Munich Re Group Annual Report 2006 (PDF, 1.8

Munich Re Group Annual Report 2006 Management report_Corporate governance report
Pension entitlements
Personnel expenses of €1.2m (1.1m) were incurred for the
pension entitlements of active members of the Board of
Management. The defined benefits for Board members are
as follows:
Name Pension Commitments Personnel
commitments for bridging expenses for
as at amounts increasing
All figures in € 1.1.2007 the provision
Dr. Nikolaus von Bomhard 380,160.00 – 284,237.00
Dr. Ludger Arnoldussen 150,000.00 – 0.00
Dr. Thomas Blunck 105,000.00 – 94,784.00
Georg Daschner 180,000.00 – 77,314.00
Dr. Heiner Hasford 375,840.00 1
548,680.00 2
263,560.00
Dr. Torsten Jeworrek 165,000.00 – 122,229.00
Christian Kluge 244,800.00 – 0.00
John Phelan 460,559.27 3
– 117,677.44 4
Dr. Jörg Schneider 252,000.00 – 194,722.00
Dr. Wolfgang Strassl 105,000.00 – 77,082.00
Karl Wittmann 244,800.00 – 0.00
Total 2,663,159.27 548,680.00 1,231,605.44
1 Pension commitment per annum after the age of 60.
2 Bridging amounts for the period between retirement and reaching the age of 60 (March–November 2007).
3 Pension commitment from Munich Re America.
4 Personnel expenses of Munich Re America.
Members of the Board of Management appointed before
2006 are contractually entitled to an occupational pension
comprising their former basic monthly salary for six
months after retirement.
Total remuneration of former members of the Board of
Management
Payments to retired members of the Board of Management
or their surviving dependants totalled €5.2m (4.3m).
Pension commitments
Personnel expenses of T€17 (120) were incurred for retired
members of the Board of Management. As at 31 December
2006, the pension provisions and provisions for comparable
benefits for the retired members of the Board of Management
or their surviving dependants amounted to T€0 (0)
after deduction of plan assets held by a separate entity
(e.g. under a contractual trust agreement).
Total remuneration of the Supervisory Board
The remuneration of the Supervisory Board was restructured
by resolution of the 2005 Annual General Meeting to
take account of the increased demands placed on the activities
of Supervisory Board members in connection with the
corporate governance discussion concerning transparent
company management. At the same time, the change
counters reservations about linking performance-oriented
remuneration components to the dividend. The regulation
applicable since then provides for a fixed remuneration
component of €45,000 and a variable result-related remuneration
component. The Chairman of the Supervisory
Board receives twice, and the Deputy Chairman one-anda-half
times, this fixed and variable remuneration.
The result-related annual 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
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