TomTom 2005 Annual Report Download - page 28
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MembersoftheManagementBoardareeligibleto
participateintheCompany’sdefinedcontributionpension
plan.TheCompany’scontributiontothepensionofeach
memberoftheManagementBoardisamaximumof
10%ofbasesalary.
FordetailsoftheremunerationoftheManagement
Boardpleaserefertothenotestothefinancialstatements
whichareincludedinthisannualreport.
Employmentcontracts
MembersoftheManagementBoardhavean
employmentcontractwiththeCompany.Thecontracts
areenteredintoforanindefiniteperiodoftime.
However,thetermofofficeofmembersofthe
ManagementBoardis4years,whichappointmentcan
berenewedforanotherperiodofnotmorethanfour
yearsatatime.Incasetheemploymentofamember
oftheManagementBoardisterminatedbyoronthe
initiativeofTomTom,thenheshallbeentitledtoafixed
amountof50%ofhisannualbasesalary,including
holidayallowance,unlesstheemploymentisterminated
forcausewithinthemeaningofthearticles7:677sub1
and7:678oftheDutchCivilCode,inwhichsituationthe
relevantManagementBoardmemberisnotentitledto
anyseverance.Thisamountwillbedueinadditiontothe
salarytheCompanyhastopaytomembersofthe
ManagementBoardduringtheagreednoticeperiodof
12months.AmemberoftheManagementBoardwillnot
beentitledtotheseveranceiftheemploymentis
terminatedbyhimoronhisinitiative.Broadlyinlinewith
practiceinTheNetherlands,weadditionallycontributeto
lifeanddisabilityinsuranceformembersofthe
ManagementBoardaswellashealthinsurance.
Outlook2006
Onthebasisofabenchmarkofsalaries,performed
byanindependentconsultancyagencyin2006,the
SupervisoryBoardproposestocontinuethecurrent
policywithrespecttothebasesalariesandbonuses
ofManagementBoardmembers.
TheSupervisoryBoardhasdrawnupaRemuneration
Policydocument,whichshallbepresentedtothe
GeneralMeetingofShareholdersforitsapprovalduring
itsannualmeetinginApril2006.
Financialstatements2005
TheconsolidatedannualfinancialstatementsofTomTom
NVfor2005,aspresentedbytheManagementBoard,
havebeenauditedbyDeloitteAccountantsBV,
independentauditors.TheSupervisoryBoardhas
approvedthesefinancialstatementsfor2005andall
individualmembersoftheSupervisoryBoard(together
withthemembersoftheManagementBoard)have
signedthefinancialstatementsfor2005.
TheSupervisoryBoardrecommendsthattheGeneral
MeetingofShareholdersadopttheConsolidatedand
CompanyAnnualReportfor2005thatareseparateto
thisannualreport.Thisannualreportincludesthe
ConsolidatedFinancialStatementsonly.TheConsolidated
andCompanyAnnualReportfor2005isavailableatthe
Company’sofficesonrequest”.
UponapprovaloftheConsolidatedandCompanyAnnual
Reportfor2005andinaccordancewithArticle2:394and
Article2:395oftheDutchCivilCode,theManagement
Boardwillfilethisannualreportthatincludesthe
ConsolidatedandCompanyFinancialStatementsfor
2005withtheChamberofCommerce.
SupervisoryBoard
Amsterdam,TheNetherlands13February2006