2010Annual Report - Schneider Electric CZ, s.r.o.
2010Annual Report - Schneider Electric CZ, s.r.o.
2010Annual Report - Schneider Electric CZ, s.r.o.
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
3 CORPORATE GOVERNANCE<br />
MANAGEMENT INTERESTS AND COMPENSATION<br />
128<br />
Compensation paid to members of Senior Management other than Management<br />
Board members<br />
Senior Management<br />
The Senior Management team consists of the Management Board,<br />
assisted by the Executive Committee. The 14 member Executive<br />
Committee is chaired by the Chairman of the Management Board.<br />
In addition to the members of the Management Board, it comprises:<br />
• the Executive Vice-Presidents of the Global Functions:<br />
Information Systems, Marketing, Strategy & Innovation, Global<br />
Human Resources and Industrial Operations;<br />
• the Executive Vice-Presidents of the businesses: Power Global &<br />
EMEAS*, Power North America & Buildings, Power Asia Pacifi c,<br />
Industry, Energy, IT and Custom Sensors & Technologies.<br />
Senior Management compensation in 2010<br />
In 2010, total gross compensation, including benefi ts in kind, paid<br />
to the members of Senior Management other than the Management<br />
Board members amounted to EUR9,001,230, including<br />
EUR3,888,210 in variable bonuses for 2009.<br />
• organic growth, with no bonus being paid if the Group’s 2009<br />
revenue represented 85% or less of 2008 revenue;<br />
• operating margin, with no bonus being paid if the 2009 margin<br />
rate represented 95% or less of the 2008 margin;<br />
• cash fl ow, with no bonus being paid if 2009 cash fl ow represented<br />
98% or less of 2008 cash fl ow;<br />
• customer satisfaction, with no bonus being paid if the increase<br />
in the customer satisfaction rate was 1% or less between 2008<br />
and 2009;<br />
• customer dissatisfaction, with no bonus being paid if the<br />
reduction in the dissatisfaction rate was 0.5% or less.<br />
* EMEAS = Europe, Middle East, Africa and South America.<br />
2010 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC<br />
Stock options and stock grants<br />
On December 21, 2009, members of Senior Management other than<br />
Management Board members were allocated (for 2010) a total of:<br />
• 57,000 stock options under plan 33, with an exercise price of<br />
EUR75.84, expiring in 2019;<br />
• 86,500 SARs under plan 33 for US citizens;<br />
• 9,875 stock grants under plan 8 for residents of France;<br />
• 26,000 stock grants under plan 9 for non-residents of France;<br />
All of the options and stock grants are subject partially (50%) to<br />
performance criteria.<br />
On December 17, 2010, members of Senior Management other than<br />
Management Board members were allocated (for 2011) a total of:<br />
• 14,500 stock grants under plan 10 for residents of France;<br />
• 44,000 stock grants under plan 11 for non-residents of France;<br />
• 95,000 SARs for US citizens.<br />
All of the options and stock grants are subject partially (50%) to<br />
performance criteria.<br />
As of December 31, 2009, members of Senior Management other<br />
than Management Board members thus held:<br />
• 352,003 stock options including 124,400 subject to the<br />
attainment of Group performance criteria;<br />
• 381,050 SARs including 277,500 subject to performance criteria;<br />
• 112,208 stock grants, including 107,217 subject to performance<br />
criteria.<br />
During 2010 the members of Senior Management other than<br />
Management Board members exercised a total of 215,161 stock<br />
options granted under plans 21, 23, 24, 26, 27 and 28 at a weighted<br />
average price of EUR58.69.