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METRO GROUP : ANNUAL REPORT 2011 : BUSINESS
→ GROUP MANAGEMENT REPORT : 8. REMUNERATiON REPORT
When the performance share plan was introduced, share
ownership guidelines also went into effect: as a precondition
for the payout of performance shares, the members of
the Management Board are obliged to undertake a significant
continuous self-financed investment in Metro shares
up to the end of the three-year blocking period. This ensures
that, as shareholders, they will directly participate in share
price gains as well as potential losses of the Metro share.
Their investment in Company shares promotes the longterm
structure and orientation towards sustainable development
of the remuneration system and results in a healthy
balance of the various remuneration elements. The size of
the self-financed investment applies to the entire term of
the performance share plan. The required investment
amounts to €0.5 million for the Chairman of the Management
Board and €0.4 million each for the other members of
the Management Board.
Pension provisions
In 2009, company pension provisions were introduced for
members of the Management Board. These provisions consist
of direct benefits with a defined contribution component
and a performance-based component.
The defined contribution component is financed by the Management
Board and the Company based on an apportionment
of “7 + 7 + 7”. When a member of the Management Board
makes a contribution of 7 percent of his or her defined basis
for assessment, the Company will contribute the same
amount. Depending on the economic situation, the Company
will pay the same amount again. In view of the macroeconomic
environment, the additional amount was again suspended
in the reporting year. The performance-based
component is congruently reinsured by Hamburger pensionsrückdeckungskasse
vvaG (HpR). The interest rate for the
contributions is paid in accordance with the profit-sharing
system of the HpR with a guarantee applying to the paid-in
contribution. When a member of the Management Board
leaves the Company before retirement age, the contributions
retain the level they have reached.
an entitlement to pension benefits exists
→ if the working relationship ends with or after the reaching
of standard retirement age as it applies to the German
state pension scheme,
→ as early retirement benefits, if the working relationship
ends at the age of 60 or afterwards and before the standard
retirement age,
→ p. 141
→ as disability benefits, if the working relationship ends
before the standard retirement age is reached and preconditions
have been fulfilled,
→ as surviving dependants’ benefits, if the working relationship
is ended by the person’s death.
payment can be made in the form of capital, instalments or a
life-long pension. a minimum benefit is granted in the case
of invalidity or death. In such instances, the total amount of
contributions that would have been credited to the member
of the Management Board for every calendar year up to a
credit period of ten years, but limited to the point when the
individual turns 60, will be added to the benefits balance.
This performance-based component is not reinsured, but
will be provided directly by the Company when the benefit
case occurs.
Further benefits in cases of an end to employment
The active members of the Management Board receive no
additional benefits beyond the described pension provisions
should their employment end. In particular, no retirement
payments will be granted. In the event of the death of a
member of the Management Board during active service, his
or her surviving dependants will be paid the fixed salary for
the month in which the death occurred as well as for an additional
six months.
supplemental benefits
The supplemental benefits granted to members of the Management
Board include non-cash benefits and expense
allowances.
Other
The members of the Management Board of MeTRo aG are not
entitled to additional remuneration or special benefits as a
result of a change of control.
Long-term incentive in the financial year 2011
The target value for the 2011 tranche is €0.5 million each for
Mr Koch and Mr saveuse and €1.2 million for Mr Muller.
Mr Koch and Mr saveuse received 11,982 performance shares
each and Mr Muller received 28,756 performance shares
under the conditions of the performance share plan. Mr Hutmacher,
who joined the Management Board in october 2011,
has not yet received any performance shares. at the time of
granting, a share unit was valued at €24.65. The performance
shares that were distributed do not represent a fixed number
of rights in the sense of § 285 sentence 1 no. 9a sentence 4 of