Board of Management remuneration in 2014 pursuant to Section 314 Subsection 1 No. 6 of the German Commercial Code (HGB). The total remuneration granted by Group companies (excluding retirement benefit commitments) to the members of the Board of Management of Daimler AG is calculated as the total of the amounts of
- the base salary in 2014,
- the half of the annual bonus for 2014 payable in 2015 and measured as of the end of the reporting period,
- the half of the medium-term share-based component of the annual bonus for 2014 payable in 2016 with its value at the end of the reporting period (entitlement depending on the development of Daimler’s share price compared with the Dow Jones STOXX Auto Index),
- the value of the long-term share-based remuneration at the time when granted in 2014, and
- the taxable non-cash benefits in 2014.
For both of the share-based components – the second 50% of the annual bonus and the PPSP with a long-term orientation – the amounts actually paid out can deviate significantly from the values described depending on the development of the Daimler share price and on the achievement of the relevant target parameters. Upward deviation is possible only as far as the maximum limits described above. Both components can also be zero.
The remuneration of the Board of Management for the year 2014 amounts to €29.9 million (2013: €32.1 million). Of that total, €8.2 million was fixed, that is, non-performance-related remuneration (2013: €9.1 million), €11.6 million (2013: €12.1 million) was short-and medium-term variable performance-related remuneration (annual bonus with deferral), and €10.1 million was variable performance-related remuneration granted in 2014 with a long-term incentive effect (2013: €10.9 million). (See table B.48)
|Board of Management remuneration in 2014|
|Base salary||Short and medium-term variable remuneration (annual bonus)||Long-term variable remuneration (PPSP)||Total|
|Short-term||Medium-term||Number||Value when granted (2014: at share price €66.83) (2013: at share price €44.39)|
|In thousands of euros|
|Dr. Dieter Zetsche||2014||2,008||1,727||1,727||43,424||2,902||8,364|
|Dr. Wolfgang Bernhard||2014||779||670||670||18,380||1,228||3,347|
|Dr. Christine Hohmann-Dennhardt||2014||758||633||633||17,370||1,161||3,185|
|Prof. Dr. Thomas Weber||2014||758||652||652||18,444||1,233||3,295|
|1 PPSP 2014 taking into account supervisory board remuneration of €62,707 (2013: €85,734).
2 Board of Management remuneration granted until January 28, 2014 (supervisory board remuneration 2013: €35,646).
3 PPSP 2014 taking into account supervisory board remuneration of €89,391 (2013: €152,197).
The granting of non-cash benefits in kind, primarily the reimbursement of expenses for security precautions and the provision of company cars, resulted in taxable benefits for the members of the Board of Management in 2014 as shown in table B.49.
|Non-cash benefits and other fringe benefits|
|In thousands of euros|
|Dr. Dieter Zetsche||163||151|
|Dr. Wolfgang Bernhard||163||90|
|Dr. Christine Hohmann-Dennhardt||94||84|
|Prof. Dr. Thomas Weber||121||210|
|1 Board of Management remuneration granted until January 28, 2014.
2 For the fulfillment of disclosure obligations pursuant to Section 285 No. 9a of the German Commercial Code (HGB), this amount is reduced by €139,000 for the year 2014. The corresponding fringe benefits were granted and borne by a subsidiary and are thus not included in the amounts to be disclosed in the annual financial statements of the parent company, Daimler AG.