Compensation of the Board of Management

Adjustment of the compensation system effective January 1, 2016

The compensation of the Board of Management is linked to the sustained growth of corporate value.

The compensation system for the Board of Management of Bayer AG is aligned to the corporate strategy and geared toward performance-driven, sustainable Corporate governance comprises the long-term management and oversight of the company in accordance with the principles of responsibility and transparency. The German Corporate Governance Code sets out basic principles for the management and oversight of publicly listed companies. and an appropriate compensation structure and level. The compensation structure in the Bayer Group is, in principle, the same for the Board of Management as for all other managerial employees. The nature and appropriateness of the compensation system for the members of the Board of Management are determined by the full Supervisory Board on the proposal of the Human Resources Committee of the Supervisory Board, regularly reviewed and adjusted as necessary. All of the assessment criteria recommended in Section 4.2.2 of the German Corporate Governance Code are taken into account. An independent compensation consultant has confirmed that the compensation is appropriate and on a customary level.

Upon conducting a comprehensive review of the compensation system at the end of 2015, the Supervisory Board identified a need for adjustments, mainly in light of the Group’s new divisional structure, which came into effect on January 1, 2016, the enlargement of the Board of Management by three new members with operational responsibilities, and the target positioning in relation to the other DAX companies. The adjusted compensation system for the members of the Board of Management was approved by a large majority at the Annual Stockholders’ Meeting on April 29, 2016.

Compensation structure simplified to enhance transparency

Under the new compensation structure for the Board of Management of Bayer AG, the previous ratio of the non-performance-related components (about 30%) to the performance-related variable components (about 70%) is basically unchanged. The compensation components under the new system are as follows, assuming 100% target attainment by a member of the Board of Management:

Compensation Structure Based on 100% Target Attainment

Compensation Structure Based on 100% Target Attainment (pie chart)Compensation Structure Based on 100% Target Attainment (pie chart)

1 Excluding fringe benefits and pension entitlements

The structure of the non-performance-related components is the same as before. The adjustments mainly concern the performance-related variable components. These now comprise a variable annual cash payment (STI = short-term incentive) based on target attainment, which is paid out entirely in cash in the following year, and a long-term variable cash payment (LTI = long-term incentive). The system for the new LTI program was also adjusted and is based on stockholder return. The individual performance-related components are capped upon payment. There is also a cap on the total cash compensation. This amounts to 1.8 times the respective target compensation and is determined annually when the fixed compensation is set.

The members of the Board of Management also receive pension entitlements for themselves and their surviving dependents.

Non-performance-related components

Fixed annual compensation

The level of the non-performance-related, fixed annual compensation takes into account the functions and responsibilities assigned to the members of the Board of Management as well as market conditions. The fixed annual compensation is regularly reviewed by the Supervisory Board in light of the consumer price indexes and adjusted if necessary. It is paid out in twelve monthly installments.

Fringe benefits

This component mainly includes perquisites such as a company car with driver or the use of the company carpool, payments toward the cost of security equipment, and the reimbursement of the cost of annual health screening examinations. Fringe benefits are reported at cost or the amount of the pecuniary advantage gained.

Performance-related components

Short-term variable cash compensation

The compensation structure provides for both non-performance-related and performance-related components.

The short-term variable cash compensation (STI) depends on the company’s business success in the respective year. The level of the STI is determined by the target attainment for three subcomponents – the Group component, the divisional component and the individual performance component – each of which is given a one-third weighting in the performance evaluation. The performance evaluation takes into account both positive and negative developments. As part of the adjustment of the compensation system starting in 2016, the individual target parameters for the STI were adjusted to the new organizational structure of the Group and the payment of the STI was simplified. The entire amount of the STI is now paid out in cash in the second quarter of the following year. The previous 50:50 split of the STI into a cash payment and a grant of virtual Bayer shares blocked for three years has been abolished. The STI continues to be capped at a total of 200%.

