Henkel Annual Report 2011 - Henkel AG & Co. KGaA Annual Report ...

Henkel Annual Report 2011 Group management report
Corporate governance
39
Structure of Management Board remuneration
a maximum of one-and-a-half times their fixed
salary for loss events occurring within a financial
year.
Remuneration for 2011
The total compensation paid to members of the
Management Board for the performance of their
duties for and on behalf of Henkel AG & Co. KGaA
and its subsidiaries during the year under review,
including the cumulative savings reserve for
Special Incentive 2012, amounted to 21,992,191 euros
(previous year: 18,297,607 euros including severance
compensation payments). Of the total cash
emoluments of 17,089,049 euros (previous year:
13,865,940 euros) paid in respect of 2011, 3,774,500
Long-term remuneration components
Fixed Short-term Long-term Long-term Other emolu-
Total
salary component of component of incentive ments remuneration
variable an- variable annualremunenualremune-
in euros
rationration Total 2011 3,774,500 7,854,368 5,236,245 1,258,142 223,936 18,347,191
20.6 % 42.8 % 28.5 % 6.9 % 1.2 % 100.0 %
Total 2010 3,531,000 6,121,615 4,081,075 963,000 132,250 14,828,940
23.8 % 41.2 % 27.6 % 6.5 % 0.9 % 100.0 %
Management Board remuneration
in euros
Fixed
salary
Cash components
Variable annualremuneration
euros was in fixed salary (previous year:
3,531,000 euros), 13,090,613 euros for the STI (previous
year: 10,202,690 euros) and 223,936 euros in
other emoluments (previous year: 132,250 euros).
Also included in the total compensation is the
long-term incentive granted for 2011 which – depending
on the achievement of the performance
targets – will only become payable in 2014. It is
a legal requirement that a value be disclosed in
the year of grant. This value is determined on the
basis of an “at target” calculation, i.e. assuming
the achievement of an increase in EPS over the
performance period of 30 percent, giving an imputed
amount of 1,258,142 euros (previous year:
963,000 euros).
Other emoluments
Total cash
emoluments
Value of
long-term
incentive1
Total
remuneration
Kasper Rorsted 2011 963,000 3,423,549 87,391 4,473,940 321,000 4,794,940
2010 963,000 2,834,370 42,078 3,839,448 321,000 4,160,448
Jan-Dirk Auris 2011 642,000 2,199,033 57,189 2,898,222 214,000 3,112,222
(since Jan. 1, 2011) 2010 – – – – – –
Thomas Geitner 2
(until Dec. 31,
2011 – – – – – –
2010)
2010 642,000 1,819,580 19,093 2,480,673 – 2,480,673
Kathrin Menges 2011 136,500 482,669 3,033 622,202 45,475 667,677
(since Oct. 1, 2011) 2010 – – – – – –
Bruno Piacenza 2011 642,000 2,199,033 28,472 2,869,505 214,000 3,083,505
(since Jan. 1, 2011) 2010 – – – – – –
Dr. Friedrich Stara
(until Feb. 28,
2011 107,000 308,263 2,466 417,729 35,667 453,396
2011)
2010 642,000 1,849,580 21,337 2,512,917 214,000 2,726,917
Dr. Lothar
2011 642,000 2,239,033 24,327 2,905,360 214,000 3,119,360
Steinebach
2010 642,000 1,849,580 25,846 2,517,426 214,000 2,731,426
Hans Van Bylen 2011 642,000 2,239,033 21,058 2,902,091 214,000 3,116,091
2010 642,000 1,849,580 23,896 2,515,476 214,000 2,729,476
Total 2011 3,774,500 13,090,613 223,936 17,089,049 1,258,142 18,347,191
2010 3,531,000 10,202,690 132,250 13,865,940 963,000 14,828,940
1 2011 LTI payout in 2014; these figures will only be attained in the event of EPS increasing by 30 percent in the performance period.
2 LTI for 2010 included in Thomas Geitner’s severance package.