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Executive Board compensation in detail

The total compensation paid to our Executive Board in the 2010 financial year amounted to € 11.494 million (2009: € 10.494 million).

Benefits in case of resignation from office as Executive Board member

All Executive Board members have individual contractual pension commitments which essentially include the following provisions:

Pension commitments
The retirement pension commences with the termination of the Executive Board mandate upon reaching the age of 65. In the case of permanent occupational disability or survivor’s benefits in the case of death, different provisions apply.

  • The retirement pension is determined in accordance with a modular system, i.e. starting from a base amount totalling 10% of the pensionable income, a module of 2% of the pensionable income is formed for each full year of tenure as an Executive Board member, which currently corresponds to the fixed annual salary indicated in the adjacent table.2) The retirement pension can reach a maximum level of 40% of the pensionable income.
  • In the event of occupational disability of an Executive Board member prior to reaching the retirement age, he receives a disability pension amounting to the pension entitlements achieved up to this point.
  • If an Executive Board member dies during the term of his service contract or after retiring, the spouse is entitled to a survivor’s benefit amounting to 50%, dependent children are entitled to a half-orphan’s pension of 15% or an orphan’s pension of 30% of the pension entitlements. The maximum limit of the survivor’s benefits is 100% of the pension entitlements. If an Executive Board member dies during the term of his service contract, his spouse receives or, alternatively, any dependent children additionally receive the pro-rata annual fixed salary for the month of death and the following three months but no longer than until the agreed end date of the service contract.

In the event that an Executive Board member leaves the company prior to reaching the retirement age, the non-forfeiture of the pension entitlement will be in line with the legal provisions. From the second year of pension payments, the current pension payments will increase by at least 1% of the amount of the prior year pension and additionally by any income from the pension trust fund allocable to the respective Executive Board member.

               
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Executive Board Total Compensation in 2010

€ in thousands

  
               
    Non-performance-related compensation components Performance-
related
compensation component		 Compensation
component
with long-term
incentive effect1)		 Total  
   

Annual

fixed salary

Other

benefits

 Performance
Bonus

LTIP Bonus

2009/2011

    
  Herbert Hainer (CEO) 1,373 282) 1,752 1,680 4,833  
  Glenn Bennett3) 497 14 510 840 1,861  
  Robin J. Stalker 550 162) 555 840 1,961  
  Erich Stamminger 700 372) 1,022 1,080 2,839  
  Total 3,120 95 3,839 4,440 11,494  








1) The indicated amount corresponds to the amount placed in the reserves for the 2010 financial year based on the forecasted degree of target achievement as at the balance sheet date. The amount of a possible payout is not specified therewith. Only if targets are met will payment be due following the approval of the annual consolidated financial statements for the period ending on December 31, 2011.
2) Other benefits comprise entertainment expenses, contributions to pension insurance and non-monetary benefits resulting from the provision of a company car.
3) In accordance with Glenn Bennett’s contract, the following compensation components were granted in US dollars: fixed annual salary $ 660,000, car allowance $ 18,000, Performance Bonus $ 677,000. An exchange rate of 1.3279 $/€ (annual average rate 2010) was used as the basis for calculation.


               
  02

Executive Board Total Compensation in 2009

€ in thousands

  
               
    Non-performance-related compensation components Performance-
related
compensation component		 Compensation
component
with long-term
incentive effect1)		 Total  
   

Annual

fixed salary

Other

benefits

 Performance
Bonus

LTIP Bonus

2009/2011

    
  Herbert Hainer (CEO) 1,250 272) 1,512 1,400 4,189  
  Glenn Bennett3) 431 25 581 700 1,737  
  Robin J. Stalker 500 132) 612 700 1,825  
  Erich Stamminger 700 362) 1,107 900 2,743  
  Total 2,881 101 3,812 3,700 10,494  








1) The indicated amount corresponds to the amount placed in the reserves for the 2009 financial year based on the forecasted degree of target achievement as at the balance sheet date. The amount of a possible payout is not specified therewith. Only if targets are met will payment be due following the approval of the annual consolidated financial statements for the period ending on December 31, 2011.
2) Other benefits comprise contributions to pension insurance and non-monetary benefits resulting from the provision of a company car.
3) In accordance with Glenn Bennett’s contract, the following compensation components were granted in US dollars: fixed annual salary $ 600,000, car allowance and other benefits $ 34,190, Performance Bonus $ 810,000. An exchange rate of 1.3932 $/€ (annual average rate 2009) was used as the basis for calculation.


2) Herbert Hainer and Erich Stamminger were both first appointed on April 1, 1997. Robin J. Stalker was first appointed on January 1, 2001. For Glenn Bennett, instead of his first appointment date (April 1, 1997), January 1, 2000, is used for the calculation of his pension entitlements. His base amount totals 20% of the pension entitlements.



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