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Annual Report

44 Remuneration of the Board of Management and the Supervisory Board

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2010

 

2009

*

Adjusted

Board of Management remuneration

 

 

 

 

Non-performance-related remuneration

 

7,759,479

 

5,623,917

Performance-related remuneration

 

28,912,500

 

13,100,000

Supervisory Board remuneration

 

 

 

 

Fixed remuneration components

 

360,042

 

416,100*

Variable remuneration components

 

4,988,520

 

3,595,802*

Loans to Supervisory Board members

 

14,167

 

15,833

The Board of Management’s fixed remuneration also includes differing levels of remuneration for the assumption of appointments at Group companies as well as noncash benefits, which consist in particular of the use of company cars and the grant of insurance cover. The variable remuneration paid to each member of the Board of Management comprises a bonus, which is tied to business performance over the previous two years and, since 2010, a Long-Term Incentive (LTI) plan, which – subject to an introductory period – is based on the previous four fiscal years. The amount of the bonus is primarily oriented on the results achieved and the financial position of the Company.

On December 31, 2010 the pension provisions for members of the Board of Management amounted to €63,824,850 (previous year: €43,805,762). Current pensions are index-linked in accordance with the index-linking of the highest collectively agreed salary insofar as the application of section 16 of the Gesetz zur Verbesserung der betrieblichen Altersversorgung (BetrAVG – German Company Pension Act) does not lead to a larger increase. The members of the Board of Management are entitled to payment of their normal remuneration for six months in the event of illness and to the retirement pension in the event of disability. Surviving dependents receive a widow’s pension of 66 2/3% and a 20% orphan’s pension per child based on the pension of the former member of the Board of Management.

Retired members of the Board of Management and their surviving dependents received €8,562,867 (previous year: €8,252,535). Provisions for pensions for this group of people were recognized in the amount of €109,898,944 (previous year: €106,679,193).

Interest-free advances in the total amount of €120,000 have been granted to members of the Board of Management (amount granted in 2009: €0). The advances will be set off against performance-related remuneration. Loans in the total amount of €14,167 (repayments 2010: €1,667) have been granted to members of the Supervisory Board. The loans generally bear interest at a rate of 4% and have an agreed term of up to 15 years.

The individual remuneration of the members of the Board of Management and the Supervisory Board is explained in the Remuneration Report in the Management Report, which also contains a detailed analysis of the separate bonus components of the LTI plan.

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