IAS 24 stipulates that parties which control, or are controlled by, Wacker Chemie AG must be specified unless they are already included in Wacker Chemie AG’s consolidated financial statements as a consolidated company. Control in this sense is held to apply when a shareholder has more than half of the voting rights in Wacker Chemie AG or, by virtue of provisions in the Articles of Incorporation or contractual arrangements, has the possibility of controlling the financial and business policy of the WACKER Group’s Executive Board.
In the year under review, the WACKER Group is affected by the disclosure obligations under IAS 24 only in respect of the business relations with Wacker Chemie AG’s major shareholders and its Executive and Supervisory Board members.
The relationship of internal performance allocation between Wacker Chemie AG and its majority shareholder Dr. Alexander Wacker Familiengesellschaft mbH is of subordinate importance. Furthermore, WACKER Group companies did not conduct any significant transactions with members of Wacker Chemie AG’s Executive or Supervisory Board or with any other key management personnel or with companies of which these persons are members of executive or supervisory bodies. This likewise applies to close relatives of the aforementioned persons.
Dr. Alexander Wacker Familiengesellschaft mbH, Munich, informed Wacker Chemie AG on June 7, 2006, that it holds over 50% of the voting shares in Wacker Chemie AG. Blue Elephant Holding GmbH, Pöcking, informed Wacker Chemie AG on April 12, 2006, that it holds over 10% of the voting shares in Wacker Chemie AG. Artisan Partners Limited Partnership, Wisconsin (USA) informed Wacker Chemie AG on September 28, 2007, that it holds over 5% of the voting shares in Wacker Chemie AG.
In addition, trade is conducted between some Group companies and their associated companies in the normal course of business. Business transactions are conducted under usual market terms and conditions. Receivables from and liabilities to associated companies are indicated in Notes 10 and 16. In the year under review, associated companies were charged €119.0 million (2007: €72.1 million) for sales, license revenue, and administrative expense allocations. Conversely, associated companies submitted invoices for material purchases and commissions in the amount of €11.8 million (2007: €1.1 million) in the year under review.
In the year under review, Wacker Chemie AG acquired real estate with a value of €8.3 million from Pensionskasse der Wacker Chemie VVaG under usual market terms.
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Compensation for the Supervisory and Executive Boards | ||||||
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Fixed com- |
Variable com- |
Pensions/ |
Total | ||
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Executive Board compensation 2008 |
2,721,739 |
4,476,306 |
855,206 |
8,053,251 | ||
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Executive Board compensation 2007 |
2,562,100 |
4,562,500 |
1,079,563 |
8,204,163 | ||
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Pension commitments for active members of the |
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11,882,999 | ||
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Pension commitments for active members of the |
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12,357,586 | ||
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Expenses for former members of the Executive Board and their surviving dependents 2008 |
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2,787,5991 | ||
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Expenses for former members of the Executive Board and their surviving dependents 2007 |
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817,164 | ||
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Pension commitments for former members of the Executive Board and their surviving dependents 2008 |
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16,446,268 | ||
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Pension commitments for former members of the Executive Board and their surviving dependents 2007 |
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8,639,697 | ||
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Supervisory Board compensation 2008 |
511,000 |
393,750 |
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904,750 | ||
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Supervisory Board compensation 2007 |
507,000 |
393,750 |
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900,750 | ||
Detailed information about Executive Board compensation is contained in the compensation report. The compensation report is part of the management report. German commercial law (HGB) requires the inclusion of this information in the notes to the consolidated financial statements. More Information in the Compensation Report
The members of Wacker Chemie AG’s Supervisory Board and
Executive Board are listed in Supervisory Board & Executive Board
Munich, Germany, February 20, 2009
Wacker Chemie AG
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Rudolf Staudigl |
Wilhelm Sittenthaler |