Total Board of Management remuneration in 2012. The total remuneration granted by Group companies to the members of the Board of Management of Daimler AG is calculated as the total of the amounts of
- the base salary in 2012,
- the half of the annual bonus for 2012 payable in 2013,
- the half of the medium-term share-based component of the annual bonus for 2012 payable in 2014 with its value at the balance sheet date (entitlement depending on the development of Daimler’s share price compared with the Dow Jones STOXX Auto Index),
- the value of the long-term share-based remuneration for 2012 at the time when granted, and
- the taxable non-cash benefits in 2012.
For both of the share-based components – the second 50% of the annual bonus and the PPSP with a long-term orientation – the amounts actually paid out can deviate significantly from the values described depending on the development of the Daimler share price and on the achievement of the relevant target parameters.
The remuneration of the Board of Management for the year 2012 amounts to €28.2 million (2011: €29.0 million). Of that total, €7.5 million was fixed, that is, non-performance-related remuneration (2011: €7.4 million), €9.3 million was variable, that is, short- and medium-term performance-related remuneration (2011: €12.8 million), and €11.4 million was variable performance-related remuneration granted in 2012 with a long-term incentive effect (2011: €8.8 million). (See table 3.43)
|Board of Management Remuneration 2012|
Short and medium-term variable
remuneration (annual bonus)
Long-term variable remuneration
Value when granted
(2012: at share price €48.23)
(2011: at share price €51.08)
|In thousands of euros|
|Dr. Dieter Zetsche||2012||2,008||1,426||1,426||68,273||3,293||8,153|
|Dr. Wolfgang Bernhard1||2012||715||508||508||27,309||1,316||3,047|
|Dr. Christine Hohmann-Dennhardt||2012||715||526||526||27,309||1,317||3,084|
|Prof. Dr. Thomas Weber||2012||715||490||490||28,998||1,399||3,094|
1 Taking into account supervisory board remuneration of €1,250.
2 Taking into account supervisory board remuneration of €88,460.
3 Taking into account supervisory board remuneration of €10,913.
4 Taking into account supervisory board remuneration of €173,048.
When comparing with the prior-year figures, with regard to the total of base salary, the annual bonus and the PPSP granted, it is necessary to consider the appointment of Mr. Troska taking effect as of December 13, 2012. The same applies to Dr. Hohmann-Dennhardt for the year 2011.
The granting of non-cash benefits in kind, primarily the reimbursement of expenses for security precautions and the provision of company cars, resulted in taxable benefits for the members of the Board of Management in 2012 as shown in the table.
|Non-cash benefits and other benefits|
|In thousands of euros|
|Dr. Dieter Zetsche||151||159|
|Dr. Wolfgang Bernhard||63||71|
|Dr. Christine Hohmann-Dennhardt||191||121|
|Prof. Dr. Thomas Weber||156||149|