25 | related parties

25.1. Remuneration of key management

Key management consists of the members of the Executive Board and the Supervisory Board.

2015

2014

Salaries and variable remuneration short-term

2,033

1,989

Pensions

270

249

Variable remuneration long-term

1,843

249

Remuneration of Supervisory Board

300

257

4,446

2,744

No loans or guarantees have been issued to the members of the Executive Board and Supervisory Board.

25.2. Remuneration of Executive Board

The remuneration of the members of the Executive Board is recognised in the income statement as disclosed below:

FIXED REMUNE-RATION1

PENSION CONTRI-BUTION

SHORT-TERM VARIABLE REMUNE-RATION2

LONG-TERM VARIABLE REMUNERATION

CHARGE IN INCOME STATEMENT

UNIQUE
SHARE PLAN
2008 - 2010

UNIQUE
SHARE PLAN
2011 - 2014

LT VARIA-
BLE REMUNE-RATION
2015 - 2018

MODIFICA-TION LT
VARIABLE
REMUNE-RATION
2015 - 2018

LONG-TERM
VARIABLE REMUNE-RATION
TOTAL3

ROB ZANDBERGEN

2015

675

155

493

-

299

246

519

1,064

2,387

2014

625

143

521

18

199

-

-

217

1,506

LEEN GEIRNAERDT

2015

500

115

365

-

269

164

346

779

1,759

2014

460

106

383

1

31

-

-

32

981

  1. 1 Fixed remuneration as adopted by the General Meeting of Shareholders every four years, most recently for the 2015-2018 period
  2. 2 A shift took place from variable short-term to variable long-term remuneration in accordance with the remuneration policy for 2015-2018. This serves the interests of stakeholders and the retention of Executive Board members in a balanced way
  3. 3 The amounts for each Executive Board member vary depending on the applicable tax conditions

The variable remuneration is based on realisation of financial and qualitative performance criteria.

The modification variable long-term remuneration for 2015-2018 in the above table relates to the shares conditionally granted for which a performance period of four years applies under the variable remuneration plan, meaning that the costs would be recognised over a four-year period in accordance with IFRS 2. In view of the intended public offer by Recruit Holdings Co., Ltd. the performance period has been reduced to 18 months for the purpose of the valuation, thus allocating the costs over a shorter period. This is the main reason for the increase in the charge for the variable long-term remuneration in the income statement for 2015 compared to 2014.

If the intended public offer by Recruit Holdings Co., Ltd. is declared unconditional, the granting of the long term variable remuneration 2015 will be settled in cash. The associated costs are recognised in the income statement for 2015 in accordance with IFRS 2 (note 24).

The variable long-term share remuneration is shown for the full year and can be broken down as follows:

Unique Share Plan 2008-2010

The charge in the 2014 income statement with respect to the Unique Share Plan 2008-2010 was € 18 for Rob Zandbergen and € 1 for Leen Geirnaerdt.


Unique Share Plan 2011-2014

CONDITIONALLY GRANTED
BASED ON NORM NUMBERS

FACTOR
FOR COST
CALCULATION

UNCONDITIONAL NUMBER BASED ON PERFOR-MANCE IN FINANCIAL YEAR

CHARGE IN 2015 INCOME STATEMENT

CHARGE IN 2014 IN INCOME STATEMENT

ROB ZANDBERGEN

2011

22,500

30.0%

6,750

35

28

2012

22,500

55.5%

12,488

65

53

2013

22,500

83.0%

18,675

98

79

2014

22,500

85.3%

19,181

101

39

90,000

57,094

299

199

LEEN GEIRNAERDT

2011

12,500

30.0%

3,750

27

6

2012

15,000

56.1%

8,415

60

13

2013

15,000

83.0%

12,450

90

19

2014

15,000

85.3%

12,787

92

-7

57,500

37,402

269

31

Variable long-term remuneration plan 2015-2018

CONDITIONALLY GRANTED
BASED ON NORM NUMBERS

FACTOR
FOR COST
CALCULATION

CONDITIONAL NUMBER BASED ON PERFOR-MANCE IN FINANCIAL YEAR

CHARGE IN INCOME STATEMENT 2015

LT VARIABLE REMUNERATION
2015 - 2018

MODIFICATION
LT VARIABLE REMUNERATION
2015 - 2018

TOTAL

ROB ZANDBERGEN 2015

30,000

146.1%

43,842

246

519

765

LEEN GEIRNAERDT 2015

20,000

146.1%

29,228

164

346

510

25.3. Remuneration of the Supervisory Board

The remuneration of the Supervisory Board is as disclosed below:

20151

2014

Cees Veerman

72

67

Rinse de Jong

57

52

Marike van Lier Lels

-

18

Willemijn Maas

57

34

Alex Mulder

57

52

Johnny Thijs

57

34

300

257

  1. 1 Remuneration as adopted by the General Meeting of Shareholders every four years, most recently for the 2015-2018 period

The term of Marike van Lier Lels ended in May 2014. No option rights are granted to members of the Supervisory Board and no operating assets are made available to them.

25.4. Other

In 2015 a number of transactions took place between USG People N.V. and its majority shareholder and between USG People N.V. and its associates. These transactions relate to the provision of goods and services and were made at arm's length. The transactions with the majority shareholder amount to € 20 (2014: € 156). € 768 of goods and services were provided to and € 367 of goods and services were received from associates.