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Remuneration

Remuneration of the Executive Board
The remuneration of the members of the Executive Board is determined by their tasks and their own individual performance as well as by the success of the company. The amount of remuneration is based overall on the level customary in the comparable business environment.

Under the current remuneration system, remuneration consists of the following components: an annual fixed basic salary (to be paid out in equal monthly installments), supplementary benefits (consisting mainly of making a company car available for private use), variable annual remuneration, and a pension commitment. Variable remuneration depends partly on the personal performance of the individual Board member in the respective financial year and partly on the success of the company, measured by the return on capital employed (ROCE) calculated as an average of the past five years. The multi-year assessment basis has an incentive effect that promotes the sustainable development of the company. Both components of the variable remuneration are capped.

The amount of pension commitment depends on the length of service to the Group and is a maximum 60 % of the fixed salary. The variable remuneration components are not relevant for pension commitments. Pension entitlement is valid when an Executive Board member reaches the age of 65. If Prof. Dr.-Ing. Fuhrmann retires from the company at its request at the age of 59 or at his own wish after having reached the age of 61, he will be deemed eligible for payments as if he had already reached the age of 65. In the event that the company does not offer Mr. Becker and Mr. Kieckbusch further terms of office when their employment contracts expire, they will upon reaching the age of 61 (Mr. Becker) or 60 (Mr. Kieckbusch) be deemed eligible for payments as if they had reached the age of 65. In the event of premature termination of Executive Board member activities due to a change of control, the Board members are entitled to settlement in the amount of overall remuneration for the remaining term of their contracts of employment. This settlement is, however, capped to the value of three years of remuneration. Should Executive Board activities be terminated without an important reason, the Executive Board members are entitled to the remuneration agreed until expiry of the contract. However, this entitlement is restricted to the amount of two years' remuneration (fixed and variable components). No benefits were granted or pledged by external parties to the individual members of the Executive Board in the financial year 2016 or in 2015 for their activities as Executive Board members.

Remuneration received by the individual members of the Executive Board (benefits accorded for the year)

Prof. Dr.-Ing.
Heinz Jörg Fuhrmann
CEO
Burkhard Becker
CFO
In k€ 2015 2016 2016 (min.) 2016 (max.) 2015 2016 2016 (min.) 2016 (max.)
Fixed remuneration 984 1,020 1,020 1,020 535 540 540 540
Benefits 21 18 18 18 24 24 24 24
Total 1,005 1,038 1,038 1,038 559 564 564 564
One-year variable remuneration1)2) 590 523 0 595 345 315 0 315
Multi-year variable remuneration 0 0 0 850 0 0 0 450
Total1)2) 1,595 1,561 1,038 2,483 904 879 564 1,329
Pension expenses3) 314 324 324 324 154 166 166 166
Total remuneration1)2) 1,909 1,885 1,362 2,807 1,058 1,045 730 1,495
Michael Kieckbusch
Personnel
In k€ 2015 2016 2016 (min.) 2016 (max.)
Fixed remuneration 520 540 540 540
Benefits 44 41 41 41
Total 564 581 581 581
One-year variable remuneration1)2) 315 315 0 315
Multi-year variable remuneration 0 0 0 450
Total1)2) 879 896 581 1,346
Pension expenses3) 170 208 208 208
Total remuneration1)2) 1,049 1,104 789 1,554

Remuneration received by the individual members of the Executive Board members (income for the year)

Prof. Dr.-Ing.
Heinz Jörg Fuhrmann
CEO
Burkhard Becker
CFO
Michael Kieckbusch
Personnel
In k€ 2015 2016 2015 2016 2015 2016
Fixed remuneration 984 1,020 535 540 520 540
Benefits 21 18 24 24 44 41
Total 1,005 1,038 559 564 564 581
One-year variable remuneration1)2) 590 523 345 315 315 315
Multi-year variable remuneration 0 0 0 0 0 0
Total1)2) 1,595 1,561 904 879 879 896
Pension expenses3) 314 324 154 166 170 208
Total remuneration1)2) 1,909 1,885 1,058 1,045 1,049 1,104

Overall remuneration received by the active members of the Executive Board for their activities in the financial year amounted to k€ 4,034 in total (previous year: k€ 4,016).

Pensions

Annual payment Allocation to pension provision Present value of the
obligation
In € upon pension eligibility according to HGB according to IFRS according to HGB according to IFRS
Prof. Dr.-Ing.
Heinz Jörg Fuhrmann
Chairman
2016
2015
612,0001)
612,0001)
323,260
1,747,609
1,599,143
693,012
8,373,707
8,050,447
12,454,561
10,855,418
Burkhard Becker 2016
2015
324,0001)
324,0001)
137,394
972,821
846,386
520,687
3,801,905
3,664,511
6,011,661
5,165,275
Michael Kieckbusch 2016
2015
324,0001)
324,0001)
190,631
1,115,337
892,951
959,854
3,179,154
2,988,523
5,222,518
4,329,567
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