Compensation
Total remuneration of the Supervisory Board
The rules in place since the financial year 2009 provide for a fixed remuneration component of €50,000 for each member of the Supervisory Board, plus a variable resultrelated component and a component based on long-term corporate performance. The Chairman of the Supervisory Board receives two-and-a-half times, and the Deputy Chairman one-and-a-half times, the fixed remuneration and the variable remuneration.
The variable result-related remuneration is based on the undiluted earnings per share from continuing operations, as shown in the consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs): each Supervisory Board member receives €4,000 for each full euro by which earnings per share exceed €12, but a maximum of €40,000. Based on earnings per share of €3.94, no variable result-related remuneration is payable for the financial year 2011. The performance-related remuneration component with long-term incentivisation was introduced in accordance with the German Corporate Governance Code. This amounts to €10,000 and is paid out if earnings per share in the remuneration year exceed earnings per share in the third financial year preceding the remuneration year by at least 30%. No long-term remuneration component is payable for the remuneration year 2011.
Members of the Supervisory Board committees receive an additional 50% of their fixed remuneration, with the chairmen of the committees receiving 100%. This takes account of the substantial workload involved.
The total remuneration of each Supervisory Board member is limited to three times the fixed remuneration, thus ensuring that the overall remuneration of individual Supervisory Board members remains appropriate even if further committees are set up.
| Remuneration of Supervisory Board members in accordance with Article 15 of the Articles of Association1 |
| |
Fixed remuneration |
|
Result-related remuneration |
|
| Name |
Financial year |
Annual |
For committee work2 |
Annual |
Total |
| |
|
€ |
€ |
€ |
€ |
Dr. Hans-Jürgen Schinzler
Chairman
|
2011
2010
|
125,000.00
125,000.00
|
137,000.00
139,000.00
|
0.00
10,000.00
|
262,000.00
274,000.00
|
Hans Peter Claußen
Deputy Chairman
|
2011
2010
|
75,000.00
75,000.00
|
25,000.00
25,000.00
|
0.00
6,000.00
|
100,000.00
106,000.00
|
| Herbert Bach |
2011
2010
|
50,000.00
50,000.00
|
50,000.00
50,000.00
|
0.00
4,000.00
|
100,000.00
104,000.00
|
| Dina Bösch |
2011
2010
|
50,000.00
50,000.00
|
–
–
|
0.00
4,000.00
|
50,000.00
54,000.00
|
| Annika Falkengren (from 20.4.2011)
|
2011
2010
|
35,068.49
–
|
–
–
|
0.00
–
|
35,068.49
–
|
| Frank Fassin |
2011
2010
|
50,000.00
50,000.00
|
–
–
|
0.00
4,000.00
|
50,000.00
54,000.00
|
| Dr. Benita Ferrero-Waldner |
2011
2010
|
50,000.00
44,246.57
|
–
–
|
0.00
3,539.73
|
50,000.00
47,786.30
|
| Christian Fuhrmann |
2011
2010
|
50,000.00
50,000.00
|
37,000.00
35,000.00
|
0.00
4,000.00
|
87,000.00
89,000.00
|
| Prof. Dr. Peter Gruss |
2011
2010
|
50,000.00
50,000.00
|
–
–
|
0.00
4,000.00
|
50,000.00
54,000.00
|
| Prof. Dr. Henning Kagermann |
2011
2010
|
50,000.00
50,000.00
|
62,000.00
64,000.00
|
0.00
4,000.00
|
112,000.00
118,000.00
|
| Peter Löscher |
2011
2010
|
50,000.00
50,000.00
|
–
–
|
0.00
4,000.00
|
50,000.00
54,000.00
|
| Wolfgang Mayrhuber |
2011
2010
|
50,000.00
50,000.00
|
25,000.00
25,000.00
|
0.00
4,000.00
|
75,000.00
79,000.00
|
| Silvia Müller |
2011
2010
|
50,000.00
50,000.00
|
–
–
|
0.00
4,000.00
|
50,000.00
54,000.00
|
| Marco Nörenberg |
2011
2010
|
50,000.00
50,000.00
|
37,000.00
35,000.00
|
0.00
4,000.00
|
87,000.00
89,000.00
|
| Reinhard Pasch |
2011
2010
|
50,000.00
50,000.00
|
–
–
|
0.00
4,000.00
|
50,000.00
54,000.00
|
| Dr. Bernd Pischetsrieder |
2011
2010
|
50,000.00
50,000.00
|
50,000.00
56,000.00
|
0.00
4,000.00
|
100,000.00
110,000.00
|
| Anton van Rossum |
2011
2010
|
50,000.00
50,000.00
|
37,000.00
35,000.00
|
0.00
4,000.00
|
87,000.00
89,000.00
|
| Andrés Ruiz Feger |
2011
2010
|
50,000.00
50,000.00
|
–
–
|
0.00
4,000.00
|
50,000.00
54,000.00
|
| Richard Sommer |
2011
2010
|
50,000.00
50,000.00
|
–
–
|
0.00
4,000.00
|
50,000.00
54,000.00
|
| Dr. Ron Sommer |
2011
2010
|
50,000.00
50,000.00
|
–
–
|
0,00
4,000.00
|
50,000.00
54,000.00
|
| Total |
2011
2010
|
1,085,068.49
1,044,246.57
|
460,000.00
464,000.00
|
0.00
83,539.73
|
1,545,068.49
1,591,786.30
|
|
1 Plus turnover tax in each case, in accordance with Article 15 para. 6 of the Articles of Association.
2 In the case of members of the Audit Committee and/or Nomination Committee, the amount includes attendance fees in accordance with Article 15 para. 4 of the Articles of Association.
|
|
Remuneration of Supervisory Board members for membership of supervisory boards at Munich Reinsurance Company subsidiaries, in accordance with the companies’ respective Articles of Association1 |
| |
|
Fixed remuneration |
Result-based remuneration |
|
| Name |
Financial year |
Annual2 |
For committee work2 |
Annual |
Total |
| |
|
€ |
€ |
€ |
€ |
Hans Peter Claußen
Deputy Chairman
|
2011
2010
|
49,777.00
57,500.00
|
6,750.00
6,750.00
|
0.00
0.00
|
56,527.00
64,250.00
|
| Frank Fassin |
2011
2010
|
27,000.00
31,441.78
|
–
–
|
0.00
0.00
|
27,000.00
31,441.78
|
| Silvia Müller |
2011
2010
|
27,000.00
33,019.86
|
–
–
|
0.00
0.00
|
27,000.00
33,019.86
|
| Marco Nörenberg |
2011
2010
|
27,000.00
33,389.73
|
6,750.00
13,691.10
|
0.00
0.00
|
33,750.00
47,080.83
|
| Richard Sommer |
2011
2010
|
27,000.00
31,343.15
|
–
–
|
0.00
0.00
|
27,000.00
31,343.15
|
| Total |
2011
2010
|
157,777.00
186,694.52
|
13,500.00
20,441.10
|
0.00
0.00
|
171,277.00
207,135.62
|
|
1 Plus turnover tax in each case, in accordance with the relevant provisions of the respective Group companies‘ Articles of Association.
2 Including attendance fees in each case insofar as provided for under the relevant provisions of the Articles of Association.
|
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