Siemens 2014 Annual Report Download - page 156

108 A. To our Shareholders 131 B. Corporate Governance
132 B. Corporate Governance Report
136 B. Corporate Governance statement pursuant to
Section a of the German Commercial Code
(part of the Combined Management Report)
138 B. Compliance Report
(part of the Combined Management Report)
144 B. Compensation Report
(part of the Combined Management Report)
165 B. Takeover-relevant information (pursuant to
Sections  para.  and  para.  of the
German Commercial Code) and explanatory report
(part of the Combined Management Report)

Pension benefit commitments
For fi scal , the members of the Managing Board were
granted contributions under the BSAV totaling € . million
(: € . million), based on a resolution of the Supervisory
Board dated November , . Of this amount, € . million
(: € . million), related to contributions to their personal
pension accounts and the remaining € . million (:
€ . million) to funding of pension commitments earned prior
to transfer to the BSAV.
The contributions under the BSAV are added to the personal
pension accounts each January following the close of the fi scal
year, with value date on January . Until the benefi ciary’s time
of retirement, the pension account is credited with an annual
interest payment (guaranteed interest), currently . %, on Jan-
uary  of each year.
The following table shows individualized details of the contri-
butions (additions) under the BSAV for fi scal  as well as the
defi ned benefi t obligations for the pension commitments.
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 totaling
€ . million (: € . million) in fi scal . This fi gure in-
cludes the compensation for former Managing Board member
Peter Y. Solmssen for the period from January through Septem-
ber , together with reimbursement of relocation costs and
the associated tax. Furthermore, it includes the compensatory
payment connected with the mutually agreed-upon termina-
tion of the Managing Board membership of Dr. Michael Süß as
of May , , the compensation for the remaining term of his
employment contract – that is, from May  to September ,
 – as well as a special contribution to the BSAV. Dr. Süß
received , Stock Awards for the period from May  through
September , , which will be settled in cash in Septem-
ber  according to the provisions of his contract and in
connection with the mutually agreed-upon termination of his
Managing Board membership. Mr. Solmssen received ,
Stock Awards and , Bonus Awards for the period from Jan-
uary through September . Other than this, former Manag-
ing Board members and their surviving dependents received no
(: ,) Stock Awards.
Total contributions  for Defined benefit obligation  for all pension
commitments excluding deferred compensation 
(Amounts in €) FY  FY  FY  FY 
Managing Board members
serving as of September , 
Joe Kaeser 1,033,200 1,033,200 7,174,641 5,580,345
Dr. Roland Busch 559,104 541,800 2,769,337 2,008,718
Lisa Davis 93,184 –2,818,7222–
Klaus Helmrich 559,104 504,000 3,047,911 2,248,901
Prof. Dr. Hermann Requardt 559,104 541,800 6,273,529 5,094,071
Prof. Dr. Siegfried Russwurm 559,104 541,800 4,390,368 3,490,629
Dr. Ralf P. Thomas 559,104 19,565 2,742,051 1,970,651
Former members of the Managing Board
Brigitte Ederer –504,000 –2,446,9512
Barbara Kux 66,461 504,000 1,499,03422,740,4792
Peter Y. Solmssen 520,128 504,000 18,343,788215,750,8832
Dr. Michael Süß 559,104 541,800 3,903,372 2,353,756
Total 5,067,597 5,235,965 52,962,753 43,685,384
1 The expenses (service cost) recognized in accordance
with IFRS in fiscal  for Managing Board members’
entitlements under the BSAV in fiscal  amounted to
€ ,, (: € ,,).
2 The defined benefit obligations reflect one-time special
contributions to the BSAV of € ,, (:
€ ,,) for new appointments from outside the
Company, as well as special contributions in connection
with departures from the Managing Board: in the
amount of €  (: € ,,) for Peter Löscher, of
€  (: € ,) for Brigitte Ederer, of €  (:
€ ,) for Barbara Kux, of €  (: € ,,)
for Peter Y. Solmssen, of € , (: € ) for Dr. Mi-
chael Süß, and of € ,, (: € ) for Lisa Davis.
3 Deferred compensation totals € ,, (:
€ ,,), including € ,, for Joe Kaeser (:
€ ,,), € , for Klaus Helmrich (:
€ ,), € ,, for Prof. Dr. Hermann Requardt
(: € ,,), and € , for Dr. Ralf P. Thomas
(: € ,) as well as for former Managing Board
members: € ,, for Barbara Kux (: € ,,),
and € , for Peter Y. Solmssen (: € ).
4 Lisa Davis was elected a full member of the Managing
Board effective August , .
5 Brigitte Ederer resigned from the Managing Board
effective at the end of the day on September , .
6 Barbara Kux resigned from the Managing Board effective
at the end of the day on November , .
7 Peter Y. Solmssen resigned from the Managing Board
at the end of the day on December , ; his employ-
ment agreement ends effective March , .
8 Dr. Michael Süß resigned from the Managing Board
at the end of the day on May , ; his employment
agreement ended effective September , .