10. Related Party Transactions
Related parties which, prior to the
IPO, had control over the Group are the various EQT funds as the other
shareholders had agreed on a former shareholding pool in the
shareholder agreement, in which EQT was granted special rights. Since
they sold their shares completely, there is no significant influence.
Executive Board members, former general managers, Supervisory Board members and former shareholder representatives also qualify as related parties.
Mr. Horst-Otto Gerberding granted shareholder loans to Symrise AG, which as at December 31, 2007, had been repaid apart from a residual amount of T€ 593. In addition, Mr. Horst-Otto Gerberding received remuneration of T€ 804 (2006: T€ 804) related to his resignation as managing director in 2003.
Mr. Göran Lundberg is the owner of Göran Lundberg Development AB. Symrise Holding GmbH, as the predecessor of Symrise AG, entered into a consultancy contract dated November 5, 2002, with this company for services related to the integration process. The agreement was terminated as at October 31, 2006. In fiscal year 2006, Göran Lundberg Development AB received a total of T€ 21 for consultancy services. There was no payment in 2007.
Several former members of the shareholder committee of Symrise Holding GmbH participate in the “Board Participation Program Subscription Agreement”. On the basis of this agreement, the former shareholder committee members concluded a “Board Members’ Additional Remuneration Agreement” with Symrise Holding GmbH. Mr. Lundberg is a participant in this program as well as being on the Supervisory Board of Symrise AG.
The total remuneration for members of the Advisory Board/Supervisory Board amounted to T€ 589 (2006: T€ 219).
Supervisory Board Remuneration 2007
| Name |
Remuneration
p.a. |
Remuneration for earnings per share1) |
Committees | |
| Göran Lundberg |
Chairman until Dec. 12, 2007 |
40,000.00 | 32,800.00 | 22,500.00 |
| Andreas Schmid |
Chairman since Dec. 13, 2007 |
40,000.00 | 32,800.00 | 32,500.00 |
| Horst-Otto Gerberding | 20,000.00 | 16,400.00 | 5,000.00 | |
| Björn Hoi Jensen | until Oct. 26, 2007 | |||
| Sanna Suvanto-Harsaae | since Oct. 26, 2007 | 20,000.00 | 16,400.00 | 7,500.00 |
| Dr. John Garcia | until June 20, 2007 | 20,000.00 | 16,400.00 | |
| Klaus Kühn | since July 16, 2007 | 20,000.00 | 16,400.00 | 10,000.00 |
| Dr. Peter Grafoner | 20,000.00 | 16,400.00 | 9,375.00 | |
| Dr. Hans-Heinrich Gürtler | 20,000.00 | 16,400.00 | ||
| Dr. Helmut Frieden | 20,000.00 | 16,400.00 | ||
| Karl-Heinz Huchthausen | Vice Chairman | 30,000.00 | 24,600.00 | 5,000.00 |
| Regina Hufnagel | 20,000.00 | 16,400.00 | 5,000.00 | |
| Helmut Tacke | 20,000.00 | 16,400.00 | ||
| Peter Winkelmann | 20,000.00 | 16,400.00 | 2,500.00 | |
| Francesco Grioli | 20,000.00 | 16,400.00 | ||
| Total | 330,000.00 | 270,600.00 | 99,375.00 |
1) Earnings per share: € 0.82
| Name |
Remuneration p.a. total |
Remuneration pro rata |
Committees |
Payable for 2007 |
| Göran Lundberg | 95,300.00 | 90,339.00 | 8,000.00 | 98,339.00 |
| Andreas Schmid | 105,300.00 | 5,481.00 | 1,500.00 | 6,981.00 |
| Horst-Otto Gerberding | 41,400.00 | 41,400.00 | 6,500.00 | 47,900.00 |
| Björn Hoi Jensen | 0.00 | 0.00 | 0.00 | 0.00 |
| Sanna Suvanto-Harsaae | 43,900.00 | 8,058.00 | 2,000.00 | 10,058.00 |
| Dr. John Garcia | 36,400.00 | 17,053.00 | 2,000.00 | 19,053.00 |
| Klaus Kühn | 46,400.00 | 21,484.00 | 4,500.00 | 25,984.00 |
| Dr. Peter Grafoner | 45,775.00 | 45,775.00 | 9,000.00 | 54,775.00 |
| Dr. Hans-Heinrich Gürtler | 36,400.00 | 36,400.00 | 5,000.00 | 41,400.00 |
| Dr. Helmut Frieden | 36,400.00 | 36,400.00 | 5,000.00 | 41,400.00 |
| Karl-Heinz Huchthausen | 59,600.00 | 59,600.00 | 6,500.00 | 66,100.00 |
| Regina Hufnagel | 41,400.00 | 41,400.00 | 5,000.00 | 46,400.00 |
| Helmut Tacke | 36,400.00 | 36,400.00 | 5,000.00 | 41,400.00 |
| Peter Winkelmann | 38,900.00 | 38,900.00 | 9,000.00 | 47,900.00 |
| Francesco Grioli | 36,400.00 | 36,400.00 | 5,000.00 | 41,400.00 |
| Total | 699,975.00 | 515,090.00 | 74,000.00 | 589,090.00 |