Porsche 2004 Annual Report Download - page 154
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Notes to the Consolidated Financial Statements
Other
Notes
150
(31) Related Parties
In accordance with IAS 24, persons or entities which are in control of or controlled by Porsche AG
must be disclosed. Pursuant to a consortium agreement, the Porsche and Piëch families have
direct and indirect control respectively over Porsche AG.
The disclosure requirements under IAS 24 also extend to persons who have the power to exercise
significant influence over the Company, i.e. who have the power to participate in the financial
and operating policies of the Company, but do not control it, including close family members.
In the fiscal year 2004/05 this concerns members of the Supervisory Board and the Executive
Board of Porsche AG as well as their close family members.
The volume of trade in the course of ordinary operations in the vehicles and parts business with
the Porsche and Piëch families and their affiliated entities came to EUR 74.6 million (previous year:
EUR 69.1 million), and trade in the design business to EUR 1.1 million (previous year: EUR 0.0 milli-
on). The arm’s length principle was applied without exception.
Apart from that, the Porsche and Piëch families provided automotive services and delivered
clocks and related spare parts to Porsche AG. These deliveries and services are not material for
the Porsche Group and were charged at arm’s length conditions without exception.
Other services worth T€ 17 were provided to members of the Executive and Supervisory Boards
(previous year: T€ 28). They were charged at arm’s length conditions.
Otherwise, no transactions requiring disclosure were conducted by entities of the Porsche Group
with members of the Supervisory Board or Executive Board as persons in key positions or any
other entities in whose executive or supervisory board any such persons are represented. The
same applies for members of these persons’ close families.
(32) Remuneration of Supervisory Board and the Executive Board
The remuneration of the Executive Board consists of basic salary and a variable component
linked to profit. The remuneration of the Executive Board for the fiscal year 2004/05 totaled
EUR 26.0 million. This figure includes profit-based components of EUR 20.7 million.
The pension obligations to former executive board members and their surviving dependants total
EUR 17.9 million; provisions have been set up to cover the full amount. Benefit payments came
to T€ 973. The total remuneration of the Supervisory Board for the fiscal year 2004/05 amounts
to EUR 1.0 million.