pdf (2.5 MB) - METRO Group

METRO GROUP : ANNUAL REPORT 2010 : BUSINESS
→ GROUP MANAGEMENT REPORT : 8. REMUNERATION REPORT
→ as surviving dependents’ benefits, if the working relationship
is ended by the person’s death.
Payment can be made in the form of capital, instalments or a
lifelong pension. A minimum benefit is granted in the case of
invalidity or death. In such instances, the total amount of contributions
that would have been credited to the member of the
Management Board for every calendar year up to a credit
period of ten years, but limited to the point when the individual
turns 60, will be added to the benefits balance. This performance-based
component is not reinsured, but will be provided
directly by the Company when the benefit case occurs.
Further benefits in cases of an end to employment
The active members of the Management Board receive no
additional benefits beyond the described pension provisions
should their employment end. In particular, no retirement
payments will be granted. In the event of the death of a
member of the Management Board during active service, the
survivors will be paid the fixed salary for the month in which
the death occurred as well as for an additional six months.
Mr Mierdorf, who left the Management Board in March 2010,
held a special entitlement granted before he was appointed
to the Management Board. This entitlement granted him
Remuneration of the Management Board in the financial year 2010 1
€1,000 Financial year Fixed salary
→ p. 112
certain benefits when he left his position. In the financial
year 2010, the Supervisory Board approved an agreement to
terminate the contract with Mr Mierdorf. This entitlement
was incorporated into the agreement.
Supplemental benefits
The supplemental benefits granted to members of the Management
Board include non-cash benefits and expense
allowances.
Other
The members of the Management Board of METRO AG are
not entitled to additional remuneration or special benefits as
a result of a change of control.
Long-term incentive in the financial year 2010
dr Cordes received 13,983 performance shares under the
conditions of the performance share plan. Messrs Koch,
Muller and Saveuse each received 11,652 performance shares
in 2010. At the time of granting, a share unit was valued at
€34.86. The performance shares that were distributed do not
represent a fixed number of rights in the sense of § 285 Sentence
1 No. 9a Sentence 4 of the German Commercial Code or
of § 314 Section 1 No. 6a Sentence 4 of the German Commercial
Code. Rather, they were a target amount. Under the con-
Short-term
incentive
Long-term
incentive 2
Supplemental
benefits Total
dr Eckhard Cordes 2010 1,000 2,830 487 72 4,389
2009 1,000 1,962 701 177 3,840
Olaf Koch 3 2010 800 1,887 406 219 3,312
2009 239 389 0 5 633
Zygmunt Mierdorf 4 2010 133 314 0 13 460
2009 800 1,308 584 75 2,767
Frans w. h. Muller 2010 800 1,887 406 133 3,226
2009 800 1,308 584 189 2,881
Joël Saveuse 5 2010 917 1,920 406 39 3,282
2009 800 1,308 584 85 2,777
Thomas Unger 6 2010 600 1,415 0 144 2,159
2009 800 1,308 584 94 2,786
Total 2010 4,250 10,253 1,705 620 16,828
2009 4,439 7,583 3,037 625 15,684
1 Statements pursuant to § 285 Sentence 1 No. 9a and § 314 Section 1 No. 6a of the German Commercial Code
2 Shown here is the fair value at the time of granting the 2010 tranche
3 Member of the Management Board since 14 September 2009
4 Member of the Management Board until 1 March 2010
5 Aside from the remuneration for his position on the Management Board of METRO AG, Mr Saveuse received a fixed salary of €83,000 as well as performance-based components of €404,000 from
his service as Managing director of subsidiaries
6 Member of the Management Board until 30 September 2010