BMW 2010 Annual Report Download - page 133

131 GROUP FINANCIAL STATEMENTS
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Declaration with respect to the Corporate Governance
Code
The Board of Management and the Supervisory Board
of Bayerische Motoren Werke Aktiengesellschaft have
issued the Declaration of Compliance pursuant to § 161
of the German Stock Corporation Act. The Declaration
of Compliance is reproduced on page 142 and is also
available to shareholders on the BMW Group website at
www.bmwgroup.com/ir.
Shareholdings of members of the Board of Manage-
ment and Supervisory Board
The members of the Supervisory Board of BMW AG hold
in total 27.66% of the issued common and preferred stock
shares, of which 16.10% relates to Stefan Quandt, Bad
Homburg v.d.H. and 11.56% to Susanne Klatten, Munich.
The total remuneration of the members of the Board of
Management for the financial year 2010 amounted to
euro 18.2 million (2009: euro 10.7 million). This comprised
fixed components of euro 3.7 million (2009: euro 3.7 mil-
lion) and variable components of euro 14.5 million (2009:
euro 7.0 million).
In addition, an expense of euro 0.9 million (2009: euro
0.7 million) has been granted to current members of the
Board of Management for the period after the end of their
employment relationship. This relates to the expense for
allocations to pension provisions (service cost). Provi-
sions for pension obligations to current members of the
Board of Management in accordance with IAS 19 stood at
euro 17.4 million (2009: euro 13.8 million).
The remuneration of former members of the Board of
Management and their surviving dependants amounted
to euro 3.7 million (2009: euro 3.8 million).
Pension obligations to former members of the Board of
Management and their dependants are fully covered by
pension provisions amounting to euro 49.7 million
(2009: euro 46.7 million), computed in accordance with
IAS 19.
Compensation of members of the Board of Management and Supervisory Board
The compensation of current members of the Board of Management and Supervisory Board amounted to euro 22.2 mil-
lion (2009: euro 13.0 million) and comprised the following:
The shareholding of the members of the Board of Manage-
ment
of BMW AG is, in total, less than 1% of the issued
stock shares.
The compensation of the members of the Supervisory
Board for the financial year 2010 amounted to euro 3.1 mil-
lion
(2009: euro 1.6 million). This comprised fixed com-
ponents of euro 1.6 million (2009: euro 1.6 million) and
variable components of euro 1.5 million (2009: –).
The compensation system for members of the Board of
Management and the Supervisory Board does not
in-
clude any stock options, value appreciation rights com-
parable
to stock options or any other stock-based com-
pensation components.
No advances or loans were granted by the Company to
members of the Board of Management and the Super-
visory Board, nor were any contingent liabilities entered
into on their behalf.
Further details about the remuneration of current mem-
bers of the Board of Management and of the Supervisory
Board can be found in the Compensation Report on
pages 154 to 161. The compensation report is part of the
Group Management Report.
The names of the members of the Supervisory Board and
of the Board of Management are disclosed on pages 143
to 146.
in euro million 2010 2009
Short-term employment benefits 21.3 12.3
Post-employment benefits 0.9 0.7
Compensation 22.2 13.0