The individual target parameters of the three subcomponents of the STI for 2016 are calculated as follows:

  • The Group component continues to be based on the core earnings per share of the Group and remains capped at 200%.
  • The divisional component is incentivized based on the average performance of the divisions and remains capped at 300%. For the members of the Board of Management with functional responsibility, this component is based on the average performance of the divisions, weighted as follows: Pharmaceuticals 50%, Consumer Health 20%, Crop Science (including Animal Health) 30%. For the Board members with divisional responsibility, however, this one-third of the STI is incentivized entirely on the basis of the respective division’s earnings. Covestro is not included in the divisional component as it has become legally and economically independent. The assessment of divisional performance comprises a 70% component linked to the attainment of financial targets in relation to the EBITDA margin before special items and divisional sales growth, and a 30% component based on the attainment of qualitative goals in areas such as innovative progress, safety, compliance and sustainability.
  • The target attainment criteria for the individual performance component have been made more precise. Now, 50% of this component relates to the duties and resulting personal targets of the respective member of the Board of Management and 50% to his or her individual contribution to the attainment of the Group targets. The individual targets for the members of the Board of Management are determined annually by the Supervisory Board, which also assesses their attainment.

Short-Term Variable Cash Compensation (STI) Components

Short-Term Variable Cash Compensation (STI) Components (chart)Short-Term Variable Cash Compensation (STI) Components (chart)

Long-term stock-based cash compensation (LTI)

Members of the Board of Management are eligible to participate in the annual tranches of the long-term stock-based compensation program "Aspire" on condition that they purchase a certain number of Bayer shares – determined for each individual according to specific guidelines – as a personal investment and hold them for as long as they continue in the service of the Bayer Group.

A new version of Bayer’s “Aspire” program (Aspire 2.0) was introduced in fiscal 2016 as part of the adjustment of the compensation system for the Board of Management. The target amounts for the new Aspire 2.0 tranche issued in 2016 are based on a contractually agreed target percentage of the fixed annual compensation. The starting value is also partly determined by the individual STI payment factor for the Board member concerned for the year prior to the issuance of the respective tranche. The cash payment amounts are determined after four years based on the average share price calculated over the last 30 trading days of the fiscal year, the performance of Bayer stock relative to the EUROSTOXX 50 and the dividends paid in the meantime (total stockholder return approach). The cap for Aspire 2.0 is 250%, compared to 300% under the predecessor program. Thus the new compensation system maintains consistency between the Board of Management and other management levels, except that for the Board of Management an additional performance measure has been included in the LTI program in the form of the comparison to the EUROSTOXX 50 mentioned above.

The payments made under the tranches of the Aspire program issued in the years up to 2015 continue to be based until their expiration on the Aspire Target Opportunity, which is a contractually agreed percentage of fixed annual compensation. Depending on the performance of Bayer stock, both in absolute terms and relative to the EURO STOXX 50 benchmark index, participants are granted an award of between 0% and a maximum 300% of their individual Aspire Target Opportunity at the end of the respective performance periods.

Tranches of the Aspire Program

Tranches of the Aspire Program (chart)Tranches of the Aspire Program (chart)

When a member of the Board of Management retires, current Aspire tranches may be shortened, thus reducing their value, depending on the duration of the member’s active service on the Board of Management during the first year of the tranche.

Share Ownership Guidelines

As a condition for receiving payments under the LTI program, members of the Board of Management must meet certain requirements regarding their personal investment in Bayer stock. Starting in 2016, they are required to build a position in Bayer shares to the value of 75% of their fixed annual compensation within four years and hold these shares until the end of their service on the Board of Management. The Board of Management members must provide documentary evidence of their compliance with this obligation, first at the end of the four-year position-building period and then yearly thereafter. In the event of significant changes in fixed annual compensation, the value to which shares must be held is adjusted accordingly.

Pension entitlements (retirement and surviving dependents’ pensions)

The annual pension entitlement for members of the Board of Management is based on contributions. Each year Bayer provides a hypothetical contribution amounting to 42% (33% up to 2015) of the respective fixed annual compensation. This percentage is comprised of a basic contribution of 6% and a matching contribution of 36% (27% up to 2015), which is four times (three times up to 2015) the member’s personal contribution of 9%. The increase in the matching contribution effective from 2016 was made to bring the contribution-based company pension plan into line with market conditions. The total annual contribution is converted into a pension module according to the annuity table for the applicable tariff of the Rheinische Pensionskasse VVaG pension fund. The annual pension entitlement upon retirement is the total amount of the accumulated pension modules including an investment bonus. The investment bonus is determined annually based on the net return on the assets of the Rheinische Pensionskasse VVaG minus the minimum return on the contributions that is guaranteed under the tariff and approved by the German Financial Supervisory Authority (BaFin). Future pension payments are annually reviewed and adjusted to take into account the development of consumer prices.

