TomTom 2012 Annual Report Download - page 69

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67
29. COMMITMENTS AND CONTINGENT LIABILITIES (CONTINUED)
Within the group a guarantee as described in article 479C of the UK Companies Act is given by TomTom NV for TomTom Software Ltd.
Accordingly TomTom Software Ltd is exempted from the requirements of the Companies Act 2006 relating to audit by virtue of section 479A.
Contingencies
Please refer to note 26 for disclosures on tax and legal contingencies.
Based on legal advice, there were no other contingencies that management expects to have a material adverse effect on the group’s
fi nancial position as at 31 December 2012.
30. RELATED PARTY TRANSACTIONS
The expenses relating to remuneration of key management personnel are presented in the following table:
(€)
Salary
and bonus1
Other short term
benefi ts2
Post employment
benefi ts
Termination
benefi ts
Share-based
payments
Total
Remuneration
2012
Management Board and senior management
33,416,122 324,583 97,737 0 1,637,012 5,475,454
Supervisory Board 304,000 0 0 0 0 304,000
2011
Management Board and senior management 3,473,530 202,648 244,577 221,542 2,758,405 6,900,702
Supervisory Board 304,000 0 0 0 0 304,000
1 In 2012, the total bonus payment amounted to €1.0 million versus €0.3 million in 2011.
2 In 2012 Other short term benefi ts of the Management Board and senior management include the employer’s portion of social securities (€105 thousand) and the crisis
levy (€198 thousand) as imposed by the Dutch government. Although the expenses relating to the crisis levy do not represent actual benefi ts paid to the Management
Board and to senior management, they have been included in the above table as these expenses were incurred in relation to their employment. For consistent
comparison, the 2011 numbers have been adjusted to include the social security contributions which amounted to €182 thousand.
3 The composition of our senior management changed from 9 to 4 members following our reorganisation announcement in December 2011.
Certain key management personnel also hold ownership interests in TomTom NV as disclosed under the Corporate Governance section on
page 22.
In the normal course of business, the group receives map development and support services from its associate Infotech Enterprises Ltd.
(Infotech). Such transactions take place at normal market conditions and the total payments made for these services in 2012 amounted
to €13.4 million (2011: €12.9 million). The outstanding payable due to Infotech as at 31 December 2012 was €1.2 million (31 December
2011: €1.1 million).
31. AUDITORS’ REMUNERATION
The total remuneration to Deloitte Accountants BV for the statutory audit of 2012 for the group amounted to €440,000 (2011: €436,000).
The total service fees paid to the Deloitte network amounted to €1,071,000 (2011: €1,429,000). Included in the total remuneration is an
amount of €587,000 (2011: €712,000) invoiced by Deloitte Accountants BV, which includes an amount of €87,000 (2011: €154,000) for
other statutory audits and €60,000 (2011: €122,000) for audit related services. Details of the audit, audit related and non audit fees paid
to Deloitte can also be found in the Supervisory Board report.