BMW 2005 Annual Report Download - page 121

Management and the Supervisory Board amounts
to euro 15.2 million (2004: euro 14.8 million). The re-
muneration consists of the following:
is included in the BMW Group Annual Report
2005 and which is available to shareholders on
the BMW Group website under the address
www.bmwgroup.com/ir.
Susanne Klatten, Bad Homburg v.d.H. The share-
holding of the members of the Board of Manage-
ment of BMW AG is, in total, less than 1 % of the
issued stock shares.
[44]Compensation of
members of the Board
of Management and
Supervisory Board
[42]Declaration with
respect to the Corporate
Governance Code
[43]Shareholdings of
members of the Board
of Management and
Supervisory Board
120
Subject to the approval of the proposed dividend at
the Annual General Meeting of Shareholders, the
remuneration of current members of the Board of
financial year 2005 amounted to euro 2.5 million (2004:
euro 2.4 million), comprising fixed components of
euro 0.1 million (2004: euro 0.1 million) and variable
components of euro 2.4 million (2004: euro 2.3 million).
The remuneration of former Board members
and their dependants amounted to euro 2.6 million
(2004: euro 2.5 million).
Pension obligations to former members of the
Board of Management and their dependants are
fully covered by pension provisions amounting to
euro 37.0 million (2004: euro 36.8 million*), com-
puted in accordance with IAS 19.
The names of the members of the Supervisory
Board and of the Board of Management are dis-
closed on pages 126 to 129.
Subject to the approval of the proposed divi-
dend at the Annual General Meeting 2005, the
salaries of the members of the Board of Manage-
ment for the financial year 2005 amounted to euro
12.2 million (2004: euro11.9 million), comprising
fixed components of euro 2.0 million (2004: euro
1.9
million) and variable components of euro 10.2 mil-
lion (2004: euro10.0 million).
In addition, an amount of euro 0.5 million (2004:
euro 0.5 million) has been granted to current mem-
bers of the Board of Management after the end of
their employment relationship. This relates to the
expense for allocations to pension provisions.
Subject to the approval of the proposed dividend
at the Annual General Meeting 2005, the compensa-
tion of the members of the Supervisory Board for the
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
and/or §264b HGB for the purposes of the prepara-
tion of a management report:
– Alphabet Fuhrparkmanagement GmbH, Munich
–BMW Leasing GmbH, Munich
–BMW Vertriebs GmbH, Munich
–BMW Vertriebs GmbH & Co. OHG, Dingolfing
–BMW Ingenieur-Zentrum GmbH + Co., Dingolfing
[45]Application of
§264 (3) and §264b of
the German Commercial
Code (HGB)
A number of incorporated companies and partner-
ships as defined by §264a HGB which are consoli-
dated subsidiaries of BMW AG and for whom the
BMW AG Group financial statements represent
exempting consolidated financial statements, apply
the exemption provisions contained in §264 (3) HGB
The members of the Supervisory Board of BMW AG
hold in total 27.70% of the issued common and
preferred stock shares, of which 16.12% relates to
Stefan Quandt, Bad Homburg v.d.H. and 11.58% to
in euro million 2005 2004
Short-term employment benefits 14.7 14.3
Benefits due at end of employment relationship 0.5 0.5
15.2 14.8
*adjusted in accordance with Note [8] (b)
Group Financial Statements 62
Income Statements 63
Balance Sheets 64
Cash Flow Statements 66
Group Statement of
Changes in Equity 68
Statement of Income and Expenses
recognised directly in Equity 69
Notes 70
--Accounting Principles
and Policies 70
--Notes to the Income Statement 81
--Notes to the balance sheet 90
--Other Disclosures 114
--Segment Information 121
Auditors’ Report 125