Annual Report 2017

Commitments upon termination of service

Retirement provision

In 2012, Daimler introduced a new company retirement benefit plan for new entrants and new appointments for employees paid according to collective bargaining wage tariffs as well as for executives: the “Daimler Pensions Plan.” This retirement benefit system features the payment of annual contributions by Daimler, but is oriented toward the capital market. Daimler makes a commitment to guarantee the total of contributions paid, which are invested in the capital market according to a precautionary investment concept.

The Supervisory Board of Daimler AG has approved the application of this system for all members of the Board of Management newly appointed since 2012. The amount of the annual contributions results from a fixed percentage of the base salary and the total annual bonus for the respective financial year calculated as of the balance sheet date. This percentage is 15 %. This calculation takes into consideration the targeted level of retirement provision for each Board of Management member — also according to the period of membership — and the resulting annual and long-term expense for the Company. The contributions to the retirement provision are granted until the age of 62. The benefit from the pension plan is payable to surviving Board of Management members at the earliest at the age of 62, irrespective of their age upon retirement. If a member of the Board of Management retires due to disability, the benefit is paid as a disability pension, even before the age of 62.

The Pension Capital system was used from the beginning of 2006 until the end of 2011. The pension agreements of active Board of Management members that were valid until that time were modified accordingly. All Board of Management members newly appointed during that period were subject exclusively to the Pension Capital system.

Under this system, each Board of Management member is credited with a capital component each year. This capital component comprises an amount equal to 15 % of the sum of the Board of Management member’s fixed base salary and the total annual bonus for the respective financial year on the balance sheet date, multiplied by an age factor equivalent to a rate of return of 6 % until 2015 and 5 % as of 2016 (Wolfgang Bernhard and Wilfried Porth: 5 % for all years). These contributions to pension plans are granted only until the age of 60. The benefit from the pension plan is payable to surviving Board of Management members at the earliest at the age of 60, irrespective of their age upon retirement. If a member of the Board of Management retires due to disability, the benefit is paid as a disability pension, even before the age of 60.

Payments under the Pension Capital system and the Daimler Pensions Plan can be made in three ways:

  • as a single amount;
  • in twelve annual installments, whereby interest accrues on each partial amount from the time payments commence until the payout is complete (Pension Capital 6 % or 5 %; Daimler Pensions Plan in accordance with applicable law);
  • as an annuity with annual increases (Pension Capital 3.5 % or in accordance with applicable law; Daimler Pensions Plan in accordance with applicable law).

The contracts specify that if a Board of Management member passes away before retiring for reason of age, the spouse/­registered partner or dependent children is/are entitled to the full committed amount in the case of the Pension Capital system, and to the credit amount reached plus an imputed amount until the age of 62 in the case of the Daimler Pensions Plan. If a Board of Management member passes away after retiring for reason of age, in the case of payment of twelve annual installments, the heirs are entitled to the remaining present value. In the case of a pension with benefits for surviving dependents, the spouse/registered partner or dependent children is/are entitled to 60 % of the discounted terminal value (Pension Capital), or the spouse/registered partner is entitled to 60 % of the actual pension (Daimler Pensions Plan).

Until the end of 2005, the pension agreements of Board of Management members included a commitment to an annual retirement pension, calculated as a proportion of the former base salary and depending on the number of years of service; an analogous implementation of this commitment for the corresponding hierarchical level applied to Wilfried Porth for the period prior to his serving as a member of the Board of Management. Such pension claims remained in effect after the conversion to the Pension Capital system but were frozen at the level reached at the beginning of 2006.

Payments of these retirement pensions start upon request when the term of service ends at or after the age of 60, or are paid as disability pensions if the term of service ends before the age of 60 due to disability. The respective agreements provide for 3.5 % annual increases starting when benefits are received (with the exception that Wilfried Porth’s benefits are adjusted in accordance with applicable law). The agreements include a provision by which a spouse of a deceased Board of Management member is entitled to 60 % of that member’s pension.

That amount can increase by up to 30 percentage points depending on the number of dependent children.

Departing Board of Management members with pension agreements (pension commitments) modified as of the beginning of 2006 receive, for the period between the end of the last contract period and reaching the age of 60, payments in the amounts of the pension commitments granted as described in the pre­vious section. Departing Board of Management members are also provided with a company car, in some cases for a defined period. These payments are made until the age of 60, possibly reduced due to other sources of income, and are subject to annual percentage increases described above in the explanation of these pension agreements.

