97 and regulatory issues. The Committee examined in depth the  company’s Pricing and Product Development Policy, model  validation, use of derivatives, and identification of hedging and  emerging risk. At the meeting in Washington, the Committee  specifically discussed Aegon Realty, which advises clients on  investments in real estate asset classes, and the United States  private placement business. Aegon’s Executive Board consists of two members. As a result  gender diversity is not easy to achieve. Moreover, selection and  appointment of members of the Executive Board is based on  expertise, skills and relevant experience. The Supervisory Board  will also consider gender diversity in view of the aim of balanced  Executive Board composition.  The Compensation Committee The Nominating Committee Aegon’s Nominating Committee held six meetings in 2013.  The CEO and Global Head of Human Resources attended of  these meetings in whole or in part. The Nominating Committee discussed the composition of the  Supervisory Board and its Committees, and current and upcoming  vacancies. The Committee prepared decision-making on the  proposal to appoint Mrs. Dona D. Young to the Supervisory  Board, as approved by the shareholders on May 15, 2013. The  Committee also advised the Supervisory Board on the nomination  for the reappointment of Mr. Shemaya Levy to the Supervisory  Board in 2013 for a third and final term of four years. When  making these recommendations for (re)appointments, the  Nominating Committee determined that they were in line with  the Supervisory Board profile as set by the Board and published  on Aegon’s corporate web site.  The Board aims to have a balanced composition in terms  of professional background, geography and gender. This is  taken into account when selecting suitable candidates for the  Board. In 2013, the members of the Committee reviewed and  interviewed a number of candidates for upcoming vacancies. In  accordance with the aim to have a balanced composition, the  Board expects to propose to shareholders the appointment of  two new members for a term of four years at the annual General  Meeting of Shareholders in 2014. The Board is of the opinion that  with these proposed appointments its composition continues to  meet the requirements of the Supervisory Board profile. During the year, the Committee reviewed the composition of the  Executive Board and Management Board and the functioning  of their members. Acknowledging the importance of good  succession planning, the Committee also discussed with the  CEO and Aegon’s Global Head of Human Resources the extent  to which sufficient internal candidates are available to fill  positions at EB, MB and senior management level in cases of  emergency and when positions open up in the future. The CEO  also discussed with the Nominating Committee changes in the  global senior management team during the year. The Committee  was kept apprised of developments in employee engagement,  talent management and international mobility. In February 2014,  the full Board discussed these topics extensively with the Global  Head of HR. The Board felt that the right steps are taken to  ensure proper succession planning is in place and was pleased  to see that Aegon is continuing to make further progress in the  area of employee engagement and talent management. A recurring topic was executive remuneration, particularly in  the context of the draft legislation applicable to remuneration  in the financial services sector in the Netherlands (“Wet  beloningsbeleid financiële ondernemingen”) announced at the  end of 2013. The Dutch government intends to use this new  legislation to introduce a broad set of rules to ensure that  financial services companies conduct sound remuneration  policies and avoid payment of excessive variable remuneration.  In addition, the legislation intends to harmonize existing  remuneration rules applicable to financial services companies  in the Netherlands. The most striking feature of the proposal is  the introduction of a bonus cap of 20% of fixed pay on variable  remuneration across the financial industry in the Netherlands.  The Compensation Committee will study the proposal and its  consequences for Aegon’s remuneration practices.  During the year, the Committee considered advice from  independent external consultants on specific topics and  ascertained that these consultants did not also advise the  members of the Executive Board. In 2013, the Compensation Committee oversaw the application  and implementation of Aegon’s Global Remuneration Framework  and the various policies and related procedures, including the  Remuneration Policy for Identified Staff. This included setting  the 2013 targets, establishing the 2012 variable compensation  amounts, the scenario analysis of pay-out levels under the  Executive Board Remuneration Policy, reviewing and/or  approving the ex-ante assessments and ex-post assessments,  any exemption requests under the remuneration policies and  changes to the list of Identified Staff. In addition, the Committee  discussed the results of reviews by De Nederlandsche Bank and  the Internal Audit Department on the implementation process of  the remuneration policies.  The Compensation Committee held six meetings in 2013, which  were attended by the CEO. The scope of the Compensation  Committee has increased in recent years as a result of new  regulations promulgated by the European Union – the Capital  Requirements Directive III and IV (CRD III and IV), and the  Guidelines on Remuneration Policies and Practices issued by  the Committee of European Banking Supervisors/European  Banking Authority. CRD III and IV have been implemented by way  of the Decree on Sound Remuneration Policy (Regeling Beheerst  Beloningsbeleid Wft 2011-Rbb) issued by De Nederlandsche Bank. 