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Remuneration of the Executive Board

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€ 2016 2017 2017 (min.) 2017 (max.) 2016 2017 2017 (min.) 2017 (max.)
Fixed remuneration 1,020 1,050 1,050 1,050 540 555 555 555
Benefits 18 17 17 17 24 25 25 25
Total 1,038 1,067 1,067 1,067 564 580 580 580
One-year variable remuneration1)2) 523 740 0 665 315 400 0 350
Multi-year variable remuneration 0 0 0 950 0 0 0 500
Total1) 1,561 1,807 1,067 2,682 879 980 580 1,430
Pension expenses3) 324 358 358 358 166 185 185 185
Total remuneration1) 1,885 2,165 1,425 3,040 1,045 1,165 765 1,615
Michael Kieckbusch
Personnel
in k€ 2016 2017 2017 (min.) 2017 (max.)
Fixed remuneration 540 555 555 555
Benefits 41 42 42 42
Total 581 597 597 597
One-year variable remuneration1)2) 315 400 0 350
Multi-year variable remuneration 0 0 0 500
Total1) 896 997 597 1,447
Pension expenses3) 208 237 237 237
Total remuneration1) 1,104 1,234 834 1,684

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€ 2016 2017 2016 2017 2016 2017
Fixed remuneration 1,020 1,050 540 555 540 555
Benefits 18 17 24 25 41 42
Total 1,038 1,067 564 580 581 597
One-year variable remuneration1)2) 523 740 315 400 315 400
Multi-year variable remuneration 0 0 0 0 0 0
Total1) 1,561 1,807 879 980 896 997
Pension expenses3) 324 358 166 185 208 237
Total remuneration1) 1,885 2,165 1,045 1,165 1,104 1,234

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
2017
2016
612,0001)
612,0001)
962,258
323,260
1,068,317
1,599,143
9,335,965
8,373,707
13,522,878
12,454,561
Burkhard Becker 2017
2016
324,0001)
324,0001)
476,480
137,394
568,755
846,386
4,278,385
3,801,905
6,580,416
6,011,661
Michael Kieckbusch 2017
2016
324,0001)
324,0001)
464,420
190,631
595,113
892,951
3,643,574
3,179,154
5,817,631
5,222,518
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