BMW 2011 Annual Report Download - page 143

143 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
panies
of the DELTON Group acquired vehicles on
the basis of arm’s length principles from the BMW
Group, mostly in the form of leasing contracts. These
service and lease contracts, which are not material
for the BMW Group, all arise in the normal course of
business and are conducted on the basis of arm’s
length principles.
Susanne Klatten is a shareholder and member of the
Supervisory Board of BMW AG and also a shareholder
and Deputy Chairman of the Supervisory Board of
Altana AG, Wesel. Altana AG, Wesel, acquired vehicles
from the BMW Group during the financial year 2011,
mostly in the form of lease contracts. These contracts
are not material for the BMW Group, arise in the course
of ordinary activities and are made, without exception,
on the basis of arm’s length principles.
of the German Stock Corporation Act. The Declaration
of Compliance is reproduced on page 153 and is also
available to shareholders on the BMW Group website at
www.bmwgroup.com / ir.
Apart from the transactions referred to above, compa-
nies of the BMW Group did not enter into any contracts
with members of the Board of Management or
Super-
visory Board of BMW AG. The same applies to close mem-
bers
of the families of those persons.
BMW Trust e.V., Munich, administers assets on a trus-
tee basis to secure obligations relating to pensions
and pre-retirement part-time work arrangements in
Germany and is therefore a related party of the BMW
Group in accordance with IAS 24. This entity, which
is a registered association (eingetragener Verein) under
German law, does not have any assets of its own. It
did not have any income or expenses during the period
under report. BMW AG bears expenses on a minor
scale and renders services on behalf of BMW Trust e.V.,
Munich.
Shareholdings of members of the Board of Management
and Supervisory Board
The members of the Supervisory Board of BMW AG hold
in total 27.65 % (2010: 27.66 %) of the issued common
and preferred stock shares, of which 16.09 % (2010:
16.10 %) relates to Stefan Quandt, Bad Homburg v. d. H.
The total compensation of the current Board of Manage-
ment members for 2011 amounted to € 27.3 million (2010:
€ 18.2 million). This comprised fixed components of
€ 4.7 million (2010: € 3.7 million), variable components
of
€ 21.9 million (2010: € 14.5 million) and a share-based
compensation component totalling € 0.7 million (2010:
€ – million).
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 € 32.1
million (2010: € 22.2 million) and comprised the following:
and 11.56 % (2010: 11.56 %) to Susanne Klatten, Munich.
As at the end of the previous financial year, sharehold-
ings of members of the BMW AG Board of Management
account, in total, for less than 1 % of issued shares.
In addition, an expense of € 1.1 million (2010: € 0.9
million) was recognised for 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
costs). Pension obligations to current members of
the Board of Management are covered by pension
in € million 2011 2010
Short-term employment benefits 31.0 21.3
Post-employment benefits 1.1 0.9
Compensation 32.1 22.2