2006 - Interparfums

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4. compensation of executive management The Board of Directors sets the compensation policy for officers both in reference to market practice in comparable sectors and the size of the company in notably in respect to sales and the number personnel. Cash compensation and benefits of any nature paid by both by the company and entities related thereto in accordance with the provisions of article L.233-16 of the French Commercial Code are disclosed below. Compensation of officers Compensation of officers consists of both fixed and variable components. Fixed compensation takes into account the level of responsibilities, experience and performance. Variable compensation is determined in relation to the company’s achievement of overall performance objectives and events related to each fiscal year. On this basis, compensation paid to executives as officers or salaried employees in connection with employment contracts concluded prior to becoming officers is disclosed below. Total compensation Total compensation paid for 2006 paid for 2005 Philippe Benacin Chairman and Chief Executive Officer Net fixed compensation €144,000 €134,400 Net variable compensation €117,600 €59,000 Benefits in-kind €65,440 €62,000 Supplemental executive retirement plans €7,500 €7,500 Philippe Santi (1) Director - Executive Vice President Net fixed compensation €144,000 €134,400 Net variable compensation €125,600 €104,000 Supplemental executive retirement plans €7,500 €7,500 Frédéric Garcia-Pelayo (2) Executive Vice President Net fixed compensation €144,000 €134,400 Net variable compensation €125,600 €104,000 Supplemental executive retirement plans €7,500 €7,500 Catherine Bénard-Lotz (3) Director Net fixed compensation €61,400 €57,600 Net variable compensation €31,700 €27,400 Supplemental executive retirement plans €6,500 - Jean Madar (4) Director Gross fixed compensation $400,000 $400,000 (1) Compensation paid to Philippe Santi as a salaried employee with the position of Director of Finance and Corporate Affairs under the terms of an employment contract predating his appointment as Executive Vice President (Directeur Général Délégué) and Director of the Company that remained in force. Philippe Santi receives no compensation of any nature in connection with his appointment as an officer of the company. (2) Compensation paid to Frédéric Garcia Pelayo as a salaried employee with the position of Chief International Officer under the terms of an employment contract predating his appointment as Executive Vice President (Directeur Général Délégué) and Director of the Company that remained in force. Frédéric Garcia Pelayo receives no compensation of any nature in connection with his appointment as an officer of the company (3) Compensation paid to Catherine Bénard-Lotz as a salaried employee with the position of Chief Legal Officer under the terms of an employment contract predating her appointment as Director of the Company that remained in force. Catherine Bénard-Lotz receives no compensation of any nature in connection with her appointment as a company director. (4) Compensation paid to Jean Madar by the parent company of the Group, Inter Parfums Inc (United States) as the Chief Executive Officer of this company. Jean Madar receives no compensation of any nature from Inter Parfums S.A.. 2006 annual report inter parfums corporate governance
Directors’ fees Directors fees are allocated to the Board of Directors by the shareholders' meeting for fiscal 2006 for a set amount per meeting attended of €2,000. The fifth resolution of the ordinary shareholders' meeting of April 28, 2006 set the total amount for directors’ fees at €30,000. On this basis, for fiscal 2006 a total of €30,000 was paid to four outside directors for their attendance at meetings. The other directors expressly waived their rights to receive directors' fees. Directors Directors’ fees M. Philippe Benacin (Chairman) NA M. Philippe Santi- (Exec. V.P.) NA M. Maurice Alhadève €8,000 Mme Marianne Benacin NA Mme Catherine Bénard-Lotz NA M. Patrick Choël €8,000 M. Michel Dyens €6,000 M. Jean Levy €8,000 M. Raoul Madar NA M. Jean Madar NA : not applicable NA Stock options and other compensation Stock-options Rules for the grant of stock options to officers are based on the level of responsibilities and the performance of the company's share. The quantity of stock options granted to officers may vary from one year to another according to the performance of the company over this period. Benefits in-kind Philippe Benacin received benefits in-kind for the costs of a company car and housing benefits representing a total amount of €65,440. Executive retirement plans Executive officers benefit from a supplemental retirement plan in the form of a defined contribution annuity fund. The benefits of this plan were subsequently extended to senior executives of the company. This contribution which is paid to a private defined contribution pension fund is paid in part by the beneficiaries and in part by the employee for an amount equal four times French Social Security ceiling. The annual contribution per beneficiary is approximately €7,500. The supplemental retirement plan is part of the overall compensation policy adopted by the company for senior executives and managers. Other types of benefits No executives benefit from forms of remuneration, indemnities or benefits owed or which could be owed resulting from the assumption, termination or change of functions of corporate officer of the company or subsequent to these events. 57
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another major step forward contents
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these included the signature of two
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Page 17 and 18: P H Y A portfolio of prestigious in
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Page 36 and 37: 2006 was a banner year for Burberry
Page 38 and 39: international markets accounting fo
Page 40 and 41: T H E M A R K E T new growthin thes
Page 42 and 43: sustainable development social resp
Page 44 and 45: OPERATING ORGANIZATION AT MARCH 1,
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Page 49 and 50: to hedge its exposure from operatio
Page 51 and 52: 1. corporate governance Inter Parfu
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Page 57: control to obtain a description of
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Page 63 and 64: CONSOLIDATED INCOME STATEMENT In
Page 65 and 66: Shareholders’ equity and liabilit
Page 67 and 68: STATEMENT OF CASH FLOWS In € thou
Page 69 and 70: 1. accounting principles 1.1 Genera
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Page 75 and 76: 3.7 Marketable securities and fixed
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Page 79 and 80: 4.4 Administrative expenses In €
Page 82 and 83: shareholder information statutory I
Page 84 and 85: 2. capital stock 1. Three-year hist
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Page 88 and 89: The purpose of this authorization i
Page 90 and 91: - charge all costs to paid-in capit
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Page 95 and 96: 1. Auditors The statutory auditors
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2006 - Interparfums

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