BMW 2004 Annual Report Download - page 100

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euro 29.2 million (2003: euro 29.7 million), computed
in accordance with IAS 19.
Subject to the approval of the proposed dividend
at the Annual General Meeting of Shareholders,
the remuneration of the Supervisory Board for the
financial year 2004 amounts to euro 2.4 million
(2003: euro 2.3 million). This comprises fixed com-
ponents of euro 0.1 million (2003: euro 0.1 million)
and variable components of euro 2.3 million (2003:
euro 2.2 million).
The names of the members of the Supervisory
Board and of the Board of Management are dis-
closed on pages 108 to 111.
included in the BMW Group Annual Report and
which is available to shareholders on the BMW Group
website under the address www.bmwgroup.com/ir.
to Susanne Klatten, Bad Homburg v.d.H. The
shareholding of the members of the Board of
Management of BMW AG is, in total, less than 1%
of the issued stock shares.
[41]Total remuneration
of the Board of
Management and the
Supervisory Board
[39]Declaration with
respect to the Corporate
Governance Code
[40]Shareholdings
of the Board of
Management and
Supervisory Board
99
Stefan Quandt is a shareholder and Deputy
Chairman of the Supervisory Board of BMW AG.
He is also sole shareholder and Chairman of the
Supervisory Board of DELTON AG, Bad Homburg
v.d.H., which, via its subsidiaries in the Thiel Group,
performed logistics services for the BMW Group
during the financial year 2004. In addition, companies
of the DELTON Group purchased vehicles from the
BMW Group. These service and sale contracts are
not material for the BMW Group and are entered
into, without exception, on arm’s length principles.
Susanne Klatten a shareholder and member of
the Supervisory Board of BMW AG, and also a share-
holder and Deputy Chairman of the Supervisory
Board of Altana AG, Bad Homburg v.d.H. Altana AG,
Bad Homburg v.d.H. purchased vehicles from the
BMW Group in 2004. These sale contracts are not
material for the BMW Group and are entered into,
without exception, on arm’s length principles.
With the exception of these related party trans-
actions, companies of the BMW Group did not enter
into any contracts with members of the Board of
Management or Supervisory Board of BMW AG or
with other key management personnel in the BMW
Group or with companies in whose representative
bodies those persons are represented. The same
applies to close members of the families of those
persons.
Subject to the approval of the proposed dividend at
the Annual General Meeting of Shareholders, the
remuneration of current members of the Board of
Management for the financial year 2004 amounts
to euro 11.9 million (2003: euro 10.7 million). This
comprises fixed components of euro 1.9 million
(2003: euro 1.9 million) and variable components of
euro10.0 million (2003: euro 8.8 million).
The remuneration of former Board members
and their dependants amounts to euro 2.5 million
(2003: euro 3.6 million).
Pension obligations to former members of the
Board of Management and their dependants are
fully covered by pension provisions amounting to
The Board of Management and the Supervisory
Board of Bayerische Motoren Werke Aktienge-
sellschaft have issued a declaration, required by
§161 of the German Stock Corporation Act, which is
The members of the Supervisory Board of BMW AG
hold in total 27.70% of the issued common and pre-
ferred stock shares, of which 16.12% relates to
Stefan Quandt, Bad Homburg v.d.H. and 11.58%