customer satisfaction has been included in every Mandatum employee’s target metrics for years.

Equal pay analysis

Mandatum’s objective is to pay the same salary for the same job, the same level of responsibility, and the same level of performance and results. The minimum salary is determined based on the job grade, and the final salary shall be determined by taking into account the level of responsibility, competence, and performance of the employee. Internal and external benchmarks are used in setting the salary ranges.

Mandatum produces a Gender Equality Report annually, which indicates the average earnings by gender, according to the grade or function of the employee. Mandatum continuously monitors the gender balance within the organisation.

More information in Sampo Group’s Sustainability Report.

Updated 11 May 2022