Principles
At the end of January 2015, the Compensation Control Committee discussed in detail and prepared for the Supervisory Board as a plenary the resolution of the Supervisory Board on the determination of the Variable Compensation for Management Board members. Particular focus was placed on reviewing the appropriateness of the compensation in a horizontal analysis vis-à-vis the Bank’s competitors, as well as in vertical analysis per the German Corporate Governance Codex requirements. In the context of this comparative review, the appropriateness of the compensation was reviewed with respect to:
- the ratio of fixed to variable compensation;
- the ratio of short-term to long-term compensation elements;
- the ratio of immediately due to deferred compensation elements; and
- the ratio of immediately vested compensation elements to compensation elements subject to forfeiture conditions.
In addition, the appropriateness of the total amount of compensation in relation to the average income of the employees was considered.
Base Salary
In the 2014 financial year, the annual base salary of the Management Board Co-Chairmen was € 3,800,000 each and for an ordinary Management Board member € 2,400,000.
Variable Compensation
The Supervisory Board, based on the proposal of the Compensation Control Committee, determined the Variable Compensation for the Management Board members for the 2014 financial year. When calculating and determining the amount of the APA and the LTPA, the Supervisory Board, above all, adequately considered individual Management Board members’ contributions to the Bank’s revenue, in addition to the Group’s overall results. For this purpose, the individual contribution to the Bank’s revenue was determined on the basis of the achievement of agreed objectives and was assessed separately for each member of the Management Board.
Total Compensation
The members of the Management Board collectively received in/for the 2014 financial year compensation (without fringe benefits and pension service costs) totalling € 35,277,666 (2013: € 38,496,509) for their service on the Management Board. Of that, € 19,600,000 (2013: € 10,350,000) was for base salaries, € 15,677,666 (2013: € 27,096,509) for performance-related components with long-term incentives and € 0 (2013: € 1,050,000) for performance-related components without long-term incentives.
The Supervisory Board determined the aforementioned compensation on an individual basis for 2014 as follows:
|
2014 |
2013 |
|||||||
in € |
Base salary |
APA1 |
LTPA2 |
Total compensation |
Total compensation |
||||
|
|||||||||
Jürgen Fitschen |
3,800,000 |
860,625 |
2,001,333 |
6,661,958 |
7,474,597 |
||||
Anshuman Jain |
3,800,000 |
860,625 |
2,001,333 |
6,661,958 |
7,474,597 |
||||
Stefan Krause |
2,400,000 |
688,500 |
1,264,000 |
4,352,500 |
4,676,415 |
||||
Dr. Stephan Leithner |
2,400,000 |
803,250 |
1,264,000 |
4,467,250 |
4,706,250 |
||||
Stuart Lewis |
2,400,000 |
765,000 |
1,264,000 |
4,429,000 |
4,671,825 |
||||
Rainer Neske |
2,400,000 |
688,500 |
1,264,000 |
4,352,500 |
4,821,000 |
||||
Henry Ritchotte |
2,400,000 |
688,500 |
1,264,000 |
4,352,500 |
4,671,825 |
||||
Total |
19,600,000 |
5,355,000 |
10,322,666 |
35,277,666 |
38,496,509 |
||||
Compensation in accordance with the German Corporate Governance Codex (GCGC)
The compensation for the members of the Management Board in accordance with the requirements of section 4.2.5 paragraph 3 of the GCGC is provided below. This comprises the benefits granted for the year under review including the fringe benefits, and including the maximum and minimum achievable compensation for variable compensation components. In addition, the disbursals of fixed compensation, short-term variable compensation and long-term variable compensation in/for the year under review, broken down into the relevant reference years are reported.
