Compensation
Total remuneration of the Supervisory Board
The current rules applicable to the remuneration of the Supervisory Board provide for a fixed remuneration component of €45,000 and a variable resultrelated remuneration component. The Chairman of the Supervisory Board receives twice, and the Deputy Chairman one-and-a-half times, this fixed and variable remuneration.
The result-related annual remuneration is based on the undiluted earnings per share from continuing operations, as shown in the consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs): each Supervisory Board member receives €4,500 for each full euro by which earnings per share exceed €4, but a maximum of €36,000.
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Remuneration of Supervisory Board members in the financial year 2007 in accordance with Article 15 of the Articles of Association1 in €
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Fixed remuneration
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Resultrelated remuneration3
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Total
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Name
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Annual
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For committee work2
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Annual
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| Dr. Schinzler, Chairman |
90,000.00 |
66,250.00 |
72,000.00 |
225,000.004 |
| Bach, Deputy Chairman |
67,500.00 |
22,500.00 |
54,000.00 |
144,000.00 |
| Prof. Dr. Kagermann |
45,000.00 |
21,250.00 |
36,000.00 |
102,250.00 |
| Dr. Pischetsrieder |
45,000.00 |
22,500.00 |
36,000.00 |
103,500.00 |
| Dr. Schmidt |
45,000.00 |
45,750.00 |
36,000.00 |
112,500.004 |
| Appel |
45,000.00 |
23,250.00 |
36,000.00 |
104,250.00 |
| Stögbauer |
45,000.00 |
23,250.00 |
36,000.00 |
104,250.00 |
| Süßl |
45,000.00 |
11,250.00 |
36,000.00 |
92,250.00 |
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All other members of the Supervisory Board (Hartmann, Prof. Dr. Markl, Mayrhuber, Prof. Van Miert, Prof. Dr. v. Pierer, Dr. Sommer, Emmert, Dr. Janßen, Michl, Müller, Dr. Schimetschek, Võ) each received total remuneration of €81,000.00 (fixed remuneration of €45,000.00 and resultrelated remuneration of €36,000.00)3.
1 Plus turnover tax in each case, in accordance with Article 15 para. 6 of the Articles of Association.
2 In the case of members of the Audit Committee, the amount includes attendance fees in accordance with Article 15 para. 4 of the Articles of Association.
3 Highest possible amount in accordance with Article 15 para. 2 of the Articles of Association.
4 After capping in accordance with Article 15 para. 5 of the Articles of Association.
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The additional remuneration for work on committees – which is based on the fixed remuneration only – takes into account the recommendations of the German Corporate Governance Code.
The limitation of the total remuneration of each member of the Supervisory Board to two-and-a-half times the fixed remuneration ensures that the overall remuneration of individual Supervisory Board members remains appropriate even if further committees are set up. There are no pension commitments for former members of the Supervisory Board or their surviving dependants.
Advances and loans
The members of the Supervisory Board and Board of Management did not receive any cash advances or loans in the year under review. Nor were there any notifiable transactions between Board members and the Munich Re Group. Furthermore, no payments were made or advantages extended to members of the Supervisory Board for services provided internally within the meaning of item 5.4.7 para. 3 of the German Corporate Governance Code.
Share trading and shares held by members of the Board of Management and the Supervisory Board
The Company has to be notified promptly of the acquisition or sale of Company shares or financial instruments based on these by members of its Board of Management and Supervisory Board and by certain persons closely related to or connected with them. This notification must take place for acquisition and sales transactions equal to or exceeding €5,000 in a single calendar year. Under Section 10 para. 1 of the German Securities Prospectus Act, Munich Re is obliged to publish information of this kind on its website without delay as well as in an annual document.
The total number of Munich Re shares and financial instruments based on these held by all members of the Board of Management and Supervisory Board amounts to less than 1% of the shares issued by the Company.