Service costs for pension obligations according to IFRS amounted to €2.0 million in financial year 2017 (2016: €2.8 million). The present value of the total defined benefit obligation according to IFRS amounted to €82.7 million as of December 31, 2017 (December 31, 2016: €95.7 million). Taking age and period of service into account, the individual entitlements, service costs and present values are shown in the table. (See table B.53)

B.53 Individual entitlements, service costs and present values for members of the Board of Management

    Annual pension
(as regulated until 2005)
as of age 60
Service cost
(for pension, pension
capital and Daimler
Pensions Plan)
Present value1 of obligations
(for pension,
pension capital and
Daimler Pensions Plan)
In thousands of euros      
     
Dr. Dieter Zetsche 2017 1.050   42.738
  2016 1.050 708 43.533
Dr. Wolfgang Bernhard2 2017 - 46  
  2016 367 3.230
Martin Daum3 2017 - 102 2.860
  2016 - -
Renata Jungo Brüngger 2017 - 245 938
  2016 117 654
Ola Källenius 2017 - 248 2.651
  2016 235 2.345
Wilfried Porth 2017 156 282 10.280
  2016 156 247 9.597
Britta Seeger 2017 - 122 1.072
  2016 - -
Hubertus Troska 2017 - 238 4.909
  2016 239 4.611
Bodo Uebber 2017 275 690 17.263
  2016 275 649 17.007
Prof. Dr. Thomas Weber 2017 - - -
  2016 300 264 14,716
         
Total 2017 1,481 1,973 82,711
  2016 1,781 2,826 95,693

The amounts of the present values are primarily due to the low level of the relevant discount rate.

2 Dr. Bernhard pro rata until Feb. 10, 2017

3 Mr. Daum pro rata from March 1, 2017

Commitments upon early termination of service

In the case of early termination without an important reason, Board of Management service contracts include commitments to payment of the base salary and provision of a company car until the end of the original service period at a maximum. Such persons are only entitled to payment of the annual bonus pro rata for the period until the end of the contract of service or of the Board of Management membership takes effect. Entitlement to payment of the performance-related component of remuneration with a long-term incentive effect (PPSP) that has already been allocated is defined by the conditions of the respective plans. To the extent that the payments described above are subject to the provisions of the so-called severance cap of the German Corporate Governance Code, their total including fringe benefits is limited to double the annual remuneration and may not exceed the total remuneration for the remaining period of the service contract.

In the event of an early termination of the service contract, both the short-term and the delayed medium-term component (deferral) of the annual bonus, and the proceeds from the long-term PPSP, are paid out not when the contract is terminated but instead at the points in time agreed upon in the service contract or in the terms and conditions of the PPSP plan.

In connection with the early termination of the Board of Management membership of Dr. Wolfgang Bernhard by mutual agreement, effective midnight on February 10, 2017, it was agreed that the payments to be made by the Company pursuant to the contract of service would continue to be granted until the end of the original contract of service on February 28, 2018. Accordingly, Dr. Bernhard receives a base salary of €869,744, short-term variable remuneration of €721,430 (value at the contract date to be paid in 2018), medium-term variable remuneration of €721,430 (value at the contract date to be paid in 2019 with application of the bonus/malus rule), and fringe benefits of €11,570. Service cost amounts to €365,244 (in accordance with Section 285 No. 9a of the German Commercial Code (HGB) €306,077). Entitlement relating to long-term variable remuner­ation (PPSP) and the company pension are paid out pursuant to the contractual provisions.

Sideline activities of Board of Management members

The members of the Board of Management should accept management board or supervisory board positions and/or any other administrative or honorary functions outside the Group only to a limited extent. Furthermore, they require the consent of the Supervisory Board before commencing any sideline activities. This ensures that neither the time required nor the remuneration paid for such activities leads to any conflict with the members’ duties to the Group. Insofar as such sideline activities are memberships of other statutory supervisory boards or comparable boards of business enterprises, they are disclosed in the notes to the annual financial statements of Daimler AG, which is published on our website. In general, Board of Management members have no right to separate remuneration for board positions held at other companies of the Group.

Loans to members of the Board of Management

In 2017, no advances or loans were made to members of the Board of Management of Daimler AG.

Payments made to former members of the Board of Management of Daimler AG and their survivors

Payments made in 2017 to former members of the Board of Management of Daimler AG and their survivors (including payments made to Dr. Bernhard after termination of his Board of Management membership) amounted to €19.0 million (2016: €15.6 million). Pension provisions according to IFRS for former members of the Board of Management and their survivors amounted to €270.5 million as of December 31, 2017 (2016: €252.9 million).

Details of Board of Management remuneration in 2017 pursuant to the requirements of the German Corporate Governance Code

The following tables show for each individual member of the Board of Management on the one hand the benefits granted for the financial year and on the other hand the payments made in or for the reporting year and the retirement pension expense in or for the year under review in accordance with the recommendations of Clause 4.2.5 paragraph 3 of the German Corporate Governance Code.

The total of “benefits granted” for financial year 2016 is calculated from

  • the base salary in 2016,
  • the taxable non-cash benefits and other fringe benefits in 2016,
  • the half of the annual bonus payable in 2017 for 2016 at the value for target achievement of 100 %,
  • the half of the share-based annual bonus payable in 2018 for 2016 at the value for target achievement of 100 %,
  • the value of the long-term share-based remuneration (PPSP) at the time when granted in 2016 (payable in 2020), and
  • the retirement pension expense in 2016 (service costs in 2016).

