BMW 2003 Annual Report Download - page 53
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001 BMW Group in figures
004 Report of the Supervisory Board
008 Supervisory Board
011 Board of Management
012 Group Management Report
12 A Review of the Financial Year
29 Outlook
30 Financial Analysis
44 Risk Management
047 BMW Stock
050 Corporate Governance
054 Group Financial Statements
118 BMW AG Principal Subsidiaries
120 BMW Group 10-year Comparison
122 BMW Group Locations
124 Glossary, Index
52
The remuneration paid to former members of
the Board of Management and their dependants
was euro 3.6 million (2002: euro 5.2 million). Pen-
sion obligations for former members of the Board of
Management and their dependants are covered by
pension provisions of euro 29.7 million (2002: euro
30.0 million).
2. Compensation of the Supervisory Board
Responsibilities
The compensation of the Supervisory Board is de-
termined by shareholders’ resolution at the Annual
General Meeting. Compensation is currently based
on shareholders’ resolutions taken at the Annual
General Meeting on 18 May 1999 and § 15 of the
Statutes of BMW AG.
Components of compensation
In addition to the reimbursement of expenses, the
members of the Supervisory Board receive a fixed
remuneration and a bonus based on the level of the
dividend.
Compensation of the Supervisory Board for
the financial year 2003
On the basis of the proposed dividend, the compen-
sation of the Supervisory Board for activities during
the financial year 2003 amounted to euro 2.3 million
(2002: euro 2.0 million). This comprised a fixed
component of euro 0.1 million (2002: euro 0.1 mil-
lion) and a variable component of euro 2.2 million
(2002: euro 1.9 million).
None of the members of the Supervisory Board
performed advisory, agency or other services for the
BMW Group in a personal capacity. In consequence,
no additional compensation was paid.