BMW 2008 Annual Report Download - page 143

144
134 Corporate Governance
134 Members of the Supervisory Board
137
Members of the Board of
Management
138 Corporate Governance in the
BMW
Group
140 Compliance in the BMW Group
141 Compensation Report
147 Declaration of the Board of
Management and of the Supervisory
Board pursuant to § 161 AktG
stock reported in the Group Financial Statements for the
relevant financial year (compensation year) exceeds a mini-
mum amount of euro . (payable after the Annual General
Meeting held in the following year). An upper limit of euro
, is in place for the performance-related compensa-
tion. Since the minimum EPS was not achieved in ,
no performance-related compensation is payable for the
financial year .
The German Corporate Governance Code also
recom-
mends that the exercising of chair and deputy chair posi-
tions
in the Supervisory Board as well the chair and mem-
bership of committees should also be considered when
determining the level of compensation (section .. para-
graph  GCGC).
Accordingly, the Articles of Incorporation of BMW AG stip-
ulate that the Chairman of the Supervisory Board shall re-
ceive three times the amount and each Deputy Chairman
shall receive twice the amount of the remuneration of a
Supervisory Board member. Provided the relevant commit-
tee convened for meetings on at least three days during
the financial year, each chairman of the Supervisory Board’s
committees receives twice the amount and each member
of a committee receives one and a half times the amount
of the remuneration of a Supervisory Board member. If a
member of the Supervisory Board exercises more than one
of the functions referred to above, the compensation is
measured only on the basis of the function which is remu-
nerated with the highest amount, thus avoiding amounts
accumulating when more than one function is exercised.
In addition, each member of the Supervisory Board re-
ceives
an attendance fee of euro , for each full meeting
of the Supervisory Board (Plenum) which the member
has attended (payable at the end of the financial year).
Attendance at more than one meeting on the same day is
not remunerated separately.
The Company also reimburses to each member of the
Supervisory Board any value added tax arising on their
remuneration. The amounts disclosed below are net
amounts.
Compensation of the Supervisory Board for the financial
year  (total)
In accordance with   of the Articles of Incorporation, the
compensation of the Supervisory Board for activities
during the financial year  amounted to euro . million
(: euro . million). This includes fixed compensation of
euro . million (: euro . million). No variable compen-
sation is payable for  (: euro . million) since the
conditions stipulated in the Articles of Incorporation (mini-
mum EPS of euro .) were not met.
in euro million 2008 2007
Amount Proportion Amount Proportion
in % in %
Fixed compensation 1.6 100.0 0.1 3.6
Variable compensation – – 2.7 * 96.4
Total compensation 1.6 100.0 2 . 8 100.0
* calculated on the basis of an agreed upper limit.