BMW 2012 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 is-
sued the prescribed Declaration of Compliance pursuant
from the BMW Group during the financial year 2012,
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.
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.
to § 161 of the German Stock Corporation Act. It is repro-
duced in the Annual Report 2012 of the BMW Group and
is also available to shareholders on the BMW Group web-
site at www.bmwgroup.com/ir.
BMW Trust e.V., Munich, administers assets on a
trustee 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 27.63 % (2011: 27.65 %) of the issued common
and preferred stock shares, of which 16.08 % (2011:
16.09 %) relates to Stefan Quandt, Bad Homburg v. d. H.
The total compensation of the current Board of Manage-
ment
members for 2012 amounted to € 31.4 million
(2011: € 27.3 million). This comprised fixed components
of € 7.5 million (2011: € 4.7 million), variable compo-
nents of € 23.2 million (2011: € 21.9 million) and a share-
based compensation component totalling € 0.7 million
(2011: € 0.7 million).
In addition, an expense of € 1.2 million (2011: € 1.1
mil-
lion) was recognised for current members of the
Board
of Management for the period after the end of
their employment relationship. This relates to the ex-
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
€ 36.4 million (2011: € 32.1 million) and comprised the
following:
and 11.55 % (2011: 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.
pense for allocations to pension provisions. Pension ob-
ligations to current members of the Board of Manage-
ment are covered by pension provisions amounting to
€ 29.4 million (2011: € 19.0 million), computed in accord-
ance with IAS 19 (Employee Benefits).
The remuneration of former members of the Board of
Management and their dependants amounted to € 3.8 mil-
lion
(2011: € 3.7 million).
Pension obligations to former members of the Board of
Management and their surviving dependants are fully
in € million 2012 2011
Short-term employment benefits 35.2 31.0
Post-employment benefits 1.2 1.1
Compensation 36.4 32.1