Reebok 2011 Annual Report Download - page 55

adidas Group
2011 Annual Report
TO OUR SHAREHOLDERS
51
2011
01.7 Compensation Report
01 Executive Board Total Compensation in 2011 (€ in thousands)
Non-performance-related
compensation components
Performance-related
compensation
component
Compensation
component with
long-term
incentive effect 1)
Total
Annual
fixed salary
Other
benefits
Performance
Bonus
LTIP Bonus
2009/2011
Herbert Hainer (CEO) 1,400 27 2) 1,320 3,220 5,967
Glenn Bennett 3) 474 13 367 1,741 2,595
Robin J. Stalker 550 16 2) 418 1,610 2,594
Erich Stamminger 757 38 2) 770 2,070 3,635
Total 3,181 94 2,875 8,641 14,791
1) The indicated amount corresponds to the amount placed in the reserves for the 2011 financial year based on the degree of target achievement as at the balance sheet date.
The payout amounts for the compensation components with a long-term incentive effect are shown in detail below.
2) Other benefits comprise contributions to pension insurance and non-monetary benefits resulting from the provision of a company car.
3) Glenn Bennett’s compensation components were granted in US dollars: fixed annual salary $ 660,000, car allowance $ 18,000, Performance Bonus $ 510,400. An exchange rate of 1.3922 $/€
(annual average rate 2011) was used as the basis for calculation.
02 Executive Board Total Compensation in 2010 (€ in thousands)
Non-performance-related
compensation components
Performance-related
compensation
component
Compensation
component with
long-term
incentive effect 1)
Total
Annual
fixed salary
Other
benefits
Performance
Bonus
LTIP Bonus
2009/2011
Herbert Hainer (CEO) 1,373 28 2) 1,752 1,680 4,833
Glenn Bennett 3) 497 14 510 840 1,861
Robin J. Stalker 550 16 2) 555 840 1,961
Erich Stamminger 700 37 2) 1,022 1,080 2,839
Total 3,120 95 3,839 4,440 11,494
1) The indicated amount corresponds to the amount placed in the reserves for the 2010 financial year based on the forecasted degree of target achievement as at the balance sheet date.
The amount of a possible payout is not specified therewith. Only if targets are met will payment be due following the approval of the annual consolidated financial statements for the period
ending on December 31, 2011.
2) Other benefits comprise entertainment expenses, contributions to pension insurance and non-monetary benefits resulting from the provision of a company car.
3) In accordance with Glenn Bennett’s contract, the following compensation components were granted in US dollars: fixed annual salary $ 660,000, car allowance $ 18,000, Performance Bonus
$ 677,000. An exchange rate of 1.3279 $/€ (annual average rate 2010) was used as the basis for calculation.
The payout of the LTIP Bonus resulting from the three-year LTIP
2009/2011 will be effected following the adoption of the annual
financial statements for the period ending on December 31,
2011 in accordance with target achievement as follows: Herbert
Hainer € 6,300,000, Glenn Bennett $ 4,567,500 2), Robin J. Stalker
€ 3,150,000, Erich Stamminger € 4,050,000.
A compensation component resulting from a management share
option plan does not exist and is not planned.
For the 2011 financial year, the total compensation paid to our
Executive Board amounted to € 14.791 million (2010: € 11.494 million)
TABLES 01 AND 02 .
Starting in 2012, the Executive Board will be provided with a new
Long-Term Incentive Plan, also covering a three-year period, as a
compensation component with long-term incentive effect.
Benefits in case of resignation from office as
Executive Board member
All Executive Board members have individual contractual pension
commitments which essentially include the following provisions:
– Pension commitments
– The pensions of our current Executive Board members are based
upon a modular system; i.e. starting from a guaranteed base
amount totalling 10% of the pensionable income, a module of 2%
of the pensionable income is formed for each full year of tenure
as an Executive Board member. 3) The basis for calculating the
respective pension modules, the pensionable income, corresponds
to the Executive Board member’s fixed annual salary indicated in
the table. The pension can reach a maximum level of 40% of the
2) This equals € 3,150,000. An exchange rate of 1.45 US $/€ as determined by the Supervisory Board was used as the basis for calculation.
3) Initial appointment of Herbert Hainer and Erich Stamminger: April 1, 1997; initial appointment of Robin J. Stalker: January 1, 2001; for Glenn Bennett, instead of his first appointment date
(April 1, 1997), January 1, 2000 is used for the calculation of his pension entitlements. His base amount totals 20% of the pensionable income.