In addition, special individual arrangements exist for the following members of the Board of Management:

  • Werner Baumann – has been granted a vested entitlement to an annual pension of €200 thousand starting on his 60th birthday. This is subject to a prorated reduction in the event that his term of office ends prior to his 60th birthday under certain conditions.
  • Dr. Marijn Dekkers – is entitled to receive either a lifelong monthly annuity or a capital sum after leaving the Bayer Group, though not before the age of 60. He has opted for payment of a lifelong monthly annuity.
  • Kemal Malik – has been granted a vested entitlement to an annual pension of €80 thousand starting on his 65th birthday. This is subject to a prorated reduction in the event that his term of office ends prior to his 65th birthday under certain conditions.
  • Erica Mann – has the option to receive either a lifelong monthly annuity or a capital sum when her pension benefits fall due.

Certain assets are administered by Bayer Pension Trust e.V. under a contractual trust arrangement (CTA) to cover pension entitlements resulting from direct commitments in Germany. This provides substantial additional security – beyond the benefits from the Pension Insurance Association – for the respective pension entitlements of the members of the Board of Management in Germany.

Benefits upon termination of service on the Board of Management

Post-contractual noncompete agreements

Post-contractual noncompete agreements exist with the members of the Board of Management, providing for compensatory payments to be made by the company for the two-year duration of these agreements. The compensatory payment amounts to 100% of the average fixed compensation for the twelve months preceding their departure.

Change of control

Agreements exist with the members of the Board of Management providing for severance indemnity in certain circumstances in the event of a change in control. The amount of any possible severance indemnity in the case of early termination of service on the Board of Management as a result of a change in control is limited to the value of three years’ compensation in line with the recommendation in Section 4.2.3 of the German Corporate Governance Code. Such payments do not exceed the compensation payable for the remaining term of the service contract.

Unfitness for work

In the event of temporary unfitness for work, members of the Board of Management continue to receive the contractually agreed compensation. Bayer AG may early terminate the service contract if the Board member has been continuously unfit for work for at least 18 months and is likely to be permanently incapable of fully performing his or her duties (permanent incapacity to work). A disability pension is paid in the event of contract termination before the age of 60 due to permanent incapacity to work. For the members appointed to the Board of Management prior to 2013, the disability pension, like the retirement pension, amounts to at least 15% of the final fixed compensation and can increase with continuing service on the Board of Management up to a maximum of 60%. For members of the Board of Management appointed in 2013 or thereafter, the amount of the disability pension under the service contract corresponds to the entitlement accrued on the date of contract termination, taking into account a fictitious period of service between that date and the member’s 55th birthday, where applicable.

Compensation of the Board of Management in 2016

Compensation structure adapted to new organizational structure

The aggregate compensation for the members of the Board of Management in 2016 totaled €28,445 thousand (2015: €17,918 thousand), comprising €7,049 thousand (2015: €4,662 thousand) in non-performance-related components and €21,396 thousand (2015: €13,256 thousand) in performance-related components. The pension service cost amounted to €2,887 thousand (2015: €1,847 thousand).

Changes in the membership of the Board of Management in 2016 were as follows:

  • Effective January 1, 2016, Dr. Hartmut Klusik succeeded Michael König as the member of the Board of Management responsible for Human Resources, Technology and Sustainability.
  • In addition to the existing functions, three further functions were created effective January 1, 2016, which bear special responsibility for the newly defined operating divisions of the Group. The following new members were appointed to the Board of Management:
  • Dieter Weinand, responsible for the Pharmaceuticals Division
  • Erica Mann, responsible for the Consumer Health Division
  • Liam Condon, responsible for the Crop Science Division
  • The Board of Management service contract of Dr. Marijn Dekkers was early terminated by mutual agreement effective April 30, 2016.
  • Werner Baumann was appointed Chairman of the Board of Management of Bayer AG in succession to Dr. Dekkers effective May 1, 2016.

As of December 31, 2016, the Board of Management of Bayer AG consisted of seven members.

