THE NATURE OF OUR BUSINESS – STABLE GROWTH - Symrise

EXECUTIVE BOARD REMUNERATION FOR SYMRISE AG IN 2008
€
Dr. Gerold Linzbach (Chairman)
(2007)
Dr. Heinz-Jürgen Bertram
(2007)
Achim Daub
(2007)
Dominique Yates
(since October 1, 2007)
Salary
600,000
550,000
400,000
372,500
400,000
383,859
300,000
75,000
Remuneration
in kind
10,140
14,840
7,356
7,356
8,210
5,355
919
0
1) The amounts include allocations for the bonus for the current year as well as the
previous year, to the extent that they differ from the provision as of December 31
of the previous year.
2) This amount does not include a currency-related salary overpayment of € 22,973 to
Achim Daub in the United Stated during the second half of 2008. This amount has
been taken into account as a receivable in the financal statement.
agreed upon in target agreements with the individual members of
the Executive Board at the start of calendar year 2008 based on
the agreed company targets. The annual bonus will be paid out in
the following year (2009) on the basis of the approved financial
statements for 2008.
There is a long-term incentive plan for the Executive Board and
eight senior managers. It went into effect in January 2008 and will
run until December 2010. This plan is a performance cash plan
with performance-based components that are linked to the share
price and the medium-term increase in value of the Company. The
plan – including the performance criteria – was discussed and approved
by the Supervisory Board and its committees.
Pensions
All members of the Executive Board have the right to accumulate
deferred compensation benefits by converting their salaries.
A pension commitment exists solely for Dr. Heinz-Jürgen Bertram,
due to his prior employment contract. This pension commitment
was also offered to all other employees of the former Haarmann &
Reimer GmbH.
In 2008, Dr. Gerold Linzbach, Dr. Heinz-Jürgen Bertram and
Dominique Yates accumulated deferred compensation benefits by
converting his salary.
2)
Variable
Remuneration
138,000
662,500
117,400
472,140
64,838
462,193
139,000
75,000
1)
Long-term
bonus plan
0
6,782,389
11,290
4,238,993
11,634
529,874
9,092
0
4)
3)
4)
3)
4)
3)
Pension
provision
0
0
1,665
- 48,718
0
0
0
0
Total
748,140
8,009,729
537,711
5,042,271
484,682
1,381,281
449,011
150,000
3) The amount includes provisions from the Long Term Incentive Plan.
Allocation
for pension
provision
63,498
0
26,884
0
0
0
34,267
0
4) The amount refers to payments made in 2007 in connection with the Management
Participation Program.
Early Termination of Employment Contracts
The employment contracts of members of the Executive Board (except
Dr. Bertram) do not provide for any benefits upon early termination.
In this case, the Executive Board member in question is
only entitled to continued payment of his or her fixed salary for
the duration of the employment contract. He or she is not entitled
to a bonus for the fiscal year concerned.
For Dr. Heinz-Jürgen Bertram, there is an additional agreement
that, upon termination of his Executive Board contract, he will receive
a severance payment based on the employment contract he
had prior to being appointed to the Executive Board and the related
length of service since November 1, 1990.
A post-employment non-compete provision has been agreed upon
with the Executive Board members for 12 months. By way of compensation,
the member concerned shall receive 50% of his or her
contractually agreed fixed basic remuneration.
Expiration of Employment Contracts
The employment contracts of members of the Executive Board do
not contain any special provisions as regards remuneration upon
expiration of the contracts, and in particular do not contain any
severance pay provisions.
90 Annual Report 2008 Symrise AG