44 Remuneration of the Board of Management and the Supervisory Board

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2008

 

2007

Board of Management remuneration

 

 

 

 

Non-performance-related remuneration

 

5,346,622

 

4,810,736

Performance-related remuneration

 

12,500,000

 

10,850,000

Stock options exercised or subscribed

 

27,535,750

 

837,150

Fair value of stock options held at reporting date

 

 

7,950,150

Supervisory Board remuneration

 

 

 

 

Fixed remuneration components

 

273,000

 

307,192

Variable remuneration components

 

4,301,665

 

3,968,975

Loans to Supervisory Board members

 

17,500

 

21,218

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 additional annual variable amount paid to each member of the Board of Management contains annually recurring components tied to the business success of the Company. It is primarily oriented on the results achieved and the financial position of the Company.

On December 31, 2008 the pension provisions for members of the Board of Management amounted to €32,732,521 (previous year: €30,334,447). 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 (Betr AVG – 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 €8,269,973 (previous year: €8,688,685). Provisions for pensions for this group of people were recognized in the amount of €102,789,267 (previous year: €107,971,788).

Loans in the total amount of €17,500 have been granted to members of the Supervisory Board (amount redeemed in 2007: €21,218). The loans generally bear interest at a rate of 4.0% and have an agreed term of up to 12.5 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.

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