BMW 2015 Annual Report Download - page 193

193 STATEMENT ON CORPORATE GOVERNANCE
In addition, an expense of € 2.6 million (2014: € 2.1 mil-
lion)
was recognised in the financial year 2015 for
current members of the Board of Management for the
period after the end of their service relationship,
which relates to the expense for allocations to pension
provisions.
Total benefits paid to former members of the Board
of Management and their surviving dependants for the
finan cial year 2015 amounted to € 8.0 million (2014:
€ 5.8 million). This amount includes the above-men-
tioned settlement of € 2.5 million paid to Dr Reithofer.
Pension obligations to former members of the Board of
Management, including Dr Reithofer, and their surviv-
ing dependants are fully covered by pension provisions
amounting to € 71.8 million (2014: € 68.4 million), com-
puted in accordance with IAS 19.
in € Service cost Service cost Present value of Present value of
in accordance with IFRS in accordance with HGB pension obligations pension obligations
for the financial year 20155for the financial year 20155(defined benefit plans), (defined benefit plans),
in accordance with IFRS6in accordance with HGB6
Harald Krüger 175,287 358,331 3,993,819 3,992,702
(220,609) (359,256) (3,927,671) (3,204,346)
Milagros Caiña Carreiro-Andree 360,767 364,656 1,427,599 1,427,072
(366,848) (368,968) (990,507) (989,277)
Klaus Draeger 184,066 408,960 5,251,799 5,011,606
(147,483) (409,663) (5,359,750) (4,485,792)
Friedrich Eichiner 201,018 408,960 5,465,539 5,163,692
(177,335) (409,663) (5,599,794) (4,633,694)
Klaus Fröhlich 350,000 350,000 1,510,725 1,510,706
(3,643) (2,747) (2,138,633) (1,286,247)
Ian Robertson 448,139 411,555 3,279,690 2,968,379
(356,067) (414,827) (3,029,448) (2,395,377)
Peter Schwarzenbauer 360,305 364,312 1,081,408 1,081,155
(369,234) (371,398) (688,271) (687,570)
Oliver Zipse3 221,667 221,667 1,188,313 1,187,721
(–) (–) (–) (–)
Total42,301,249 2,888,441 23,198,892 22,343,033
(1,922,497) (3,054,178) (31,334,919) (25,028,384)
Norbert Reithofer2 354,143 715,679 8,232,832 8,232,832
(281,278) (717,656) (9,600,845) (7,346,081)
1 Provisional number or provisional monetary value calculated on the basis of the closing price of BMW common stock in the Xetra trading system on 30 December 2015 (€ 97.63)
(fair value at reporting date).
2 Member of the Board of Management until 13. 05. 2015.
3 Member of the Board of Management since 13. 05. 2015.
4 Disclosures for the previous year include amounts relating to a member of the Board of Management who left office during the financial year 2014.
5 Service cost differs due to the different valuation bases used to measure pension obligations for HGB purposes (expected settlement amount) and for IFRS purposes
(present value of the defined benefit obligation).
6 Based on a legal right to receive the benefits already promised to them, Board of Management members appointed for the first time prior to 1 January 2010 were given the option
of choosing between the previous defined benefit model and the new defined contribution model.
Pension benefits of the individual members of the Board of Management
in € Expense in 2015 Provision at
in accordance
31.12. 2015 in
with HGB and
accordance with
IFRS HGB and IFRS1
Harald Krüger 166,581 369,498
(94,542) (202,917)
Norbert Reithofer2 278,201 690,016
(191,845) (411,815)
Milagros Caiña Carreiro-Andree 109,760 268,970
(103,493) (159,210)
Klaus Draeger 90,275 497,690
(191,814) (407,415)
Friedrich Eichiner 133,415 497,259
(181,389) (363,844)
Klaus Fröhlich 34,245 34,375
(130) (130)
Ian Robertson 224,354 491,185
(125,621) (266,831)
Peter Schwarzenbauer 59,311 100,747
(31,055) (41,435)
Oliver Zipse3 9,915 9,915
(–) (–)
Total4
1,106,057 2,959,655
(1,012,523) (1,253,625)
Share-based compensation component of the individual
members of the Board of Management for the financial year
2015 (2014)