Management Report & Annexes | Report on Corporate Governance

18.4.4 Further Information

Advances or loans to members of the Board of Management or Supervisory Board

There were no advances or loans to members of the Board of Management or the Supervisory Board outstanding as of December 31, 2013, nor at any time during 2013 or 2012.

Pension payments to former members of the Board of Management or their surviving dependents

We currently pay retired members of the Board of Management a monthly pension equal to a maximum of 80% of the fixed compensation received immediately prior to retirement. The pensions of former members of the Board of Management or their surviving dependents have been reassessed annually since January 1, 2009 and adjusted taking into account the development of consumer prices. The pensions paid to former members of the Board of Management or their surviving dependents in 2013 totaled €12,871 thousand (2012: €12,673 thousand). These benefits are in addition to any amounts they receive under previous employee pension arrangements. The present value of the pension obligation for former members of the Board of Management and their surviving dependents at the closing date amounted to €150,148 thousand (2012: €149,746 thousand) according to IFRS and €136,307 thousand (2012: €126,424 thousand) according to the German Commercial Code.

Last updated: February 28, 2014  Copyright © Bayer AG
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