Today, Wavin - Jaarverslag.com

Wavin Annual Report 2010 | page 136G. Interest-bearing loans and borrowings receivedAll reported interest-bearing loans and borrowings per 31 December 2010 of € 15.0 million (2009: € 15.0 million) are secured(2009: secured).H. Other non-current liabilitiesThe other non-current liabilities fully relate to the fair value of fi nancial instruments.I. Net income from subsidiaries and associatesNet income from subsidiaries and associated companies relates to Wavin N.V.’s share in earnings of its subsidiaries andassociates. For further details see note C.J. Contingent liabilitiesIn accordance with Dutch legislation on the exemption concerning the preparation and fi ling of annual accounts, Wavin N.V.has assumed individual liability for debts originating from legal acts by Wavin B.V. (sect. 403, title 9 Book 2 of the Dutch CivilCode). This regards all Dutch group companies with the exception of Rezo.Almost all the subsidiaries in The Netherlands form a fi scal unity with Wavin N.V. for income tax, VAT and tax on wages.Wavin N.V. is severally liable for the tax debts of the fi scal unity.Wavin N.V. and the subsidiaries have issued cross guarantees for drawings under the notional cash pool system.K. Remuneration of the Management Board and Supervisory BoardRemuneration of the Management BoardThe individual service contracts of the members of the Management Board are determined by the Supervisory Board.For more details regarding decisions of the Remuneration, Appointment & Corporate Governance Committee with respect toservice contracts of the Management Board we refer to page 37 of this annual report.The remuneration of the Management Board includes salaries, performance related bonuses, emoluments and othercompensations.Remuneration of the Management BoardAs at 31 December(€) FIXED BASESALARYANNUALBONUSOTHERBENEFITSTOTALSHORT TERMEMPLOYEEBENEFITSPOSTEMPLOYMENTBENEFITS*LONG TERMINCENTIVEPLANTOTALREMUNERATION2010Henk ten Hove 359,333 50,163 36,489 445,985 78,168 11,989 536,142Pim Oomens 321,561 44,890 41,350 407,801 79,184 13,917 500,902Maarten Roef** 69,444 7,611 10,722 87,777 16,069 2,295 106,141Philip Houben 466,615 65,139 51,133 582,887 200,202 13,010 796,099Andy Taylor*** 497,775 80,777 110,875 689,427 162,827 - 852,254Total 1,714,728 248,580 250,569 2,213,877 536,450 41,211 2,791,5382009Henk ten Hove 329,437 59,299 35,738 424,474 70,931 9,902 505,307Pim Oomens 318,610 57,350 43,363 419,323 78,495 9,995 507,813Philip Houben 442,989 49,836 50,222 543,047 128,773 10,279 682,099Andy Taylor 256,521 51,702 71,981 380,204 73,823 - 454,027Total 1,347,557 218,187 201,304 1,767,048 352,022 30,176 2,149,246* These benefits relate to pension contributions by the employer.** The appointment of Maarten Roef as member of the Management Board is subject to approval of shareholders at the AGM planned for 27 April 2011. Remuneration is for the period October upto and including December 2010.*** Remuneration up to and including September 2010 including the contractual entitlement of 12 months salary and benefits including incentive pay, in lieu of notice.In 2010 there were several changes in the Management Board. Philip Houben stepped down as President & CEO of theWavin Group as per 1 October 2010 and left the company per 31 December 2010. Henk ten Hove was appointed asPresident & CEO of the Wavin Group as of October 1 2010. Andy Taylor left the company per 30 September 2010.The Supervisory Board decided to nominate Maarten Roef as new board member, subject to the approval of shareholders atthe AGM planned for April 27 2011.