The following table provides the compensation granted for the 2014 financial year:
Compensation granted in 2014 (2013) according to GCGC |
||||||||
|
Jürgen Fitschen |
|||||||
|
||||||||
in € |
2014 (grant) |
2014 (target) |
2014 (Min) |
2014 (Max) |
2013 (grant) |
2013 (target) |
||
Fixed compensation (base salary) |
3,800,000 |
3,800,000 |
3,800,000 |
3,800,000 |
2,300,000 |
2,300,000 |
||
Fringe benefits |
118,852 |
118,852 |
118,852 |
118,852 |
236,590 |
236,590 |
||
Total |
3,918,852 |
3,918,852 |
3,918,852 |
3,918,852 |
2,536,590 |
2,536,590 |
||
One-year variable compensation |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
thereof: |
|
|
|
|
|
|
||
Immediately paid out (part of APA) |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
Multi-year variable compensation |
2,861,958 |
5,300,000 |
0 |
8,700,000 |
5,024,597 |
6,750,000 |
||
thereof: |
|
|
|
|
|
|
||
Equity Upfront Awards (part of APA) |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
Restricted Incentive Awards (APA) |
860,625 |
1,500,000 |
0 |
3,000,000 |
1,347,930 |
2,000,000 |
||
Restricted Equity Awards (LTPA) |
2,001,333 |
3,800,000 |
0 |
5,700,000 |
3,526,667 |
4,600,000 |
||
Total |
2,861,958 |
5,300,000 |
0 |
8,700,000 |
5,174,597 |
6,900,000 |
||
Pension service costs |
648,216 |
648,216 |
648,216 |
648,216 |
290,457 |
290,457 |
||
Total compensation (GCGC) |
7,429,026 |
9,867,068 |
4,567,068 |
13,267,068 |
8,001,644 |
9,727,047 |
||
Total compensation1 |
6,661,958 |
9,100,000 |
3,800,000 |
12,500,000 |
7,474,597 |
9,200,000 |
||
|
Anshuman Jain |
|||||||
in € |
2014 (grant) |
2014 (target) |
2014 (Min) |
2014 (Max) |
2013 (grant) |
2013 (target) |
||
|
||||||||
Fixed compensation (base salary) |
3,800,000 |
3,800,000 |
3,800,000 |
3,800,000 |
2,300,000 |
2,300,000 |
||
Fringe benefits |
718,914 |
718,914 |
718,914 |
718,914 |
804,032 |
804,032 |
||
Total |
4,518,914 |
4,518,914 |
4,518,914 |
4,518,914 |
3,104,032 |
3,104,032 |
||
One-year variable compensation |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
thereof: |
|
|
|
|
|
|
||
Immediately paid out (part of APA) |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
Multi-year variable compensation |
2,861,958 |
5,300,000 |
0 |
8,700,000 |
5,024,597 |
6,750,000 |
||
thereof: |
|
|
|
|
|
|
||
Equity Upfront Awards (part of APA) |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
Restricted Incentive Awards (APA) |
860,625 |
1,500,000 |
0 |
3,000,000 |
1,347,930 |
2,000,000 |
||
Restricted Equity Awards (LTPA) |
2,001,333 |
3,800,000 |
0 |
5,700,000 |
3,526,667 |
4,600,000 |
||
Total |
2,861,958 |
5,300,000 |
0 |
8,700,000 |
5,174,597 |
6,900,000 |
||
Pension service costs |
857,192 |
857,192 |
857,192 |
857,192 |
692,433 |
692,433 |
||
Total compensation (GCGC) |
8,238,064 |
10,676,106 |
5,376,106 |
14,076,106 |
8,971,062 |
10,696,465 |
||
Total compensation1 |
6,661,958 |
9,100,000 |
3,800,000 |
12,500,000 |
7,474,597 |