The following table shows the total compensation of the individual members of the Board of Management who served in 2015 and/or 2016 according to the German Commercial Code:

Board of Management Compensation (German Commercial Code)

 

 

Fixed annual compensation

 

Fringe benefits

 

Short-term variable cash compensation1

 

Long-term variable cash compensation based on virtual Bayer shares (50% STI)2

 

Long-term stock-based cash compensation (Aspire)3

 

Aggregate compensation

 

Pension service cost4

 

 

2015

2016

 

2015

2016

 

2015

2016

 

2015

2015

2016

 

2015

2016

 

2015

2016

 

2015

2016

 

 

€ thou­sand

€ thou­sand

 

€ thou­sand

€ thou­sand

 

€ thou­sand

€ thou­sand

 

No. of shares

€ thou­sand

€ thou­sand

 

€ thou­sand

€ thou­sand

 

€ thou­sand

€ thou­sand

 

€ thou­sand

€ thou­sand

1

In line with the change in the compensation system for the members of the Board of Management, the entire amount of the STI is paid out in cash, starting with the STI for 2016. The 50:50 split of the STI into a cash payment and a grant of virtual Bayer shares blocked for three years was last made for 2015.

2

The long-term variable cash compensation based on virtual Bayer shares was discontinued as of 2016.

3

Fair value at grant date; the figure for 2016 includes the new Aspire 2.0 tranche. For Dr. Marijn Dekkers, 4/12 of the grant amount for Aspire 2.0 is shown.

4

Including company contribution to Bayer-Pensionskasse VVaG, Rheinische Pensionskasse VVaG and to a pension fund outside Germany

5

The increased variable compensation for Werner Baumann in 2015 resulted mainly from his temporary duties as head of Bayer HealthCare in addition to his primary responsibilities as a member of the Board of Management.

6

Dr. Marijn Dekkers additionally received a severance payment of €4,341 thousand. This puts him in the same position as if he had held office until December 31, 2016, and had then retired.

Serving members of the Board of Management as of December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Werner Baumann (Chairman)5

 

906

1,285

 

47

47

 

1,237

2,329

 

10,377

1,237

 

262

1,983

 

3,689

5,644

 

227

764

Liam Condon

 

800

 

44

 

1,106

 

 

1,624

 

3,574

 

330

Johannes Dietsch

 

725

750

 

44

83

 

917

978

 

7,698

917

 

210

1,522

 

2,813

3,333

 

220

318

Dr. Hartmut Klusik

 

750

 

140

 

1,053

 

 

1,522

 

3,465

 

316

Kemal Malik

 

725

775

 

40

35

 

917

1,050

 

7,698

917

 

210

1,573

 

2,809

3,433

 

222

318

Erica Mann

 

750

 

182

 

798

 

 

1,522

 

3,252

 

219

Dieter Weinand

 

800

 

34

 

1,274

 

 

1,623

 

3,731

 

240

Former members

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dr. Marijn Dekkers6

 

1,374

475

 

40

99

 

1,995

475

 

16,739

1,995

 

398

964

 

5,802

2,013

 

967

382

Michael König

 

725

 

36

 

917

 

7,698

917

 

210

 

2,805

 

211

Total

 

4,455

6,385

 

207

664

 

5,983

9,063

 

50,210

5,983

 

1,290

12,333

 

17,918

28,445

 

1,847

2,887

Fixed annual compensation

The fixed annual compensation of the members of the Board of Management was adjusted in 2016. The total fixed annual compensation of all the members was €6,385 thousand (2015: €4,455 thousand).

Short-term variable cash compensation

The total short-term variable cash compensation for all the members of the Board of Management in 2016 totaled €9,063 thousand (2015: €5,983 thousand) after deduction of the solidarity contribution. Provisions of €8,588 thousand (2015: €5,983 thousand) were established for payment of this compensation component to the members of the Board of Management serving as of December 31, 2016. The solidarity contribution is made by all employees of the companies covered by the respective agreements with the employee representatives to help safeguard jobs at the German sites. For 2016 it amounted to 0.27% (2015: 0.20%) of each person’s STI award.

Long-term variable cash compensation based on virtual Bayer shares

This compensation component was not present in 2016 following the adjustment of the compensation system for the Board of Management effective January 1, 2016.

The conversion of 50% of the STI into virtual Bayer shares took place for the last time in 2015 and was based on an average price of €119.17. The aggregate compensation for 2015 according to the German Commercial Code includes long-term variable cash compensation of €5,983 thousand based on virtual Bayer shares. The aggregate compensation for 2016 according to the IFRS also includes a change of minus €1,275 thousand (2015: €556 thousand) in the value of existing entitlements.

