Amadeus IT Holding, S.A. and Subsidiaries - Investor relations at ...
Amadeus IT Holding, S.A. and Subsidiaries - Investor relations at ...
Amadeus IT Holding, S.A. and Subsidiaries - Investor relations at ...
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AMADEUS <strong>IT</strong> HOLDING, S.A. AND SUBSIDIARIES<br />
NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR THE YEARS ENDED<br />
DECEMBER 31, 2011, AND 2010<br />
(EXPRESSED IN THOUSANDS OF EUROS - KEUR)<br />
19. RELATED PARTIES BALANCES AND TRANSACTIONS<br />
Below is a summary of significant oper<strong>at</strong>ions <strong>and</strong> transactions with rel<strong>at</strong>ed parties of<br />
the Company <strong>and</strong> its Group. All transactions with rel<strong>at</strong>ed parties are carried out on an<br />
arm’s length basis.<br />
a) <strong>Subsidiaries</strong><br />
Transactions between the Group <strong>and</strong> its subsidiaries, which are rel<strong>at</strong>ed parties of the<br />
Company, were elimin<strong>at</strong>ed on consolid<strong>at</strong>ion. Accordingly they are not disclosed in<br />
this note.<br />
b) Significant shareholders<br />
During 2011, Amadecin S.a.r.L. <strong>and</strong> Idomeneo S.a.r.L. (formerly Amadelux<br />
Investments before entering in a spin-off process in 2010), have sold their stake in<br />
the Company’s shares.<br />
The remaining shareholders of reference are Société Air France S.A., Iberia Líneas<br />
Aéreas de España Sociedad Anónima Operadora, S.A. (formerly known as Iberia<br />
Líneas Aéreas de España, S.A.) <strong>and</strong> Lufthansa Commercial <strong>Holding</strong> GmbH (see note<br />
16).<br />
c) Board of Directors<br />
The position of Member of the Board of Directors is remuner<strong>at</strong>ed in accordance with<br />
the Company’s by-laws. The remuner<strong>at</strong>ion consists of a fixed remuner<strong>at</strong>ion to be<br />
determined by the General Shareholders’ Meeting before the relevant financial year<br />
ends.<br />
At meeting held on June 24, 2011, <strong>and</strong> February 23, 2010, the General<br />
Shareholders’ Meeting approved a fixed remuner<strong>at</strong>ion of up to KEUR 1,380, in cash<br />
or in kind, for the years ended December 31, 2011, <strong>and</strong> 2010; <strong>and</strong> it empowered the<br />
Board of Directors with the authority to resolve on how said remuner<strong>at</strong>ion was to be<br />
distributed among the members of the Board, following article 16 of the Company’s<br />
by-laws. The Board of Directors of the Company may agree an unequal remuner<strong>at</strong>ion<br />
scheme distribution. Payments of compens<strong>at</strong>ion for the years 2011 <strong>and</strong> 2010 were<br />
conducted in December 2011 <strong>and</strong> December 2010, respectively.<br />
Breakdown by type of payment received by the members of the Board of Directors in<br />
2011 <strong>and</strong> 2010 is as follows:<br />
80
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