9,200,000 |
||
|
Stefan Krause |
|||||||
in € |
2014 (grant) |
2014 (target) |
2014 (Min) |
2014 (Max) |
2013 (grant) |
2013 (target) |
||
|
||||||||
Fixed compensation (base salary) |
2,400,000 |
2,400,000 |
2,400,000 |
2,400,000 |
1,150,000 |
1,150,000 |
||
Fringe benefits |
124,753 |
124,753 |
124,753 |
124,753 |
105,609 |
105,609 |
||
Total |
2,524,753 |
2,524,753 |
2,524,753 |
2,524,753 |
1,255,609 |
1,255,609 |
||
One-year variable compensation |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
thereof: |
|
|
|
|
|
|
||
Immediately paid out (part of APA) |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
Multi-year variable compensation |
1,952,500 |
3,400,000 |
0 |
5,600,000 |
3,376,415 |
4,350,000 |
||
thereof: |
|
|
|
|
|
|
||
Equity Upfront Awards (part of APA) |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
Restricted Incentive Awards (APA) |
688,500 |
1,000,000 |
0 |
2,000,000 |
926,415 |
1,200,000 |
||
Restricted Equity Awards (LTPA) |
1,264,000 |
2,400,000 |
0 |
3,600,000 |
2,300,000 |
3,000,000 |
||
Total |
1,952,500 |
3,400,000 |
0 |
5,600,000 |
3,526,415 |
4,500,000 |
||
Pension service costs |
521,887 |
521,887 |
521,887 |
521,887 |
340,985 |
340,985 |
||
Total compensation (GCGC) |
4,999,140 |
6,446,640 |
3,046,640 |
8,646,640 |
5,123,009 |
6,096,594 |
||
Total compensation1 |
4,352,500 |
5,800,000 |
2,400,000 |
8,000,000 |
4,676,415 |
5,650,000 |
||
|
Dr. Stephan Leithner |
|||||||
in € |
2014 (grant) |
2014 (target) |
2014 (Min) |
2014 (Max) |
2013 (grant) |
2013 (target) |
||
|
||||||||
Fixed compensation (base salary) |
2,400,000 |
2,400,000 |
2,400,000 |
2,400,000 |
1,150,000 |
1,150,000 |
||
Fringe benefits |
353,552 |
353,552 |
353,552 |
353,552 |
119,905 |
119,905 |
||
Total |
2,753,552 |
2,753,552 |
2,753,552 |
2,753,552 |
1,269,905 |
1,269,905 |
||
One-year variable compensation |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
thereof: |
|
|
|
|
|
|
||
Immediately paid out (part of APA) |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
Multi-year variable compensation |
2,067,250 |
3,400,000 |
0 |
5,600,000 |
3,406,250 |
4,350,000 |
||
thereof: |
|
|
|
|
|
|
||
Equity Upfront Awards (part of APA) |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
Restricted Incentive Awards (APA) |
803,250 |
1,000,000 |
0 |
2,000,000 |
956,250 |
1,200,000 |
||
Restricted Equity Awards (LTPA) |
1,264,000 |
2,400,000 |
0 |
3,600,000 |
2,300,000 |
3,000,000 |
||
Total |
2,067,250 |
3,400,000 |
0 |
5,600,000 |
3,556,250 |
4,500,000 |
||
Pension service costs |
561,694 |
561,694 |
561,694 |
561,694 |
360,800 |
360,800 |
||
Total compensation (GCGC) |
5,382,496 |
6,715,246 |
3,315,246 |
8,915,246 |
5,186,955 |
6,130,705 |
||
Total compensation1 |
4,467,250 |
5,800,000 |
2,400,000 |
8,000,000 |
4,706,250 |
5,650,000 |
||
|
Stuart Lewis |
|||||||
in € |
2014 (grant) |
2014 (target) |
2014 (Min) |
2014 (Max) |
2013 (grant) |
2013 (target) |
||
