72 AEGON’s Executive Board is charged with the overall  management of the company and, as such, is responsible  for achieving the company’s aims, strategy and  associated risk profile, as well as overseeing any  relevant sustainability issues and the development  of the company’s earnings. Each member has duties  related to his or her specific area of expertise. The  number of Executive Board members and their terms  of employment are determined by the company’s  Supervisory Board. Executive Board members are  appointed by the General Meeting of Shareholders  following nomination by the Supervisory Board.  Supervisory Board operates according to the principles  of collective responsibility and accountability.  Members are appointed by the General Meeting of  Shareholders following nomination by the Supervisory  Board itself. At present, AEGON’s Supervisory Board  consists of ten non-executive members, one of whom is  a former member of AEGON’s Executive Board.  The Supervisory Board also oversees the activities of  several Committees. These Committees are composed  exclusively of Supervisory Board members and deal with  specific issues related to AEGON’s financial accounts,  risk management strategy, executive remuneration and  appointments. These Committees are:  AEGON endeavors to ensure that the composition of the  company’s Supervisory Board is well balanced. A profile  has been drawn up outlining the required qualifications  of its members. Supervisory Board members are no  longer eligible for appointment after the age of 70,  unless the Board itself decides to make an exception.  Supervisory Board members’ remuneration is  determined by the General Meeting of Shareholders. AEGON’s Executive Board is assisted in its work by  the company’s Management Board, which comprises  six members, including the members of the  Executive Board$^{ 1}$. During 2010, AEGON’s Management  Board was composed of Alexander R. Wynaendts,  Jan J. Nooitgedagt, Mark Mullin, Marco B.A. Keim,  Otto Thoresen and Gábor Kepecs. For certain decisions – detailed in AEGON’s Articles  of Association – the Executive Board must seek prior  approval from the Supervisory Board. In addition, the  Supervisory Board may also choose to subject other  Executive Board decisions to its prior approval.  The employment contracts with current members of the  Executive Board contains provisions entitling them to  severance payments, should their employment be  terminated as a result of a merger or takeover$^{ 2}$.  As part of the capital transaction agreed with the  Dutch State in 2008, severance payments for the  members of the Executive Board are limited to a  maximum of one year’s fixed salary. The company’s  Remuneration Policy for the Executive Board also limits  the exit arrangement to a maximum of one year’s  fixed salary$^{ 3}$.  As a publicly listed company, AEGON is required to  provide the following detailed information regarding  any structures or measures that may hinder or prevent  a third party from acquiring the company or exercising  effective control over it.  AEGON has authorized capital of EUR 610 million,  divided into three billion common shares, each with a  par value of EUR 0.12 and one billion class A and class B  preferred shares, each with a par value of EUR 0.25.  At the end of 2010, a total of 1,736,049,139 common  shares and 280,710,000 preferred shares had been issued.  AEGON’s Supervisory Board oversees the management  of the Executive Board, as well as the overall course of  the company’s business and corporate strategy. In its  deliberations, the Supervisory Board must take into  account the interests of all AEGON stakeholders. The  Capital of the company Supervisory Board AEGON’s ownership structure and  exercise of control Severance payments  Composition of the Board  Management Board  Committees  Appointment of Board members  ■ The Audit Committee ■ The Risk Committee ■ The Compensation Committee ■ The Nominating Committee 1 For further details, please see page 4 to 5. 2 Employment contracts for members of AEGON’s Executive Board are available on AEGON’s website (www.aegon.com). 3 See page 66 to 69 for the Remuneration Policy Executive Board. The Policy is also available on AEGON’s website (www.aegon.com).