talanx group annual report 2011 en

96
The Talanx Group Strategy Enterprise
management
Pension entitlements of the active members of the Board of Management
Talanx Group. Annual Report 2011
Research and
development
Markets and
general conditions
Business
development
Assets and
financial position
Name Pension commitment 1) Present value of DBO 2) as at 31.12.2011 Expenses for retirement provision 3)
In EUR thousand
Herbert K. Haas 390 5,369 195
Dr. Christian Hinsch 275 3,653 142
Torsten Leue 225 266 225
Dr. Thomas Noth 4) 100
Dr. Immo Querner 250 1,707 150
Dr. Heinz-Peter Roß 149 273 123
Ulrich Wallin 220 2,531 125
Total 2011 1,509 13,799 1,060
Total 2010 1,558 13,804 796
1) Value of the agreed annual maximum pension on leaving the company as contractually agreed after reaching the age of 65
2) DBO = defined benefit obligation
3) The service cost recognised in the year under review for pensions and other post-retirement benefits is stated
4) In the case of Dr. Noth a defined contribution commitment exists with an annual funding contribution of 20% of the annual fixed remuneration.
The funding contribution of EUR 100 (100) thousand is stated here
Remuneration of the Supervisory Board
The remuneration of the Supervisory Board is governed by § 13 of
the Articles of Association of Talanx AG. It is set by the General Meeting
of Talanx AG. By resolution of the General Meeting of Talanx AG
on 4 June 2010, the members of the Supervisory Board receive,
in addition to reimbursement of their expenses, an annual fixed
remuneration (basic remuneration) and a performance-based variable
remuneration, which is also linked to the company’s longterm
success. To make allowance for their considerable extra workload,
the Chairman receives 2.5 times and his deputies 1.5 times these
emoluments.
In the year under review, the annual basic remuneration is
EUR 50,000 per Supervisory Board member. The basic remuneration
of the chairman is EUR 125,000, that of the deputy chairpersons
EUR 75,000 each. In addition, commencing with the 2010
financial year, each member of the Supervisory Board receives a
variable remuneration of EUR 55 for each full EUR million by which
the average Group net income of the last three financial years, after
non-controlling interests, exceeds the minimum return pursuant
to § 113 Para. 3 Stock Corporation Act (AktG) (4% of the contributions
paid on the lowest issue price of the shares) (benchmark).
The factor for the chairman amounts to EUR 138, and for each of
his deputies EUR 83. The variable remuneration of the members of
the Supervisory Board is capped at a maximum of EUR 50,000, for
the chairman at EUR 125,000 and for his deputies at EUR 75,000.
If the average Group net income of the last three financial years,
after non-controlling interests, falls short of the minimum return
pursuant to § 113 Para. 3 Stock Corporation Act (AktG), the variable
remuneration is forfeited.
Further remuneration of EUR 25,000 per member has been set for
the members of the Finance and Audit Committee and the Personnel
Committee within the Supervisory Board. The chairman of each
of these committees receives twice this amount.
The total annual remuneration payable to any Supervisory Board
member (including remuneration for membership of the Supervisory
Board committees) is limited to a maximum of three times the
basic remuneration for each member.
In addition to reimbursement of their expenses, the members of
the Supervisory Board receive an attendance allowance of EUR 1,000
for each meeting of the Supervisory Board or of the Supervisory
Board committees in which they take part. If two or more meetings
of the Supervisory Board or its committees are held on the same
day, only one attendance allowance is payable for that day.
The value added tax payable on the remuneration for the Supervisory
Board is reimbursed by the company.
The total remuneration for the Supervisory Board of Talanx AG
amounted to EUR 2,135 (1,857) thousand. The details are given in the
table below. The emoluments are disclosed for the individual members
by name for the first time in the year under review.