|
||||||||
Fixed compensation (base salary) |
2,400,000 |
2,400,000 |
2,400,000 |
2,400,000 |
1,150,000 |
1,150,000 |
||
Fringe benefits |
84,937 |
84,937 |
84,937 |
84,937 |
89,844 |
89,844 |
||
Total |
2,484,937 |
2,484,937 |
2,484,937 |
2,484,937 |
1,239,844 |
1,239,844 |
||
One-year variable compensation |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
thereof: |
|
|
|
|
|
|
||
Immediately paid out (part of APA) |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
Multi-year variable compensation |
2,029,000 |
3,400,000 |
0 |
5,600,000 |
3,371,825 |
4,350,000 |
||
thereof: |
|
|
|
|
|
|
||
Equity Upfront Awards (part of APA) |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
Restricted Incentive Awards (APA) |
765,000 |
1,000,000 |
0 |
2,000,000 |
921,825 |
1,200,000 |
||
Restricted Equity Awards (LTPA) |
1,264,000 |
2,400,000 |
0 |
3,600,000 |
2,300,000 |
3,000,000 |
||
Total |
2,029,000 |
3,400,000 |
0 |
5,600,000 |
3,521,825 |
4,500,000 |
||
Pension service costs |
551,095 |
551,095 |
551,095 |
551,095 |
351,335 |
351,335 |
||
Total compensation (GCGC) |
5,065,032 |
6,436,032 |
3,036,032 |
8,636,032 |
5,113,004 |
6,091,179 |
||
Total compensation1 |
4,429,000 |
5,800,000 |
2,400,000 |
8,000,000 |
4,671,825 |
5,650,000 |
||
|
Rainer Neske |
|||||||
in € |
2014 (grant) |
2014 (target) |
2014 (Min) |
2014 (Max) |
2013 (grant) |
2013 (target) |
||
Fixed compensation (base salary) |
2,400,000 |
2,400,000 |
2,400,000 |
2,400,000 |
1,150,000 |
1,150,000 |
||
|
||||||||
Fringe benefits |
96,155 |
96,155 |
96,155 |
96,155 |
104,900 |
104,900 |
||
Total |
2,496,155 |
2,496,155 |
2,496,155 |
2,496,155 |
1,254,900 |
1,254,900 |
||
One-year variable compensation |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
thereof: |
|
|
|
|
|
|
||
Immediately paid out (part of APA) |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
Multi-year variable compensation |
1,952,500 |
3,400,000 |
0 |
5,600,000 |
3,521,000 |
4,350,000 |
||
thereof: |
|
|
|
|
|
|
||
Equity Upfront Awards (part of APA) |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
Restricted Incentive Awards (APA) |
688,500 |
1,000,000 |
0 |
2,000,000 |
1,071,000 |
1,200,000 |
||
Restricted Equity Awards (LTPA) |
1,264,000 |
2,400,000 |
0 |
3,600,000 |
2,300,000 |
3,000,000 |
||
Total |
1,952,500 |
3,400,000 |
0 |
5,600,000 |
3,671,000 |
4,500,000 |
||
Pension service costs |
539,553 |
539,553 |
539,553 |
539,553 |
348,352 |
348,352 |
||
Total compensation (GCGC) |
4,988,208 |
6,435,708 |
3,035,708 |
8,635,708 |
5,274,252 |
6,103,252 |
||
Total compensation1 |
4,352,500 |
5,800,000 |
2,400,000 |
8,000,000 |
4,821,000 |
5,650,000 |
||
|
Henry Ritchotte |
|||||||
in € |
2014 (grant) |
2014 (target) |
2014 (Min) |
2014 (Max) |
2013 (grant) |
2013 (target) |
||
|
||||||||
Fixed compensation (base salary) |
2,400,000 |
2,400,000 |
2,400,000 |
2,400,000 |
1,150,000 |
1,150,000 |
||
Fringe benefits |
289,842 |
