BMW 2013 Annual Report Download - page 160

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160
88 GROUP FINANCIAL STATEMENTS
88 Income Statements
88 Statement of
Comprehensive Income
90 Balance Sheets
92 Cash Flow Statements
94 Group Statement of Changes in
Equity
96 Notes
96 Accounting Principles and
Policies
114 Notes to the Income Statement
121 Notes to the Statement
of Comprehensive Income
122
Notes to the Balance Sheet
145 Other Disclosures
161 Segment Information
The total compensation of the current Board of Manage-
ment
members for 2013 amounted to € 34.5 million
(2012: € 31.4 million). This comprised fixed components
of € 7.9 million (2012: € 7.5 million), variable compo-
nents of € 25.9 million (2012: € 23.2 million) and a share-
based compensation component totalling € 0.7 million
(2012: € 0.7 million).
In addition, an expense of € 2.2 million (2012: € 1.2 mil-
lion)
was recognised for current members of the Board
of Management for the period after the end of their em-
ployment relationship. This relates to the expense for
allocations to pension provisions. Pension obligations
to current members of the Board of Management are
covered by pension provisions amounting to € 24.8
mil-
lion (2012: € 29.4 million), computed in accordance with
IAS 19 (Employee Benefits).
The remuneration of former members of the Board
of Management and their dependants amounted to
€ 4.7 million (2012: € 3.8 million).
Pension obligations to former members of the Board of
Management and their surviving dependants are fully
Application of exemptions pursuant to § 264 (3) and
§
264b HGB
A number of companies and incorporated partnerships
(as defined by § 264 a HGB) which are consolidated
subsidiaries of BMW AG and for which the Group Finan-
cial Statements of BMW AG represent exempting con-
solidated financial statements, apply the exemptions
available in § 264 (3) and § 264b HGB with regard to the
drawing up of a management report. The exemptions
have been applied by:
– Bavaria Wirtschaftsagentur GmbH, Munich
–
BMW Fahrzeugtechnik GmbH, Eisenach
–
BMW Hams Hall Motoren GmbH, Munich
–
BMW M GmbH Gesellschaft für individuelle
Automobile, Munich
– Rolls-Royce Motor Cars GmbH, Munich
covered by pension provisions amounting to € 58.0 mil-
lion (2012: € 61.2 million), computed in accordance with
IAS 19.
The compensation of the members of the Supervisory
Board for the financial year 2013 amounted to € 4.6 mil-
lion (2012: € 4.5 million). This comprised fixed compo-
nents of € 2.0 million (2012: € 1.6 million) and variable
components of € 2.6 million (2012: € 2.9 million).
The compensation systems for members of the Super-
visory Board do not include any stock options, value
appreciation rights comparable to stock options or any
other stock-based compensation components. Apart
from vehicle lease contracts entered into on customary
market conditions, no advances or loans were granted
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 the Supervisory
Board can be found in the Compensation Report, which
is part of the Combined Management Report.
In addition, the following entities apply the exemption
available in § 264 (3) and § 264b HGB with regard to
publication:
– Bavaria Wirtschaftsagentur GmbH, Munich
– Alphabet International GmbH, Munich
–
BMW Hams Hall Motoren GmbH, Munich
–
BMW M GmbH Gesellschaft für individuelle
Automobile, Munich
–
BMW INTEC Beteiligungs GmbH, Munich
–
BMW Verwaltungs GmbH, Munich
– Rolls-Royce Motor Cars GmbH, Munich
48
47
Compensation of members of the Board of Management
and Supervisory Board
The total compensation of the current members of
the Board of Management and the Supervisory Board
of BMW AG amounted to € 40.6 million (2012: € 36.4 mil-
lion)
and comprised the following:
in € million 2013 2012
Short-term employment benefits 38.4 35.2
Post-employment benefits 2.2 1.2
Compensation 40.6 36.4