41 Related party disclosures in accordance with IAS 24

Related parties as defined by IAS 24 are natural persons and entities that Volkswagen AG has the ability to control or on which it can exercise significant influence, or natural persons and entities that have the ability to control or exercise significant influence on Volkswagen AG, or are influenced by another related party of Volkswagen AG.

On March 13, 2008 Porsche Automobil Holding SE (previously Dr. Ing. h.c. F. Porsche AG) held 30.56% of the voting rights in Volkswagen AG. Two representatives of Porsche Automobil Holding SE were elected to the Supervisory Board. All transactions with Porsche Automobil Holding SE itself and with other companies affiliated with Porsche Automobil Holding SE are conducted on an arm’s length basis. After the end of the reporting period, the interest held by Porsche Automobil Holding SE exceeded the 50% threshold and amounted to 50.76% of the voting rights as of January 5, 2009.

On January 26, 2009, the State of Lower Saxony held 20.01% of the voting rights of Volkswagen AG on December 31, 2008 and also appoints two members of the Supervisory Board. Transactions with private companies owned by the State of Lower Saxony are conducted on an arm’s length basis.

All transactions with unconsolidated dated subsidiaries, joint ventures, associates and other related parties are conducted on an arm’s length basis.

Members of the Board of Management and Supervisory Board of Volkswagen AG are members of supervisory and management boards or shareholders of other companies with which Volkswagen AG has relations in the normal course of business. All transactions with these companies are conducted on an arm’s length basis.

The amounts of the supplies and services transacted, as well as outstanding receivables and liabilities, between consolidated companies of the Volkswagen Group and related parties (unconsolidated dated subsidiaries, joint ventures, associates, Porsche Automobile Holding SE, Porsche Holding Gesellschaft m.b.H., Salzburg/Austria and their affiliated companies as well as other related parties) are presented in the following tables:

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RELATED PARTIES

 

 

 

 

Supplies and services rendered

 

Supplies and services received

€ million

 

2008

 

2007

 

2008

 

2007

Supervisory Board members

 

0

 

0

 

0

 

0

Group Board of Management

 

0

 

0

 

1

 

Unconsolidated subsidiaries

 

1,583

 

1,124

 

739

 

411

Joint ventures

 

3,213

 

2,717

 

492

 

284

Associates

 

30

 

0

 

201

 

3

Pension plans

 

0

 

1

 

3

 

0

Other related parties

 

6

 

2

 

41

 

41

Porsche

 

6,317

 

5,528

 

389

 

178

State of Lower Saxony and majority-held interests

 

6

 

2

 

1

 

1

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Receivables from

 

Payables to

€ million

 

2008

 

2007

 

2008

 

2007

Supervisory Board members

 

0

 

0

 

5

 

4

Group Board of Management

 

0

 

 

14

 

13

Unconsolidated subsidiaries

 

324

 

446

 

339

 

109

Joint ventures

 

3,843

 

1,497

 

46

 

17

Associates

 

33

 

1

 

14

 

0

Pension plans

 

0

 

0

 

0

 

0

Other related parties

 

0

 

0

 

1

 

0

Porsche

 

185

 

407

 

10

 

46

State of Lower Saxony and majority-held interests

 

0

 

1

 

 

0

The Board of Management and Supervisory Board of the Volkswagen Group are related parties within the meaning of IAS 24. The following benefits and remuneration were recorded for these persons:

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2008

 

2007

Short-term benefits

 

22,508,592

 

19,936,903

Termination benefits

 

 

5,950,000

Post-employment benefits

 

3,237,434

 

1,647,415

Share-based payment

 

39,000

 

78,000

 

 

25,785,026

 

27,612,318

There are outstanding balances for bonuses of the Board of Management members in the amount of €12,500,000 at the end of the fiscal year (previous year: €10,850,000). The post-employment benefits relate to additions to pension provisions for current members of the Board of Management. The expenses shown above do not correspond to the definition of remuneration of members of the Board of Management and the Supervisory Board in accordance with the German Corporate Governance Code.

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