289,842 |
289,842 |
289,842 |
132,370 |
132,370 |
||
Total |
2,689,842 |
2,689,842 |
2,689,842 |
2,689,842 |
1,282,370 |
1,282,370 |
||
One-year variable compensation |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
thereof: |
|
|
|
|
|
|
||
Immediately paid out (part of APA) |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
Multi-year variable compensation |
1,952,500 |
3,400,000 |
0 |
5,600,000 |
3,371,825 |
4,350,000 |
||
thereof: |
|
|
|
|
|
|
||
Equity Upfront Awards (part of APA) |
0 |
0 |
0 |
0 |
150,000 |
150,000 |
||
Restricted Incentive Awards (APA) |
688,500 |
1,000,000 |
0 |
2,000,000 |
921,825 |
1,200,000 |
||
Restricted Equity Awards (LTPA) |
1,264,000 |
2,400,000 |
0 |
3,600,000 |
2,300,000 |
3,000,000 |
||
Total |
1,952,500 |
3,400,000 |
0 |
5,600,000 |
3,521,825 |
4,500,000 |
||
Pension service costs |
530,086 |
530,086 |
530,086 |
530,086 |
344,689 |
344,689 |
||
Total compensation (GCGC) |
5,172,428 |
6,619,928 |
3,219,928 |
8,819,928 |
5,148,884 |
6,127,059 |
||
Total compensation1 |
4,352,500 |
5,800,000 |
2,400,000 |
8,000,000 |
4,671,825 |
5,650,000 |
||
The following table provides the disbursals in/for the 2014 financial year:
Disbursals paid out in 2014 (2013) according to GCGC |
||||||||
|
Jürgen Fitschen |
Anshuman Jain |
Stefan Krause |
Dr. Stephan Leithner |
||||
in € |
2014 |
2013 |
2014 |
2013 |
2014 |
2013 |
2014 |
2013 |
Fixed compensation |
3,800,000 |
2,300,000 |
3,800,000 |
2,300,000 |
2,400,000 |
1,150,000 |
2,400,000 |
1,150,000 |
Fringe benefits |
118,852 |
236,590 |
718,914 |
804,032 |
124,753 |
105,609 |
353,552 |
119,905 |
Total |
3,918,852 |
2,536,590 |
4,518,914 |
3,104,032 |
2,524,753 |
1,255,609 |
2,753,552 |
1,269,905 |
One-year variable compensation |
0 |
150,000 |
0 |
150,000 |
0 |
150,000 |
0 |
150,000 |
thereof immediately paid out |
0 |
150,000 |
0 |
150,000 |
0 |
150,000 |
0 |
150,000 |
Multi-year variable compensation |
420,542 |
1,642,906 |
829,761 |
4,425,616 |
446,444 |
2,017,466 |
0 |
0 |
thereof Equity Upfront Awards: |
|
|
|
|
|
|
|
|
EUA for 2010 (until 2014) |
420,542 |
0 |
829,761 |
0 |
446,444 |
0 |
0 |
0 |
thereof Restricted Incentive Awards: |
|
|
|
|
|
|
|
|
RIA for 2011 (until 2016) |
0 |
356,221 |
0 |
1,051,846 |
0 |
356,221 |
0 |
0 |
RIA for 2010 (until 2015) |
0 |
199,943 |
0 |
1,091,853 |
0 |
212,257 |
0 |
0 |
RIA for 2009 (until 2013) |
0 |
68,480 |
0 |
234,988 |
0 |
91,306 |
0 |
0 |
thereof Restricted Equity Awards: |
|
|
|
|
|
|
|
|
REA for 2009 (until 2013) |
0 |
1,018,262 |
0 |
2,046,929 |
0 |
1,357,682 |
0 |
0 |
Total |
420,542 |
1,792,906 |
829,761 |
4,575,616 |
446,444 |
2,167,466 |
0 |
150,000 |
Pension service costs |
648,216 |
290,457 |
857,192 |
692,433 |
521,887 |
340,985 |
561,694 |
360,800 |
Total compensation (GCGC) |
4,987,610 |
4,619,953 |
6,205,867 |
8,372,081 |
3,493,084 |
3,764,060 |
3,315,246 |
1,780,705 |
|
|
|
|
|
|
|
|
|
|
|
Stuart Lewis |
Rainer Neske |
Henry Ritchotte |
