Compensation of the Management Board

The compensation of the members of the Management Board is orientated towards the responsibility, personal performance and tasks covered by each member of the Management Board as well as the achievement of the Company's objectives and the economic situation of the Company. The compensation contains fixed and variable components. The variable compensation depends above all on sustainable, long-term and multi-year performance criteria without giving cause for taking unreasonable risks. Non-financial criteria are not being taken into account at this time.


The variable component of the compensation of the members of the Management Board, which is proportionally high in comparison to the fixed compensation, is subject to an upper limit and depends on the annual result, cash earnings and the return on capital employed. The variable compensation of the members of the Management Board is paid on the basis of the data audited by the auditor in the year following the year of their economic reference base.

In the business year 2012, the total amount of compensation of the members of the
Management Board was thous. EUR 3,925. Thereof, thous. EUR 1,715 were allocable to fixed compensation and thous. EUR 2,210 to variable compensation. The compensation of each member is comprised as follows: Wilhelm Hörmanseder accounts for a fixed compensation of thous. EUR 667 and a variable compensation of thous. EUR 850, Franz Rappold accounts for a fixed compensation of thous. EUR 371 and a variable compensation of thous. EUR 468, Andreas Blaschke accounts for a fixed compensation of thous. EUR 369 and a variable compensation of thous. EUR 467 and Oliver Schumy a fixed compensation of thous. EUR 308 and a variable compensation of thous. EUR 425.


Regarding the company pension scheme there is an entitlement to receive a portion of the fixed pension amount upon retirement depending on the qualifying period.


In case the function is terminated, statutory rights on the basis of the employment contract shall apply. Severance payments in case of early termination shall not exceed the compensation of the member of the Management Board for the remaining term of the member’s contract and take into account the circumstances of such termination of the respective member of the Management Board.


The Company took out a D&O (Directors-and-Officers) insurance.