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METRO GROUP : ANNUAL REPORT 2011 : BUSINESS
→ GROUP MANAGEMENT REPORT : 8. REMUNERATiON REPORT
Remuneration of the Management Board in the financial year 2011 1
€1,000 Financial year Fixed salary
short-term
incentive
Long-term
incentive 2
→ p. 142
supplemental
benefits Total
Dr eckhard Cordes 3 2010 1,000 2,830 487 72 4,389
2011 1,000 1,798 354 42 3,194
Heiko Hutmacher 4 2010 0 0 0 0 0
2011 180 107 0 23 310
olaf Koch 2010 800 1,887 406 219 3,312
2011 800 1,199 295 26 2,320
Frans W. H. Muller 2010 800 1,887 406 133 3,226
2011 842 967 709 184 2,702
Joël saveuse 5 2010 917 1,920 406 39 3,282
Total 6
2011 1,000 1,199 295 29 2,523
2010 3,517 8,524 1,705 463 14,209
2011 3,822 5,270 1,653 304 11,049
1 statements pursuant to § 285 sentence 1 no. 9a and § 314 section 1 no. 6a of the German Commercial Code
2 shown here is the fair value at the time of granting the tranche
3 Chairman of the Management Board until 31 December 2011
4 Member of the Management Board since 1 october 2011
5 aside from the remuneration for his position on the Management Board of MeTRo aG, Mr saveuse received a fixed salary of €83,000 as well as performance-based components of €404,000
from his services as Managing Director of subsidiaries
6 Reported figures for 2010 relate to active members of the Management Board in the financial year 2011
the German Commercial Code or of § 314 section 1 no. 6a
sentence 4 of the German Commercial Code. Rather, they
were a target amount. Under the conditions of the performance
share plan, entitlements cannot be described with a
particular fixed number at the time of granting. The value of
the performance shares distributed in 2011 was calculated by
external experts using recognised financial-mathematical
methods (Monte Carlo simulation).
In addition to the tranche from the performance share plan
distributed in the financial year 2011, Mssrs Koch, Muller
and saveuse possess rights from the tranche from 2010
and Mssrs Muller and saveuse possess rights from the
tranche from 2009. Mr Koch, who joined the Management
Board in september 2009, did not receive any performance
shares from the tranche distributed from the performance
share plan in 2009. Dr Cordes, who left the Management
Board as at the close of business on 31 December 2011, initially
received performance shares in august 2011. He was
compensated for these performance shares and for the
performance shares granted in 2009 and 2010 in the context
of a severance agreement concluded in December
2011. additional information on the details of this severance
agreement is provided in the section “services after the
end of employment in the financial year 2011”.
Performance share plan (tranches 2009 to 2011)
Three-month
Number of
Management Board
End of the average price performance shares
Tranche
blocking period before allotment as of 31/12/2011
2009 august 2012 €36.67 27,270
2010 august 2013 €42.91 34,956
2011 august 2014 €41.73 52,720
In addition, Dr Cordes, Mr Muller and Mr saveuse had rights
from the 2008 tranche of the share bonus programme. The
term of this tranche ended in July 2011 and it was paid out
during the reporting year. The basis price was €41.92; the
target share price was €48.21.
no costs were incurred from the tranches of the share-based
payment programmes applicable in the financial year 2011.
services after the end of employment in the financial year
2011 (including pension provisions)
In the financial year 2011, a total of €6.0 million (previous year:
€23.9 million) was used for remuneration of the active members
of the Management Board of MeTRo aG for benefits provided
after the end of their employment. of this total, €0.154
million went to Dr Cordes for pension provisions. Mr Hutmacher