talanx group annual report 2011 en
talanx group annual report 2011 en
talanx group annual report 2011 en
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96<br />
The Talanx Group Strategy Enterprise<br />
managem<strong>en</strong>t<br />
P<strong>en</strong>sion <strong>en</strong>titlem<strong>en</strong>ts of the active members of the Board of Managem<strong>en</strong>t<br />
Talanx Group. Annual Report <strong>2011</strong><br />
Research and<br />
developm<strong>en</strong>t<br />
Markets and<br />
g<strong>en</strong>eral conditions<br />
Business<br />
developm<strong>en</strong>t<br />
Assets and<br />
financial position<br />
Name P<strong>en</strong>sion commitm<strong>en</strong>t 1) Pres<strong>en</strong>t value of DBO 2) as at 31.12.<strong>2011</strong> Exp<strong>en</strong>ses for retirem<strong>en</strong>t provision 3)<br />
In EUR thousand<br />
Herbert K. Haas 390 5,369 195<br />
Dr. Christian Hinsch 275 3,653 142<br />
Torst<strong>en</strong> Leue 225 266 225<br />
Dr. Thomas Noth 4) 100<br />
Dr. Immo Querner 250 1,707 150<br />
Dr. Heinz-Peter Roß 149 273 123<br />
Ulrich Wallin 220 2,531 125<br />
Total <strong>2011</strong> 1,509 13,799 1,060<br />
Total 2010 1,558 13,804 796<br />
1) Value of the agreed <strong>annual</strong> maximum p<strong>en</strong>sion on leaving the company as contractually agreed after reaching the age of 65<br />
2) DBO = defined b<strong>en</strong>efit obligation<br />
3) The service cost recognised in the year under review for p<strong>en</strong>sions and other post-retirem<strong>en</strong>t b<strong>en</strong>efits is stated<br />
4) In the case of Dr. Noth a defined contribution commitm<strong>en</strong>t exists with an <strong>annual</strong> funding contribution of 20% of the <strong>annual</strong> fixed remuneration.<br />
The funding contribution of EUR 100 (100) thousand is stated here<br />
Remuneration of the Supervisory Board<br />
The remuneration of the Supervisory Board is governed by § 13 of<br />
the Articles of Association of Talanx AG. It is set by the G<strong>en</strong>eral Meeting<br />
of Talanx AG. By resolution of the G<strong>en</strong>eral Meeting of Talanx AG<br />
on 4 June 2010, the members of the Supervisory Board receive,<br />
in addition to reimbursem<strong>en</strong>t of their exp<strong>en</strong>ses, an <strong>annual</strong> fixed<br />
remuneration (basic remuneration) and a performance-based variable<br />
remuneration, which is also linked to the company’s longterm<br />
success. To make allowance for their considerable extra workload,<br />
the Chairman receives 2.5 times and his deputies 1.5 times these<br />
emolum<strong>en</strong>ts.<br />
In the year under review, the <strong>annual</strong> basic remuneration is<br />
EUR 50,000 per Supervisory Board member. The basic remuneration<br />
of the chairman is EUR 125,000, that of the deputy chairpersons<br />
EUR 75,000 each. In addition, comm<strong>en</strong>cing with the 2010<br />
financial year, each member of the Supervisory Board receives a<br />
variable remuneration of EUR 55 for each full EUR million by which<br />
the average Group net income of the last three financial years, after<br />
non-controlling interests, exceeds the minimum return pursuant<br />
to § 113 Para. 3 Stock Corporation Act (AktG) (4% of the contributions<br />
paid on the lowest issue price of the shares) (b<strong>en</strong>chmark).<br />
The factor for the chairman amounts to EUR 138, and for each of<br />
his deputies EUR 83. The variable remuneration of the members of<br />
the Supervisory Board is capped at a maximum of EUR 50,000, for<br />
the chairman at EUR 125,000 and for his deputies at EUR 75,000.<br />
If the average Group net income of the last three financial years,<br />
after non-controlling interests, falls short of the minimum return<br />
pursuant to § 113 Para. 3 Stock Corporation Act (AktG), the variable<br />
remuneration is forfeited.<br />
Further remuneration of EUR 25,000 per member has be<strong>en</strong> set for<br />
the members of the Finance and Audit Committee and the Personnel<br />
Committee within the Supervisory Board. The chairman of each<br />
of these committees receives twice this amount.<br />
The total <strong>annual</strong> remuneration payable to any Supervisory Board<br />
member (including remuneration for membership of the Supervisory<br />
Board committees) is limited to a maximum of three times the<br />
basic remuneration for each member.<br />
In addition to reimbursem<strong>en</strong>t of their exp<strong>en</strong>ses, the members of<br />
the Supervisory Board receive an att<strong>en</strong>dance allowance of EUR 1,000<br />
for each meeting of the Supervisory Board or of the Supervisory<br />
Board committees in which they take part. If two or more meetings<br />
of the Supervisory Board or its committees are held on the same<br />
day, only one att<strong>en</strong>dance allowance is payable for that day.<br />
The value added tax payable on the remuneration for the Supervisory<br />
Board is reimbursed by the company.<br />
The total remuneration for the Supervisory Board of Talanx AG<br />
amounted to EUR 2,135 (1,857) thousand. The details are giv<strong>en</strong> in the<br />
table below. The emolum<strong>en</strong>ts are disclosed for the individual members<br />
by name for the first time in the year under review.