Munich Re Group Annual Report 2006 (PDF, 1.8

Munich Re Group Annual Report 2006
increase was solely attributable to the high provisions for
the variable remuneration, mainly due to the very good
result for the year under review.
The compensation components that Mr. Phelan
received for his functions at Munich Re America Corporation
is included in the total remuneration.
Remuneration of individual Board members
(in accordance with Section 285 sentence 1 item 9a sentences 5–9 of the German Commercial Code
and Section 314 paragraph 1 item 6a sentences 5–9 of the German Commercial Code)
The variable compensation includes allocations to provisions
for the annual bonus likely on the basis of current
estimates and for the medium-term bonus. The sharepriced-based
compensation component is accounted for at
fair value at the granting date. Information on the fair value
can be found in the notes to the consolidated financial
statements on page 207 f. Whether the variable components
will actually be paid out to the Board members, and if
so how high the sums will be, is not yet certain and will
depend on the degree to which individual objectives are
achieved, and on the exercise conditions of the long-term
incentive plans. Munich Re shares have been acquired to
cover future obligations arising from the long-term incentive
plans so as to neutralise the expenses resulting from
a growth in value of the stock appreciation rights with an
increase in the value of the share portfolio.
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Management report_Corporate governance report
Name Basic Remuneration Annual Medium- Value of Total Number of
remuneration in kind and bonus 1
term stock stock
fringe bonus 1
appreciation appreciation
All figures in € benefits rights granted rights
Dr. Nikolaus von Bomhard 864,000.00 57,393.35 1,582,700.00 1,020,000.00 666,000.00 4,190,093.35 30,411
Dr. Ludger Arnoldussen 2
75,000.00 7,566.00 139,650.00 90,000.00 60,000.00 372,216.00 2,740
Dr. Thomas Blunck 300,000.00 26,818.48 558,600.00 360,000.00 240,000.00 1,485,418.48 10,959
Georg Daschner 400,000.00 29,779.88 744,800.00 480,000.00 320,000.00 1,974,579.88 14,612
Dr. Heiner Hasford 696,000.00 40,700.34 1,024,100.00 660,000.00 294,000.00 2,714,800.34 13,425
Dr. Torsten Jeworrek 500,000.00 29,021.04 931,000.00 600,000.00 400,000.00 2,460,021.04 18,265
Christian Kluge 510,000.00 33,701.76 837,900.00 540,000.00 300,000.00 2,221,601.76 13,699
John Phelan 3
857,253.16 127,530.32 1,023,379.46 1,404,458.51 99,930.00 3,512,551.45 4,563
Dr. Jörg Schneider 600,000.00 35,014.18 1,117,200.00 720,000.00 480,000.00 2,952,214.18 21,918
Dr. Wolfgang Strassl 300,000.00 14,959.09 558,600.00 360,000.00 240,000.00 1,473,559.09 10,959
Karl Wittmann 510,000.00 33,131.44 837,900.00 540,000.00 300,000.00 2,221,031.44 13,699
Total 5,612,253.16 435,615.88 9,355,829.46 6,774,458.51 3,399,930.00 25,578,087.01 155,250
1 Owing to the very good business performance, provisions have been established for the
maximum bonus amounts for the Munich Re Group/Company result.
2 Member of the Board of Management since 1 October 2006.
3 Remuneration in kind and fringe benefits include travel expenses from Princeton to Munich.