Philips 2012 Annual Report Download - page 170
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32 12 Group financial statements 12.11 - 12.11
170 Annual Report 2012
32 Information on remuneration
Remuneration of the Executive Committee
In 2012, the total remuneration costs relating to the members of the
Executive Committee (including the members of the Board of
Management) amounted to EUR 18,585,112 consisting of the elements
in the table below.
Remuneration costs of the Executive Committee 2012
in euros
Salary 5,640,090
Annual incentive1) 4,839,949
Stock options2) 1,194,444
Restricted share rights2) 2,615,653
Pension costs 2,054,516
Other compensation3) 2,240,460
1) The annual incentives are related to the performance in the year reported
which are paid out in the subsequent year.
2) Costs of stock options and restricted share rights are based on accounting
standards (IFRS) and do not reflect the value of stock options at the end of
the lock up period and the value of restricted share rights at the release date
3) The stated amount concern (share of) allowances to members of the
Executive Committee that can be considered as remuneration. In a situation
where such a share of an allowance can be considered as (indirect)
remuneration (for example, private use of the company car), then the share
is both valued and accounted for here. The method employed by the fiscal
authorities in the Netherlands is the starting point for the value stated. The
one-time crisis tax levy of 16% as imposed by the Dutch government
amounts to EUR 702,940. This crisis tax is payable by the employer and is
charged over income of employees exceeding a EUR 150,000 threshold in
2012. This once-only amount is included in the amount stated under ‘other
compensation’.
At December 31, 2012, the members of the Executive Committee
(including the members of the Board of Management) held 1,376,913
stock options at a weighted average exercise price of EUR 18.23.
Remuneration of the Board of Management
In 2012, the total remuneration costs relating to the members of the
Board of Management amounted to EUR 7,301,334 (2011: EUR
10,844,833; 2010: EUR 12,174,279).
At December 31, 2012, the members of the Board of Management held
454,500 stock options ( 2011: 1,072,431; 2010: 1,957,282) at a weighted
average exercise price of EUR 18.78 (2011: EUR 23.01; 2010: EUR
24.94).