BMW 2014 Annual Report Download - page 164

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164
90 GROUP FINANCIAL STATEMENTS
90 Income Statements
90 Statement of
Comprehensive Income
92 Balance Sheets
94 Cash Flow Statements
96 Group Statement of Changes in
Equity
98 Notes
98 Accounting Principles and
Policies
116 Notes to the Income Statement
123 Notes to the Statement
of Comprehensive Income
124
Notes to the Balance Sheet
149 Other Disclosures
165 Segment Information
The total compensation of the current Board of Manage-
ment
members for 2014 amounted to € 35.7 million
(2013:
€ 34.5 million). This comprised fixed components of
€ 7.7 million (2013: € 7.9 million), variable components of
€ 27.0 million (2013: € 25.9 million) and a share-based
compensation component totalling € 1.0 million (2013:
€ 0.7 million). Pension obligations to current members of
the Board of Management are covered by provisions
amounting to € 31.3 million (2013: € 24.8 million), com-
puted in accordance with IAS 19 (Employee Benefits).
The compensation of the members of the Supervisory
Board for the financial year 2014 amounted to € 4.8 mil-
lion (2013: € 4.6 million). This comprised fixed compo-
nents of € 2.0 million (2013: € 2.0 million) and variable
components of € 2.8 million (2013: € 2.6 million).
The remuneration of former members of the Board
of Management and their dependants amounted to
€ 5.8 million (2013: € 4.7 million).
Application of exemption provisions
A number of companies and incorporated partnerships
(as defined by § 264 a HGB) which are consolidated sub-
sidiaries of BMW AG and for which the Group Financial
Statements of BMW AG represent exempting consoli-
dated 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
Pension obligations to former members of the Board
of
Management and their surviving dependants are
covered by pension provisions amounting to € 68.4 mil-
lion (2013: € 58.0 million), computed in accordance with
IAS 19.
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.
The following German entities apply the exemption
available in § 264 (3) and § 264 b 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
–
BMW Beteiligungs GmbH & Co. KG, Munich
In addition, the Dutch entity, BMW International
Holding B. V., The Hague, applies the exemption pro
vision contained in Article 2:403 of the Civil Code
of the Netherlands.
49
48
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 for the financial year 2014 amounted to € 46.1
million (2013: € 43.4 million) and comprised the following:
in € million 2014 2013
Short-term employment benefits 39.5 38.4
Share-based remuneration component 1.0 0.7
Post-employment benefits 2.1 2.2
Benefits in conjunction with the termination of an employment relationship 3.5 2.1
Compensation 46.1 43.4