Provisions of €7,777 thousand (2015: €18,663 thousand) existed as of December 31, 2016, for the future cash disbursements to currently serving members of the Board of Management based on the virtual Bayer shares granted in previous years. This amount also contains the dividends attributable to the respective prior years.

Long-term stock-based cash compensation (Aspire)

The long-term stock-based cash compensation under the Aspire program is included in the aggregate compensation according to the German Commercial Code at its fair value of €12,333 thousand (2015: €1,290 thousand) at the respective grant date.

The aggregate compensation according to the IFRS includes the fair value of the partial entitlement earned in the respective year. Grants of stock-based compensation with a four-year performance period are therefore expensed at their respective fair values over four years starting with the grant year. The stock-based compensation according to the IFRS also includes the change in the value of existing entitlements under ongoing Aspire tranches granted in prior years.

Board of Management Compensation – Aspire Program (IFRS)

 

 

 

 

Serving members of the Board of Management as of December 31, 2016

 

Former members

 

 

 

 

 

 

Werner Baumann (Chairman)

Liam Condon3

Johannes Dietsch3

Dr. Hartmut Klusik3

Kemal Malik3

Erica Mann3

Dieter Weinand3

 

Dr. Marijn Dekkers

Michael König3

 

Total

 

 

 

 

€ thousand

€ thousand

€ thousand

€ thousand

€ thousand

€ thousand

€ thousand

 

€ thousand

€ thousand

 

€ thousand

1

The newly earned entitlements are derived from the 2013 – 2016 (2015: 2012 – 2015) tranches of the Aspire program because this compensation was or is being earned over a four-year period. They are stated at their prorated fair values in 2015 and 2016, respectively.

2

This line shows the change in the value of the entitlements already earned in 2013, 2014 and 2015 (2015: 2012, 2013 and 2014).

3

The Aspire entitlements earned in 2015 and 2016 and the value changes for Liam Condon, Johannes Dietsch, Dr. Hartmut Klusik, Kemal Malik, Erica Mann, Dieter Weinand and Michael König relate in part to Aspire tranches granted to them before they joined the Board of Management but not yet fully earned.

Stock-based compensation entitlements earned in the respective year1

 

2016

 

715

506

413

414

431

848

369

 

1,521

 

5,217

 

2015

 

597

225

263

 

980

265

 

2,330

Change in value of existing entitlements2

 

2016

 

(120)

(83)

(57)

(47)

(98)

(165)

(69)

 

(284)

 

(923)

 

2015

 

71

21

48

 

108

24

 

272

Total

 

2016

 

595

423

356

367

333

683

300

 

1,237

 

4,294

 

2015

 

668

246

311

 

1,088

289

 

2,602

Provisions of €7,288 thousand (2015: €7,110 thousand) were established for the Aspire entitlements of the members of the Board of Management serving as of December 31, 2016. Of this amount, €302 thousand relates to the tranches issued up to 2015 and €2,314 thousand to the 2016 tranche.

Pension entitlements

The pension service cost recognized for the members of the Board of Management in 2016 according to the German Commercial Code was €2,887 thousand (2015: €1,847 thousand), while the current service cost for pension entitlements recognized according to the IFRS was €3,902 thousand (2015: €2,891 thousand). The following table shows the service cost and the settlement or present value of the pension obligations attributable to the individual members of the Board of Management.

Pension Entitlements (German Commercial Code and IFRS)

 

 

German Commercial Code

 

IFRS

 

 

Pension service cost1

 

Settlement value of pension obligation as of December 312

 

Current service cost for pension entitlements

 

Present value of defined benefit pension obligation as of December 31

 

 

2015

2016

 

2015

2016

 

2015

2016

 

2015

2016

 

 

€ thou­sand

€ thou­sand

 

€ thou­sand

€ thou­sand

 

€ thou­sand

€ thou­sand

 

€ thou­sand

€ thou­sand

1

Including company contribution to Bayer-Pensionskasse VVaG, Rheinische Pensionskasse VVaG and a pension fund outside Germany

2

The pension obligations of foreign subsidiaries and Bayer pension funds are included at present value according to IFRS.