||||
in € |
|
|
2014 |
2013 |
2014 |
2013 |
2014 |
2013 |
Fixed compensation |
|
|
2,400,000 |
1,150,000 |
2,400,000 |
1,150,000 |
2,400,000 |
1,150,000 |
Fringe benefits |
|
|
84,937 |
89,844 |
96,155 |
104,900 |
289,842 |
132,370 |
Total |
|
|
2,484,937 |
1,239,844 |
2,496,155 |
1,254,900 |
2,689,842 |
1,282,370 |
One-year variable compensation |
|
|
0 |
150,000 |
0 |
150,000 |
0 |
150,000 |
thereof immediately paid out |
|
|
0 |
150,000 |
0 |
150,000 |
0 |
150,000 |
Multi-year variable compensation |
|
|
0 |
0 |
433,493 |
1,649,063 |
0 |
0 |
thereof Equity Upfront Awards: |
|
|
|
|
|
|
|
|
EUA for 2010 (until 2014) |
|
|
0 |
0 |
433,493 |
0 |
0 |
0 |
thereof Restricted Incentive Awards: |
|
|
|
|
|
|
|
|
RIA for 2011 (until 2016) |
|
|
0 |
0 |
0 |
356,221 |
0 |
0 |
RIA for 2010 (until 2015) |
|
|
0 |
0 |
0 |
206,100 |
0 |
0 |
RIA for 2009 (until 2013) |
|
|
0 |
0 |
0 |
68,480 |
0 |
0 |
thereof Restricted Equity Awards: |
|
|
|
|
|
|
|
|
REA for 2009 (until 2013) |
|
|
0 |
0 |
0 |
1,018,262 |
0 |
0 |
Total |
|
|
0 |
150,000 |
433,493 |
1,799,063 |
0 |
150,000 |
Pension service costs |
|
|
551,095 |
351,335 |
539,553 |
348,352 |
530,086 |
344,689 |
Total compensation (GCGC) |
|
|
3,036,032 |
1,741,179 |
3,469,201 |
3,402,315 |
3,219,928 |
1,777,059 |
In 2014, the Supervisory Board decided to suspend for all Management Board members the tranches of deferred compensation elements which were subject to non-forfeiture and/or disbursal in August 2014. Accordingly, the above table does not contain the respective compensation elements which were not disbursed (or delivered – in case of share based elements) in August 2014.
Compensation in accordance with the German Accounting Standard No. 17 (GAS 17)
In accordance with the requirements of the GAS 17, the members of the Management Board collectively received in the 2014 financial year compensation totalling € 31,709,671 (2013: € 36,890,500) for their service on the Management Board. Of that, € 19,600,000 (2013: € 10,350,000) was for base salaries, € 1,787,005 (2013: € 1,593,250) for fringe benefits, € 10,322,666 (2013: € 23,897,250) for performance-related components with long-term incentives and € 0 (2013: € 1,050,000) for performance-related components without long-term incentives.
In accordance with German Accounting Standard No. 17, the Restricted Incentive Awards, as a deferred, non-equity-based compensation component subject to certain (forfeiture) conditions, must be recognized in the total compensation for the year of their payment (i.e. in the financial year in which the unconditional payment takes place) and not in the year they are originally granted. Based on this the Management Board members individually received the following compensation components for their service on the Management Board for or in the years 2014 and 2013, including the non-performance-related fringe benefits and the service costs for pension benefits.
Compensation according to GAS 17 |
||||||||
|
Jürgen Fitschen |
Anshuman Jain |
Stefan Krause |
Dr. Stephan Leithner |
||||
in € |
2014 |
2013 |
2014 |
2013 |
2014 |
2013 |
2014 |
2013 |
Compensation |
|
|
|
|
|
|
|
|
Performance-related components |
|
|
|
|
|
|
|
|
Without long-term incentives |
|
|
|
|
|
|
|
|
Immediately paid out |
0 |
150,000 |
0 |
150,000 |
0 |
150,000 |
0 |
150,000 |
With long-term incentives |
|
|
|
|
|
|
|
|
Cash-based |
|
|
|
|
|
|
|
|
Restricted Incentive Award(s) paid |
0 |
624,644 |
0 |
2,378,687 |
0 |
659,784 |
0 |
0 |
Share-based |
|
|
|
|
|
|
|
|
Equity Upfront Award(s) |
0 |
150,000 |
0 |
150,000 |
0 |
150,000 |
0 |
150,000 |
Restricted Equity Award(s) |
2,001,333 |
3,526,667 |
2,001,333 |
3,526,667 |
1,264,000 |
2,300,000 |
1,264,000 |
2,300,000 |
Non-performance-related components |
|
|
|
|
|
|
|
|
Base salary |
3,800,000 |
2,300,000 |
3,800,000 |
2,300,000 |
2,400,000 |
1,150,000 |
2,400,000 |
1,150,000 |
Benefits |
|
|
|
|
|
|
|
|
Non-performance-related components |
|
|
|
|
|
|
|
|
Fringe benefits |
118,852 |
236,590 |
718,914 |
804,032 |
124,753 |
105,609 |
353,552 |
119,905 |
Pension service costs |
648,216 |
290,457 |
857,192 |
692,433 |
521,887 |
340,985 |
561,694 |
360,800 |
Total (excl. Service costs) |
5,920,185 |
6,987,901 |
6,520,247 |
9,309,386 |
3,788,753 |
4,515,393 |
4,017,552 |
3,869,905 |
Total (incl. Service costs) |
6,568,401 |
7,278,358 |
7,377,439 |
10,001,819 |
4,310,640 |
4,856,378 |
4,579,246 |
4,230,705 |
|
|
|
|
|
|
|
|
|
|
Stuart Lewis |
Rainer Neske |
Henry Ritchotte |
Total |
||||
in € |
2014 |
2013 |
2014 |
2013 |
2014 |
2013 |
2014 |
2013 |
Compensation |
|
|
|
|
|
|
|
|
Performance-related components |
|
|
|
|
|
|
|
|
Without long-term incentives |
|
|
|
|
|
|
|
|
Immediately paid out |
0 |
150,000 |
0 |
150,000 |
0 |
150,000 |
0 |
1,050,000 |
With long-term incentives |
|
|
|
|
|
|
|
|
Cash-based |
|
|
|
|
|
|
|
|
Restricted Incentive Award(s) paid |
0 |
0 |
0 |
630,801 |
0 |
0 |
0 |
4,293,916 |
Share-based |
|
|
|
|
|
|
|
|
Equity Upfront Award(s) |
0 |
150,000 |
0 |
150,000 |
0 |
150,000 |
0 |
1,050,000 |
Restricted Equity Award(s) |
1,264,000 |
2,300,000 |
1,264,000 |
2,300,000 |
1,264,000 |
2,300,000 |
10,322,666 |
18,553,334 |
Non-performance-related components |
|
|
|
|
|
|
|
|
Base salary |
2,400,000 |
1,150,000 |
2,400,000 |
1,150,000 |
2,400,000 |
1,150,000 |
19,600,000 |
10,350,000 |
Benefits |
|
|
|
|
|
|
|
|
Non-performance-related components |
|
|
|
|
|
|
|
|
Fringe benefits |
84,937 |
89,844 |
96,155 |
104,900 |
289,842 |
132,370 |
1,787,005 |
1,593,250 |
Pension service costs |
551,095 |
351,335 |
539,553 |
348,352 |
530,086 |
344,689 |
4,209,723 |
2,729,051 |
Total (excl. Service costs) |
3,748,937 |
3,839,844 |
3,760,155 |
4,485,701 |
3,953,842 |
3,882,370 |
31,709,671 |
36,890,500 |
Total (incl. Service costs) |
4,300,032 |
4,191,179 |
4,299,708 |
4,834,053 |
4,483,928 |
4,227,059 |
35,919,394 |
39,619,551 |
In 2014, the Supervisory Board decided to suspend for all Management Board members the tranches of deferred compensation elements which were subject to non-forfeiture or due to vest in August 2014. Accordingly, the table above does not contain the Restricted Incentive Awards which were not disbursed in August 2014.
With respect to 2013, the total compensation amounts presented include the third tranche of the Restricted Incentive Awards granted in 2010 for the financial year 2009, totalling € 463,254; the second tranche of the Restricted Incentive Awards granted in 2011 for the financial year 2010, totalling € 1,710,153; and the first tranche of the Restricted Incentive Awards granted in 2012 for the financial year 2011, totalling € 2,120,509.
