APC 2010 Annual Report Download - page 208
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CONSOLIDATED FINANCIAL STATEMENTS
5NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
27.3 - Benefits granted to senior executives
In 2010, the Group paid EUR0.64million in attendance fees to
the members of its Supervisory Board. The total amount of gross
remuneration, including benefi ts in kind, paid in 2010 by the Group
to the members of Senior Management excluding members of the
Management Board totaled EUR9million, of which EUR3.9million
corresponded to the variable portion.
During the last three periods, 279,500 stock options and
185,000 stock grants have been allocated to members of Senior
Management.
Pension obligations with respect to members of Senior Management
amounted to EUR73 million at December 31, 2010 versus
EUR68million at December31, 2009.
Please refer to Chapter 3 section 8 of the Registration Document for
more information regarding the members of Senior Management.
Note28
Related party transactions
28.1 - Associates
Companies over which the Group has significant influence,
accounted for by the equity consolidation method. Transactions with
these related parties are carried out on arm’s length terms.
Related party transactions were not material in 2010.
28.2 - Related parties with signigicant
influence
No transactions were carried out during the year with members of
the Supervisory Board or Management Board.
Compensation and benefi ts paid to the Group’s top senior executives
are described in note27.3.
Note29
Commitments and contingent liabilities
29.1 - Guarantees and similar undertakings
Dec.31, 2010 Dec.31, 2009
Market counter guarantees(1) 880 469
Pledges, mortgages and sureties(2) 17 16
Endorsements and guarantees 610
Other commitments given(3) 175 176
GUARANTEES GIVEN 1,078 671
Endorsements and guarantees received 80 64
GUARANTEES RECEIVED 80 64
(1) On certain contracts, customers require a guarantee from a bank that the contract will be fully executed by the Group. For these contracts
the Group gives a counterguarantee to the bank. If a claim occurs, the risk linked to the commitment is assessed and a provision for
contingencies is recorded when the risk is considered probable and can be reasonably estimated.
(2) Certain loans are secured by property, plant and equipment and securities lodged as collateral.
(3) Other guarantees given comprise guarantees given in rental payments.
2010 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC206