ANNUAL REPORT 2010   OUR GOVERNANCE  REMUNERATION POLICY AND REPORT 69 Terms of employment  EXECUTIVE BOARD  REMUNERATION REPORT 2010 Compensation structure  Fixed compensation Members of the Executive Board are appointed for four  years, and may then be reappointed for successive  mandates also of four years.  Members of the Executive Board may terminate their  employment with a notice period of three months.  If AEGON wishes to terminate the employment of a  member of its Executive Board, then the company must  give six months’ notice. Termination arrangements  conform to the provisions of the Dutch Corporate  Governance Code and Dutch law, whatever the  circumstances.  The maximum severance payment for members of the  Executive Board is equal to one year’s gross fixed  At the end of December 2010, AEGON’s Executive Board  had two members: 1 Please note that Mr. Nooitgedagt was appointed Chief Financial Officer in April 2009. His 2009 salary was prorated, based on an  annual salary for that year of EUR 700,000. compensation, providing the employment contract has  been terminated or cancelled at the request of the  company. The Supervisory Board has taken appropriate  steps to ensure the contractual arrangements of  members of the Executive Board remain in line with the  company’s Remuneration Policy.  In the second half of 2010, the Compensation Committee  discussed developments regarding executive  remuneration, such as the Dutch Insurance Code, the  Capital Requirements Directive III, the views of the Dutch  Central Bank and their possible impact on the  Remuneration Policy. These discussions were continued  in the beginning of 2011 and will lead to a proposal to  amend the Executive Board Remuneration Policy in 2011. Fixed compensation provides members of AEGON’s  Executive Board with a base salary based on their  qualifications, experience and expertise. Amounts paid in  2010 increased marginally as compared to 2009 due to  annual salary adjustments in the AEGON Nederland N.V.  collective labor agreement and are shown in table 1.  Variable compensation comprises of two elements:  short-term and long-term. SHARPENING OUR FOCUS Executive Board Remuneration Policy 2011 Executive Board members In EUR 2010  2009 %  change Alexander R. Wynaendts CEO & Chairman EB 955,542 950,000 0.6 Jan J. Nooitgedagt$^{ 1}$ CFO & member EB 704,083 525,000 0.6 ■ Alexander R. Wynaendts, Chief Executive Offi cer  and Chairman of the Executive Board. Mr. Wynaendts  was appointed member of the Executive Board in 2003  for four years. He was re-appointed in 2007 and is  again up for re-appointment in 2011. ■ Jan J. Nooitgedagt, Chief Financial Offi cer and  member of the Executive Board. Mr. Nooitgedagt was  appointed member of the Executive Board in 2009 for  four years.