Siemens 2012 Annual Report Download - page 306

1 A. To our Shareholders 49 C. Combined Management Report 21 B. Corporate Governance

allowances totaling € million, respectively. As of September
,  and , valuation allowances amounted to € mil-
lion and € million, respectively.
As of September ,  and , guarantees to joint ven-
tures and associates amounted to €, million and €,
million, respectively, including the HERKULES obligations of
€, million and €, million, respectively. For additional
information regarding the HERKULES obligations as well as for
information regarding guarantees in connection with the con-
tribution of the carrier related operations into NSN and the
SEN operations into EN, see     -
. As of September ,  and , guarantees to
joint ventures amounted to € million and € million, re-
spectively. As of September ,  and , the Company
had commitments to make capital contributions of € mil-
lion and € million to its joint ventures and associates, there-
in € million and € million related to joint ventures, respec-
tively. For additional information see   
 . For a loan raised by a joint venture, which
is secured by a Siemens guarantee, Siemens granted an addi-
tional collateral in the first quarter of fiscal . As of Septem-
ber ,  and  the outstanding amount totaled to €
million and € million, respectively. As of September ,
 and  there were loan commitments to joint ventures
and associates amounting to € million and € million, re-
spectively, therein € million and € million, respectively
related to joint ventures.
 
For information regarding the funding of our principal pension
plans refer to       .
 
Related individuals include the members of the Managing
Board and Supervisory Board.
In fiscal  and  members of the Managing Board re-
ceived cash compensation of €. million and €. million.
The fair value of stock-based compensation amounted to €.
million and €. million for , and , Stock Awards,
respectively, in fiscal  and . In fiscal  and  the
Company granted contributions under the BSAV to members of
the Managing Board totaling €. million and €. million.
Therefore in fiscal  and , compensation and benefits,
attributable to members of the Managing Board amounted to
€. million and €. million in total, respectively.
In fiscal  and , expense related to share-based pay-
ment and to the Share Matching Program amounted to €.
million and €. million; respectively. For additional informa-
tion regarding the Share Matching Program see  
- .
Former members of the Managing Board and their surviving
dependents received emoluments within the meaning of Sec-
tion  para.  No.  b of the German Commercial Code total-
ing €. million and €. million in fiscal  and .
The defined benefit obligation (DBO) of all pension commit-
ments to former members of the Managing Board and their
survivors as of September ,  and  amounted to
€. million and €. million. For additional information
see       .
Compensation attributable to members of the Supervisory
Board comprises in fiscal  and of a base compensation
and additional compensation for committee work and amount-
ed to €. million and €. million (including meeting fees),
respectively.
No loans and advances from the Company are provided to
members of the Managing Board and Supervisory Board.
Information regarding the remuneration of the members of
the Managing Board and Supervisory Board is disclosed on an
individual basis in the Compensation report, which is part of
the Combined Management Report. The Compensation Report
is presented within the Corporate Governance report (see
.).
In fiscal  and , no other major transactions took place
between the Company and the other members of the Manag-
ing Board and the Supervisory Board.
Some of our board members hold, or in the last year have held,
positions of significant responsibility with other entities. We
have relationships with almost all of these entities in the ordi-
nary course of our business whereby we buy and sell a wide
variety of products and services on arm’s length terms. Until
the close of the annual general meeting of Deutsche Bank AG
on May , , Dr. Josef Ackermann was the Chairman of the
Management Board of Deutsche Bank AG. Our transactions
with Deutsche Bank Group are conducted on arm’s length ba-
sis and include securities underwriting, other investment
banking services, and credit, money market and foreign ex-
change business as well as transaction banking services.
Michael Diekmann is the Chairman of the Board of Manage-
ment of Allianz SE. Our transactions with Allianz Group are
conducted on arm’s length basis and include insurance busi-
ness and asset management.