3

Dr. Marijn Dekkers stepped down from the Board of Management as of midnight on April 30, 2016.

4

Michael König stepped down from the Board of Management as of midnight on December 31, 2015.

Serving members of the Board of Management as of December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

Werner Baumann (Chairman)

 

227

764

 

7,022

7,452

 

385

1,054

 

10,131

12,429

Liam Condon

 

330

 

2,151

 

487

 

3,860

Johannes Dietsch

 

220

318

 

2,681

2,854

 

355

431

 

3,995

4,882

Dr. Hartmut Klusik

 

316

 

4,533

 

399

 

6,782

Kemal Malik

 

222

318

 

516

1,990

 

372

438

 

1,700

2,507

Erica Mann

 

219

 

7,199

 

288

 

7,232

Dieter Weinand

 

240

 

468

 

322

 

735

Former members

 

 

 

 

 

 

 

 

 

 

 

 

Dr. Marijn Dekkers3

 

967

382

 

11,014

 

1,418

483

 

14,106

Michael König4

 

211

 

2,371

 

361

 

3,559

Total

 

1,847

2,887

 

23,604

26,647

 

2,891

3,902

 

33,491

38,427

The difference between the pension service cost according to the German Commercial Code and the service cost for pension entitlements according to the IFRS arises from the difference in the valuation principles used in calculating the settlement value according to the German Commercial Code and the present value of the defined benefit pension obligation according to the IFRS.

Benefits upon termination of service on the Board of Management

It was agreed with Dr. Marijn Dekkers that he be granted benefits of €4,341 thousand according to the German Commercial Code and €4,542 thousand according to the IFRS in light of the mutually agreed early termination effective April 30, 2016, of his service contract, which originally ran until December 31, 2016. These comprise the fixed compensation, the short-term variable compensation components, Aspire and the pension service cost, each for the period May 1, 2016, through December 31, 2016. Dr. Dekkers’ entitlements under the company pension plan and the Aspire program were set at the levels they would have reached if he had been eligible to participate until December 31, 2016. The fixed compensation and the short-term variable compensation component, together amounting to €1,900 thousand, were paid in May 2016. The payments from the Aspire tranches will be made upon expiration of each tranche based on the respective Aspire program parameters. The post-contractual noncompete agreement with Dr. Marijn Dekkers was rescinded without compensation when his service contract was extended in June 2014 in line with previous practice in a similar case.

It was agreed with Michael König that he be granted benefits of €1,131 thousand in connection with the mutually agreed early termination effective December 31, 2015, of his service contract, which originally ran until March 31, 2016. These benefits comprise fixed compensation, short-term variable compensation components, Aspire and the pension service cost – each for the period January 1 through March 31, 2016 –, along with the fair value of the accelerated vested portions of the existing Aspire tranches. The fixed compensation and the short-term variable compensation component, together amounting to €375 thousand, were paid in the first half of 2016. The payments from the Aspire tranches will be made upon expiration of each tranche based on the respective Aspire program parameters. In addition, a two-year noncompete agreement ending on Decemberr 31, 2017, exists with Michael König under his service contract. The resulting compensatory payment of €725 thousand per year is being made to him in monthly installments.

The aggregate Board of Management compensation according to the IFRS is shown in the following table:

Board of Management Compensation according to IFRS

 

 

2015

 

2016

 

 

€ thousand

 

€ thousand

Fixed annual compensation

 

4,455

 

6,385

Fringe benefits

 

207

 

664

Total short-term non-performance-related compensation

 

4,662

 

7,049

Short-term performance-related cash compensation

 

5,983

 

9,063

Total short-term compensation

 

10,645

 

16,112

Stock-based compensation earned (virtual Bayer shares)

 

5,983

 

Change in value of existing entitlements to stock-based compensation (virtual Bayer shares)

 

556

 

(1,275)

Stock-based compensation (Aspire) earned in the respective year

 

2,330

 

5,217

Change in value of existing entitlements to stock-based compensation (Aspire)

 

272

 

(923)

Total stock-based compensation (long-term incentive)

 

9,141

 

3,019

Service cost for pension entitlements earned in the respective year

 

2,891

 

3,902

Total long-term compensation

 

12,032

 

6,921

Severance indemnity in connection with the termination of a service contract

 

1,131

 

4,542

Aggregate compensation (IFRS)

 

23,808

 

27,575