Porsche 2011 Annual Report Download - page 28

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Remuneration report
(Part of the management report)
The remuneration report describes the remu-
neration system for members of the executive board
and supervisory board of Porsche Automobil Holding
SE, Stuttgart, (“Porsche SE” or “the company”) and
explains the basic structure, composition and the
individualized amount of income. In addition, the
report includes disclosures on other benefits prom-
ised to members of the executive board in the event
of termination of their office.
Remuneration of the executive board
Remuneration principles at Porsche SE
At regular intervals the supervisory board ta-
kes a look at remuneration matters concerning the
executive board, examining the structure and amount
of remuneration of the executive board in the process.
At the beginning of the fiscal year 2009/10, Porsche
SE’s supervisory board decided to extensively revise
the remuneration system for members of the com-
pany’s executive board in order to reflect the meas-
ures implemented in accordance with the basic
agreement as well as the company’s new role.
The presentation of the executive board’s re-
muneration is in compliance with the legal require-
ments and the recommendations of the German Cor-
porate Governance Code.
As compensation for their service at Porsche
SE, the four executive board members receive a fixed
basic component only.
The supervisory board has, however, ex-
pressly reserved the right to introduce a variable
remuneration system or to make special payments or
pay out bonuses subsequently to members of the
executive board based on targets agreed beforehand.
In addition, the members of the executive
board receive other benefits in kind, such as the use
of company cars and provision of insurance cover, for
which the company bears the taxes incurred. The
deductible provided by Sec. 93 (2) German Stock
Corporations Act (AktG) has been arranged for the
D&O insurance policy concluded by the company for
its executive board members.
There are no other benefits provided for by
the company. In particular, the members of the com-
pany’s executive board do not receive any pension
benefits. The executive board members’ individual
service agreements with the company do not contain
any special regulations regarding premature termina-
tion of membership of the executive board.
Remuneration of the executive board in the
fiscal year 2011
Prof. Dr. Martin Winterkorn (CEO), Thomas
Edig (commercial and administrative issues), Hans
Dieter Pötsch (finance and controlling), and Matthias
Müller (general technical product issues) were mem-
bers of Porsche SE’s executive board throughout the
fiscal year 2011.
CORPORATE GOVERNANCE REPORT28