ALLIANZ GROUP 172 Compensation of the Board of Management includes the basic salary as a fixed component as well as an annual bonus and a medium-term 3-year bonus as variable components. Other compo- nents consist of stock appreciation rights (SAR) and restricted stock units (RSU). A detailed description of the compensation of the Board of Man- agement is provided in the Remuneration Report on pages 14 to 16 of the present annual report. Information on equity-based compensation components is provided on pages 167 and 168 of the present annual report. Compensation for the Board of Management Fixed remuneration Variable remuneration 2003 2002 ¤ thou ¤ thou Fixed remuneration 7,336 7,956 Variable remuneration 15,525 9,491 Total fixed and variable  remuneration 22,861 17,447 Group equity incentives 9,474 5,237 (at grant date) In the reporting year, fixed remuneration of the Board of Manage- ment amounted to  ¤7.3 mn. This amount includes payment in kind and ancillary compensation amounting to  ¤0.2 mn. The percentage of fixed remuneration with respect to total fixed and variable remu- neration was 32 (2002: 45) %. Variable remuneration also includes allocations to the reserves for the 3-year bonus amounting to  ¤ 3.9 mn. Whether the amounts set aside are actually paid to the Members of the Board of Management upon expiration of the 3-year period, depends on whether the ob- jectives for the entire underlying 3-year period have been reached. For members of the Board of Management who retired in the course of the year, a pro-rated bonus right was set in connection with the ter- mination of the mandate. In the reporting year, no payments for the medium-term 3-year bonus were made. Group equity incentives are granted by the Allianz Group in the form of stock appreciation rights (SAR) and in the form of restricted stock units (RSU). The granting price of the Group equity incentive programs for 2003 was  ¤ 65.91 (average of the the daily closing rate of the Allianz share in Xetra trading on the 10 trading days following the Annual General Meeting for fiscal 2002). Group equity incentives