BMW 2004 Annual Report Download - page 115

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114
Corporate Governance 108
Members of the
Supervisory Board 108
Members of the
Board of Management 111
Corporate Governance in
the BMW Group 112
Principles for the compensation
of the Board of Management
and Supervisory Board 113
Declaration of the Board of
Management and of the
Supervisory Board pursuant to
§161 AktG 115
The remuneration paid to former members of
the Board of Management and their dependants
was euro 2.5 million (2003: euro 3.6 million). Pension
obligations for former members of the Board of
Management and their dependants are covered by
pension provisions of euro 29.2 million (2003: euro
29.7 million).
2. Compensation of the Supervisory Board
Responsibilities
The compensation of the Supervisory Board is de-
termined by shareholders’ resolution at the Annual
General Meeting. Compensation is currently based
on shareholders’ resolutions taken at the Annual
General Meeting on 18 May 1999 and §15 of the
Statutes of BMW AG.
Components of compensation
In addition to the reimbursement of expenses, the
members of the Supervisory Board receive a fixed
compensation and a bonus based on the level of
the dividend.
Compensation of the Supervisory Board for the
financial year 2004
On the basis of the proposed dividend, the compen-
sation of the Supervisory Board for activities during
the financial year 2004 amounted to euro 2.4 mil-
lion (2003: euro 2.3 million). This comprised a fixed
component of euro 0.1 million (2003: euro 0.1 mil-
lion) and a variable component of euro 2.3 million
(2003: euro 2.2 million).
None of the members of the Supervisory Board
performed advisory, agency or other services for the
BMW Group in a personal capacity. In consequence,
no additional compensation was paid.
in euro million 2004 2003
Amount Proportion Amount Proportion
Fixed compensation 0.1 4.2% 0.1 4.3%
Variable compensation
2.3 95.8% 2.2 95.7%
Total compensation 2.4 100 % 2.3 100%