Annual Report 2012 - Indesit

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Consolidated financial statements at 31 December 2012 – Notes 12. Information required by IAS 24 on the remuneration of management and on related parties Remuneration of management In addition to the executive and non-executive directors and the statutory auditors, from 2012 there are now 7 managers with strategic responsibility for operations, planning and control (5 through 2011). These are the Administration, Finance and Control Manager, the Manager of the Home Care Division, the Manager of the Food Treatment Division, the Manager of the Services & Consumer Care Division, the Sales Manager, the Human Resources Manager and the Supply Chain and IT Manager. The table below lists the expected gross remuneration of the above persons for 2012, comprising all forms of compensation (gross pay, bonuses, fringe benefits etc.), and the bonuses accrued but not yet paid, since subject to the achievement of annual objectives and continued employment by the Group at the vesting date. Salaries and annual fees for the year 2012 due to directors, statutory auditors and executives with strategic responsibilities (million euro) Short-term benefits Long-term benefits Stock options Directors 4.6 1.2 - Statutory Auditors 0.2 - - Executives with strategic responsibilities 4.5 2.2 - Total 9.2 3.4 - Salaries and annual fees for the year 2011 due to directors, statutory auditors and executives with strategic responsibilities (million euro) Short-term benefits Long-term benefits Stock options Directors 4.0 1.3 - Statutory Auditors 0.2 - - Executives with strategic responsibilities 3.1 1.9 - Total 7.2 3.3 - The principal related parties (other than subsidiaries), as defined in IAS 24, with which commercial and financial transactions have been carried out, are listed below. All commercial and financial transactions with these entities were arranged on arms’-length terms and in the interests of the Group. 106
Consolidated financial statements at 31 December 2012 – Notes List of the principal related parties with which transactions were carried out during the year List of related parties Cine District Entertainment S.r.l. Faber Factor S.r.l. in liquidation Fineldo S.p.A. Immobiliare Fineldo S.r.l. Merloni Progetti S.p.A. M P & S S.r.l. Solar COOL S.r.l. Solar STOCK S.r.l. Solar WASH S.r.l. Tecnosolare Carinaro S.r.l. TM NEWS S.p.A. Tradeplace B.V. Indesit Company UK Ltd. Group Personal Pension Plan Merloni Ireland Pension Plan Type of relationship Other related - Related to a member of the Board of Directors of Fineldo Other related - Controlled by Fineldo S.p.A., Group parent of Indesit Company Group parent - Belonging to Vittorio Merloni Other related - Controlled by Fineldo S.p.A., Group parent of Indesit Company Other related - Controlled by Fineldo S.p.A., Group parent of Indesit Company Other related - Related to a member of the Merloni family Other related - Controlled by Fineldo S.p.A., Group parent of Indesit Company Other related - Controlled by Fineldo S.p.A., Group parent of Indesit Company Other related - Controlled by Fineldo S.p.A., Group parent of Indesit Company Other related - Controlled by Fineldo S.p.A., Group parent of Indesit Company Other related - Related to a member of the Board of Indesit Company S.p.A. Associate Pension fund Pension fund Indesit Company UK Ltd and the employees concerned contribute to the Indesit Company UK Ltd. Group Personal Pension Plan and the Merloni Ireland Pension Plan under the pension rules applicable in the UK. In addition to the above companies, the following natural persons are also deemed to be related parties: members of the Board of Directors and the Board of Statutory Auditors, managers with strategic responsibility for management, planning and control activities, and the close family members of these parties, as defined in IAS 24. Schedules summarizing transactions with related parties The table on the next page summarizes balances and transactions with the related parties identified above, distinguishing between transactions with the Parent, associates and other related parties. In accordance with Consob Resolution no. 15519 dated 27 July 2006 and Consob Communication DEM/6064293 dated 28 July 2006, Attachments 3 and 4 present the consolidated income statement and statement of financial position showing transactions with related parties separately and indicating their percentage incidence with respect to each account caption. There have not been any significant, atypical and/or unusual transactions with related parties (except those with regard to the pension funds described above). 107
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Annual Report 2012 - Indesit

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