Porsche 2011 Annual Report Download - page 36

Remuneration of the supervisory board
As described above, Porsche Zwischenhold-
ing GmbH (and thus also Porsche AG) as well as
Volkswagen AG were still group entities of Porsche SE
as defined by Sec. 18 German Stock Corporations
Act (AktG) in the fiscal year 2011. Therefore, the total
remuneration required to be published according to
the German Corporate Governance Code for Porsche
SE’s supervisory board members also includes any
remuneration that the members of the supervisory
board received on account of their service on the
boards of Porsche SE group entities.
The remuneration of the members of Porsche
SE’s supervisory board presented below therefore
includes not only remuneration for their service on the
company’s supervisory board but additionally remu-
neration for their membership in the supervisory
boards and other control bodies within the meaning of
Sec. 125 (1), Sentence 3 AktG of the Porsche Zwi-
schenholding GmbH group and of the Volkswagen
group. The remuneration of Porsche AG’s supervisory
board is governed by Art. 13 of the Porsche AG’s
articles of association. Art. 17 of the articles of as-
sociation of Volkswagen AG contains the rules govern-
ing the remuneration of the supervisory board of
Volkswagen AG. The remuneration of the members of
the supervisory board of AUDI Aktiengesellschaft,
Ingolstadt (AUDI AG) is governed by the rules in Art.
16 of the articles of association of AUDI AG.
In accordance with Art. 13 (2) of Porsche
AG’s articles of association, members of Porsche
AG’s supervisory board who are also on Porsche SE’s
supervisory board do not receive performance-related
remuneration from Porsche AG in order to avoid
duplicate payment.
Beyond this, the supervisory board members
did not receive any other remuneration or benefits in
the past fiscal year 2011 for any services they pro-
vided personally, such as consultancy and referral
services.
CORPORATE GOVERNANCE REPORT36