Relations with the Dutch government

 

  • In December 2008, AEGON secured EUR 3 billion in additional core capital from the Dutch State as part of a broader program to support healthy and viable financial services companies during the financial crisis. AEGON repaid EUR 1 billion of the capital in November 2009, and intends to repay the remaining EUR 2 billion as soon as it is feasible and responsible to do so.
  • Capital support from the Dutch State is currently being reviewed by the European Commission on the basis of a long-term viability plan submitted in November 2009 by the Dutch government on AEGON's behalf.
  • Two representatives of the Dutch State serve on AEGON's Supervisory Board. Approval from these representatives is required for certain decisions including:
    • The issue and repurchase of shares and debentures
    • Changes to AEGON's policy with regard to executive remuneration
    • Any acquisitions that have a value of 25% or more of AEGON's issued capital and reserves.

 

For further details on AEGON's corporate governance, please click here.

 

  • At the end of March 2009, the Dutch government and representatives of the country's financial sector agreed a number of measures designed to bring about a "sustainable and moderate" system of executive remuneration. This agreement followed extensive discussions between the Dutch Ministry of Finance and banks, insurance companies and pension providers in the Netherlands, including AEGON. The agreement is aimed primarily at "preventing excessive compensation practices that damage confidence in the sector".

 

For further information, please refer to the section on Executive Remuneration.

 

During 2009, the Chairman of AEGON's Supervisory Board, Dudley Eustace, and the Chairman of the company's Audit Committee, Shemaya Levy, held two separate meetings with officials from the Dutch Central Bank. These meetings discussed a number of issues including the changing regulatory landscape for financial companies, as well as AEGON's system of governance and risk management, and its capital position. Other members of AEGON senior management also held separate meetings with the Dutch Central Bank during the course of the year. 

 

Since the beginning of October 2009, AEGON has been subject to supplemental group supervision by the Dutch Central Bank in accordance with the requirements of the European Union's Financial Conglomerate Directive.