Reebok 2012 Annual Report Download - page 79

adidas Group
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2012 Annual Report
To Our Shareholders
57
2012
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01.7
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Compensation Report
01
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Executive Board Total Compensation in 2012 (€ in thousands)
Non-performance-related
compensation components
Performance-related
compensation
component
Total 1)
Annual
fixed salary
Other
benefits 2)
Performance
Bonus
Herbert Hainer (CEO) 1,400 30 1,236 2,666
Glenn Bennett 3) 555 14 373 942
Robin J. Stalker 595 18 391 1,004
Erich Stamminger 770 38 721 1,529
Total 3,320 100 2,721 6,141
1) The total Executive Board compensation for 2012 does not include the amount placed in the reserves for the LTIP 2012/2014 for the 2012 financial year based on the forecasted degree of target
achievement as at the balance sheet date as this amount was agreed but not granted.
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 employment contract, his compensation components were granted in US dollars. An exchange rate of 1.2862 $/€ (annual average rate 2012) was used as
the basis for calculation.
02
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Executive Board Total Compensation in 2011 (€ in thousands)
Non-performance-related
compensation components
Performance-related
compensation
component 1)
Compensation
component with
long-term
incentive effect 2)
Total 1)
Annual
fixed salary
Other
benefits 3)
Performance
Bonus
LTIP Bonus
2009/2011
Herbert Hainer (CEO) 1,400 27 1,200 3,220 5,847
Glenn Bennett 4) 474 13 333 1,741 2,561
Robin J. Stalker 550 16 380 1,610 2,556
Erich Stamminger 757 38 700 2,070 3,565
Total 3,181 94 2,613 8,641 14,529
1) The indicated amount reflects the 2011 Performance Bonus reduced by the individual repayment amounts.
2) 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.
3) Other benefits comprise contributions to pension insurance and non-monetary benefits resulting from the provision of a company car.
4) Glenn Bennett’s compensation components were granted in US dollars: fixed annual salary $ 660,000, car allowance $ 18,000, Performance Bonus $ 464,000. An exchange rate of 1.3922 $/€
(annual average rate 2011) was used as the basis for calculation.
When calculating the LTIP Bonus payable following the three-year
period, the weighted degrees of target achievement of the performance
criteria are accumulated and multiplied by the individual LTIP target
amount determined by the Supervisory Board for each Executive
Board member when the LTIP 2012/2014 was established. For the
final evaluation of the Executive Board’s performance, qualitative
criteria are also taken into consideration. The payout of the LTIP
2012/2014 is limited to a maximum of 150% of the individual LTIP
target amount (Cap). If the overall degree of target achievement lies
below 50%, the Executive Board member is not entitled to the LTIP
Bonus. Once the Supervisory Board has resolved upon the amount
of the LTIP Bonus to be granted to each Executive Board member,
the Bonus will be paid upon approval of the 2014 consolidated annual
financial statements. In the case of 100% target achievement, for
the three-year period from 2012 to 2014, an LTIP Bonus totalling
€ 12.504 million (Herbert Hainer: € 4.620 million; Glenn Bennett:
€ 2.604 million; Robin J. Stalker: € 2.310 million; Erich Stamminger:
€ 2.970 million) will be paid out in 2015.
A compensation component resulting from a management share option
plan does not exist and is not planned.
The total compensation paid to our Executive Board for the 2012 financial
year amounted to € 6.141 million (2011: € 14.529 million)
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TABLES 01
AND 02.
Based on the restatement of the 2011 consolidated financial statements
due to the commercial irregularities at Reebok India Company
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SEE
NOTE 03, P. 203, the financial figures upon which the bonus calculations
had been based were adjusted, necessitating a redetermination of the
Performance Bonuses for the 2011 financial year as well as for the
previous years concerned. The Executive Board will therefore repay
to the company the amount of € 471,683, as a partial amount of the
Performance Bonuses granted. The total compensation stated for the
2011 financial year is reduced by the bonus amount to be repaid by the
Executive Board members.