Porsche 2009 Annual Report Download - page 266

266 Financials
by members of the executive board in discontinued operations in the period between their joining
Porsche SE’s executive board and the date on which the discontinued operations were deconsoli-
dated.
As of the end of the fiscal year, the outstanding balances for remuneration of members of
Porsche SE’s executive board and supervisory board amounted to €3.1 million (prior year: €1.0
million).
Goods were delivered and services rendered to members of the executive board and su-
pervisory board in the reporting period until the date of deconsolidation of the discontinued opera-
tions and in the comparative period on a small scale, mainly for transactions in the vehicle and
parts business. They were charged at arm's length conditions. Other than that, no transactions
requiring disclosure were conducted before deconsolidation of the discontinued operations by
entities belonging to the Porsche SE group’s discontinued operations with members of the supervi-
sory board or executive board as key management personnel or with any other entities having these
persons on their executive or supervisory board. The same applies for close family members of
these persons.
[38] Remuneration of the supervisory board and the executive board
The total remuneration of members of Porsche SE’s executive board amounted to €4.1 mil-
lion in the fiscal year 2009/10 (prior year: €75.0 million). It comprises the remuneration paid by
Porsche SE and, pro rata temporis, remuneration for the service of members of the executive
board in discontinued operations in the period between their joining Porsche SE’s executive board
and the date on which the discontinued operations were deconsolidated.
The members of Porsche SE’s executive board receive a fixed basic salary only. However,
the remuneration for service on the executive board in discontinued operations that has been taken
into account pro rata temporis includes both fixed and variable components. The executive board
remuneration comprises a long-term incentive amounting to €0.3 million. The prior-year amount
includes severance payments of €71.0 million. The members of the executive board appointed for
the first time on 23 July 2009 did not receive any remuneration from Porsche SE for the fiscal year
2008/09.
The total remuneration of the supervisory board for the fiscal year 2009/10 amounts to
€2.9 million (prior year: €1.5 million). In addition to remuneration for their service on Porsche SE’s
supervisory board, it includes remuneration for memberships of supervisory board and other control
bodies as defined by Section 125 (I) Sentence 3 German Stock Corporation Act (AktG) in discontin-
ued operations on a pro rata temporis basis until deconsolidation of the discontinued operations.
The remuneration consists of short-term benefits only.
There are no further obligations towards the supervisory board and the executive board.
The individualized remuneration of the members of the executive board and supervisory
board is presented in the remuneration report as part of the management report.