Annual report 2008 - Altarea Cogedim

17.3. Related parties
n Remuneration of the founding shareholder-managers
Alain Taravella does not receive any compensation and benefits from ALTAREA SCA or its subsidiaries. Alain Taravella receives
compensation and benefits from the holding companies (of Altafinance and, with effect from 26 May 2008, Altafinance 2),
which control the ALTAREA group.
In his capacity as Chairman of ALTAREA SCA’s Supervisory Board, Jacques Nicolet received gross compensation and benefits
directly from ALTAREA SCA with effect from June 2008 amounting to €153 thousand or €209 thousand including payroll
charges. Jacques Nicolet does not receive any other compensation and benefits from ALTAREA SCA or its subsidiaries.
No share-based payments were granted by ALTAREA SCA to its founding shareholder-managers. No other short-term or
long-term benefits or other forms of compensation and benefits were granted to the founding shareholder-managers by
ALTAREA SCA.
n Remuneration paid in accordance with ALTAREA SCA’s Articles of Association
ALTAREA SCA and its subsidiaries pay the Management–Altafinance and subsequently Altafinance 2 represented by Alain
Taravella–in accordance with Article 14 of its Articles of Association. Accordingly, an expense of €1,802 thousand was
incurred, representing the Managers’ fixed fee, plus a €2,377 thousand discretionary fee based on the property sales recorded
by the property development for third parties business and investment, acquisition and sale transactions conducted by the
shopping centre business.
n Remuneration of the Group’s principal senior managers
(in € thousand) 12/31/2008 12/31/2007 (1)
Gross salaries* 3,464 2,403
Payroll taxes 1,325 838
Other short- or long-term benefits and remuneration 49 42
Rights to ALTAREA SCA’s stock grant awards 40,430 19,822
ALTAREA SCA’s share subscription warrants 65,000 65,000
Stock options on ALTAREA SCA shares 15,737 12,240
Rights to Cogedim’s stock grant awards (2) 722
* including variable portion
(1) Comparable information
(2) Rights to Cogedim’s stock grant awards were converted into rights to ALTAREA’s stock grant awards in 2008.
At 31 December 2008, the definition of the Group’s senior managers differs from that stated in the notes to the consolidated
financial statements for the financial year ended 31 December 2007 (see note 14.3). Senior managers are now considered
to be the principal managers of ALTAREA SCA’s operational subsidiaries and members of ALTAREA SCA’s Supervisory Board,
who receive compensation and benefits, namely Jacques Nicolet, Chairman of the Supervisory Board (from June 2008;
Managers’ fixed fee was reduced proportionately) and Matthieu Taravella. For information purposes, comparative figures in
respect of 2007 are provided.
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