BMW 2003 Annual Report Download - page 110

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Stefan Quandt is a shareholder and Deputy
Chairman of the Supervisory Board of BMW AG. He
is also sole shareholder and Chairman of the
Super-
visory Board of DELTON AG , Bad Homburg v.d. H.,
which, via its subsidiaries in theThiel Group, per-
formed logistics services for the BMW Group during
the financial year 2003. In addition, companies of
the DELTON Group purchased vehicles from the
BMW Group. These service and sale contracts are
not material for the BMW Group and are made, with-
out exception, according to arm’s length principles.
Susanne Klatten is a shareholder and Deputy
Chairman of the Supervisory Board of Altana AG,
Bad Homburg
v. d. H., and also a shareholder
and member of the Supervisory Board of BMW AG.
During the financial year 2003, Altana AG,Bad
Homburg v. d. H. purchased vehicles from the BMW
Group. These sale contracts are not material for
the BMW Group and are made, without exception,
according to arm’s length principles.
With the exception of these related party trans-
actions, companies of the BMW Group did not enter
into any contracts with members of the Board of
Management or Supervisory Board of BMW AG
or with other key management personnel in the
BMW Group or with companies in whose represen-
tative bodies those persons are represented. The
same applies to close members of the families of
those persons.
29.7 million (2002: euro 30.0 million), computed in
accordance with IAS 19.
Subject to the approval of the proposed dividend
at the Annual General Meeting of Shareholders, the
remuneration of the Supervisory Board for the finan-
cial year 2003 amounts to euro 2.3 million (2002:
euro 2.0 million). This comprises fixed components
of euro 0.1 million (2002: euro 0.1 million) and
variable components of euro 2.2 million (2002: euro
1.9 million).
The names of the members of the Supervisory
Board and of the Board of Management are dis-
closed on pages 8 to 11.
in the BMW Group Annual Report and which is avail-
able to shareholders on the BMW Group website
under the address www.bmwgroup.com/ir.
Susanne Klatten, Bad Homburg v.d.H. The share-
holding of the members of the Board of Manage-
ment is, in total, less than 1% of the issued stock
shares.
[42]To t al remuneration
of the Board of
Management and the
Supervisory Board
[40]Declaration with
respect to the Corporate
Governance Code
[41]Shareholdings of
the Board of
Management and
Supervisory Board
Subject to the approval of the proposed dividend at
the Annual General Meeting of Shareholders, the
remuneration of current members of the Board of
Management for the financial year 2003 amounts
to euro10.7 million (2002: euro 11.9 million). This
comprises fixed components of euro 1.9 million
(2002: euro 2.2 million) and variable components of
euro 8.8 million (2002: euro 9.7 million).
The remuneration of former Board members
and their dependants amounts to euro 3.6 million
(2002: euro 5.2 million).
Pension obligations to former members of the
Board of Management and their dependants are fully
covered by pension provisions amounting to euro
The Board of Management and the Supervisory
Board of Bayerische Motoren Werke Aktiengesell-
schaft have issued a declaration, required by §161 of
the German Stock Corporation Act, which is included
The members of the Supervisory Board of BMW AG
hold in total 27.7% of the issued common and
preferred stock shares, of which 16.12% relates to
Stefan Quandt, Bad Homburg v.d.H. and 11.58% to