Audi 2015 Annual Report Download - page 209

CORPORATE GOVERNANCE REPORT
REMUNERATION REPORT
>> 209
As of December 31, 2015, provisions for pensions pursuant to
IAS 19 for current members of the Board of Management
totaled EUR 26,684 (33,882) thousand. Allocations to the
provisions including transfers totaled EUR 1,430 (16,287)
thousand. The measurement of pension obligations also in-
cludes other benefits such as surviving dependents’ pensions.
Measured in accordance with the rules under German commer-
cial law, pension obligations totaled EUR 19,658 (20,723)
thousand, with EUR 5,192 (7,000) thousand, including trans-
fers, having been allocated. Current pension payments are
increased in line with the index-linking of the highest collec-
tively agreed salary, provided that the application of Section 16
of the German Act on the Improvement of Company Pension
Provision (BetrAVG) does not lead to a higher increase.
Former members of the Board of Management and their surviv-
ing dependents received EUR 9,409 (8,017) thousand during
the reporting period. This included payments resulting from
termination of office of EUR 6,877 (6,003) thousand, with
regard to which there remained obligations totaling EUR 7,421
(5,345) thousand as of the balance sheet date. As at Decem-
ber 31, 2015, pension obligations for the above group of indi-
viduals, calculated pursuant to IAS 19, totaled EUR 67,276
(67,868) thousand. The equivalent figure calculated in
accordance with the rules under German commercial law
was EUR 57,404 (49,881) thousand.
// BENEFITS PAID UPON EARLY TERMINATION OF
ACTIVITY
If the activity is ended with good cause for which the member
of the Board of Management is not responsible, entitlement to
payment of a settlement shall be limited to a maximum of two
years’ annual remuneration (settlement cap).
No settlement will be paid to the member of the Board of
Management if the activity was ended with good cause for
which that member was responsible.
Members of the Board of Management shall also, upon reach-
ing the corresponding age, be entitled to retirement pay or a
surviving dependent’s pension if their activity is terminated
prematurely.
/REMUNERATION OF THE SUPERVISORY BOARD
The remuneration paid to the Supervisory Board is composed of
fixed and variable components in accordance with Article 16 of
the Articles of Incorporation and Bylaws of AUDI AG. Pursuant
to Section 314, Para. 1, No. 6a) of the German Commercial
Code (HGB), these amount to EUR 202 (1,417) thousand. The
remuneration comprises EUR 202 (208) thousand in fixed and
EUR – (1,209) thousand in variable components. The level of the
variable remuneration components is based on the compensa-
tory payment made for the 2015 fiscal year in accordance with
the applicable provision in the Articles of Incorporation and
Bylaws. The compensatory payment was not yet known at the
time the Annual Financial Statements were concluded.
The actual payment of individual parts of the total remuneration,
which will only be determined upon finalization of the compen-
satory payment, will be made in the 2016 fiscal year pursuant
to Section 16 of the Articles of Incorporation and Bylaws.