Economic and Financial Report - Grupo ACS

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22.2 Consolidated Financial Statements Economic and Financial Report The transactions performed with Banco Santander Central Hispano and its Group companies are indicated due to their relationship with the director Joan-David Grimá Terré. The transactions performed with Terratest Técnicas Especiales, S.A., Fidalser, S.L., Fidwei Inversiones, S.L., Lynx Capital, S.A. and Atlas Copco, S.A.E. are indicated due to their relationship with the director Pedro José López Jiménez. The transactions performed with Indra Sistemas, S.A. are indicated because Mr. Javier Monzón de Cáceres is the Chairman of this Company. The transactions performed with the Zardoya Otis, S.A. Group are indicated due to their relationship with the director Mr. Jose María Loizaga Viguri. All these commercial transactions were carried out on an arm's length basis in the ordinary course of business and relate to the normal operations of the Group companies. 2.2.1.35 Board of Directors and senior executives In 2007 and 2006 the members of the Board of Directors de ACS, Actividades de Construcción y Servicios, S.A. received the following remuneration for membership of the Board of Directors of the Parent or of those of Group companies or for being senior executives of the Group companies. Thousands of Euros 2007 2006 Fixed remuneration 3,036 2,823 Variable remuneration 3,331 3,183 Bylaw-stipulated directors' emoluments 4,026 2,189 Other 1,560 60 Total 11,953 8,255 EUR 1,924 thousand and EUR 2,100 thousand were charged to income in relation to share options granted to members of the Board of Directors with executive duties in 2007 and 2006, respectively. These amounts relate to share options, which do not imply the recognition of income by the beneficiaries until the date on which the options are exercised, as provided for under current legislation. Additionally, the benefits relating to pension funds and plans and to life insurance premiums are as follows: Other Benefits 2007 2006 Thousands of Euros 166 Pension funds and plans: contributions 2,010 2,022 Pension funds and plans: obligations assumed 2,010 2,022 Life insurance premiums 12 12
The amount recognised under “Pension Funds and Plans: Contributions” relates to disbursements by the Company during the year. The amount recognised under “Pension Funds and Plans: Obligations Assumed” relates, in addition to the foregoing, to obligations charged to income in the year in this connection, even if they had been disbursed prior to the related year. The ACS Group has not granted any advances, loans or guarantees to any of the Board members. Remuneration, by type of director, was as follows: 2007 2006 Thousands of Euros Annual Report 2007 ACS Group Executive directors 8,768 6,735 Non-executive nominee directors 2,474 1,030 Non-executive independent directors 711 490 Total 11,953 8,255 2.2.1.35.1 Transactions with members of the Board of Directors The transactions with members of the Board of Directors or with companies in which they have an ownership interest giving rise to relatedness with the ACS Group are indicated in Note 34.2 on transactions with related parties. 2.2.1.35.2 Remuneration of senior executives The remuneration of the Group's senior executives in 2007 and 2006, excluding those who are simultaneously executive directors, was as follows. Thousands of Euros 2007 2006 Salaries (fixed and variable) 21,733 21,213 Pension plans 1,227 3,037 Life insurance 28 50 EUR 3,759 thousand and EUR 4,106 thousand were charged to income in relation to share options granted to the Group's senior executives in 2007 and 2006, respectively. In addition to the transactions mentioned earlier in relation to remuneration, share option plans and pension plans, which are explained in the related Note, the ACS Group's transactions include the purchases of flats amounting to EUR 540 thousand in 2007, which derive from the ordinary course of business and which were performed at market prices. 167
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Economic and Financial Report - Grupo ACS

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