The total of “benefits granted” for financial year 2017 is calculated from

  • the base salary in 2017,
  • the taxable non-cash benefits and other fringe benefits in 2017,
  • the half of the annual bonus payable in 2018 for 2017 at the value for target achievement of 100 %,
  • the half of the share-based annual bonus payable in 2019 for 2017 at the value for target achievement of 100 %,
  • the value of the long-term share-based remuneration (PPSP) at the time when granted in 2017 (payable in 2021), and
  • the retirement pension expense in 2017 (service costs in 2017).

B.54 Benefits granted

Dr. Dieter Zetsche
Chairman of the Board of Management,
Head of Mercedes-Benz Cars
Dr. Wolfgang Bernhard
Daimler Trucks & Buses
Jan. 1 –
Dec. 31,
Jan. 1 –
Dec. 31,
Jan. 1 –
Dec. 31,
Jan. 1 –
Feb. 10,
  2016 2017 min. max. 2016 2017 min. max.
In thousands of euros                
                 
Base salary 2,008 2,008 2,008 2,008 824 92 92 92
Taxable non-cash benefits
and other fringe benefits
18 167 167 167 131 9 9 9
Total 2,626 2,175 2,175 2,175 955 101 101 101
Annual variable remuneration
(50 % of annual bonus, short-term)

1,004

  1,004

0

2,360

412

46

0

108
Deferral (50 % of annual bonus, medium-term) 1,004 1,004 0 2,360 412 46 0 108
Long-term variable remuneration
(plan period of 4 years)
2,570   2,653 0 7,000 1,148   - - -
Total 4,578 4,661 0 11,720 1,972 92 0 216
Retirement pension expense (service costs) 708 - - - 367 46 46 46
                 
Total remuneration 7,912 6,836 2,175 13,895 3,294 239 147 363
Total limit1 for components of remuneration granted in the reporting year
Excluding
– Taxable non-cash benefits and other fringe benefits
– Retirement pension expense (service costs)
10,149     10,224 5,464     348

Total limit = maximum amount -> 1.5 times (Dr. Zetsche)/1.9 times target remuneration (base salary, target annual bonus, value when granted of PPSP, excluding fringe benefi ts and retirement pension commitments).

Benefits granted

Martin Daum
Daimler Trucks & Buses
Renata Jungo Brüngger
Integrity & Legal Affairs
Jan. 1 –
Dec. 31,
March 1 –
Dec. 31,
Jan. 1 –
Dec. 31,
Jan. 1 –
Dec. 31,
  2016 2017 min. max. 2016 2017 min. max.
In thousands of euros                
                 
Base salary - 677 677 677 781 812 812 812
Taxable non-cash benefits 
and other fringe benefits
- 235 235 235 107 108 108 108
Total - 912 912 912 888 920 920 920
Annual variable remuneration
(50 % of annual bonus, short-term)

-

  338

0

795

391

406

0

954
Deferral (50 % of annual bonus, medium-term) - 338 0 795 391 406 0 954
Long-term variable remuneration
(plan period of 4 years)

-
 
1,043

0

2,750

1,028

1,043

0

2,750
Total - 1,719 0 4,340 1,810 1,855 0 4,658
Retirement pension expense (service costs) - 102 102 117 245 245 245 245
                 
Total remuneration - 2,733 1,014 5,354 2,815 3,020 1,165 5,823
Total limit1 for components of remuneration granted in the reporting year
Excluding
– Taxable non-cash benefits and other fringe benefits
– Retirement pension expense (service costs)
      4,662 5,058     5,176

Total limit = maximum amount -> 1.5 times (Dr. Zetsche)/1.9 times target remuneration (base salary, target annual bonus, value when granted of PPSP, excluding fringe benefi ts and retirement pension commitments).

Benefits granted

Ola Källenius Group
Research & Mercedes-Benz Cars Development
Wilfried Porth
HR and Labor Relations Director & Mercedes-Benz Vans
Jan. 1 – Dec. 31 Jan. 1 – Dec. 31 Jan. 1 – Dec. 31 Jan. 1 – Dec. 31
  2016 2017 min. max. 2016 2017 min. max.
In thousands of euros                
                 
Base salary 781 812 812 812 781 812 812 812
Taxable non-cash benefits and other fringe benefits 393 95 95 95 171 146 146 146
Total 1,174 907 907 907 952 958 958 958
Annual variable remuneration (50 % of annual bonus, short-term) 391 406 0 954 391 406 0 954
Deferral (50 % of annual bonus, medium-term) 391 406 0 954 391 406 0 954
Long-term variable remuneration (plan period of 4 years) 1,028 1,043 0 2,750 1,075 1,090 0 2,875
Total 1,810 1,855 0 4,658 1,857 1,902 0 4,783
Retirement pension expense (service costs) 235 248 248 248 247 282 282 282
                 
Total remuneration 3,219 3,010 1,155 5,813 3,056 3,142 1,240 6,023
Total limit1 for components of remuneration granted in the reporting year
Excluding
– Taxable non-cash benefits and other fringe benefits
– Retirement pension expense (service costs)
5,058     5,176 5,153     5,271

Total limit = maximum amount -> 1.5 times (Dr. Zetsche)/1.9 times target remuneration (base salary, target annual bonus, value when granted of PPSP, excluding fringe benefi ts and retirement pension commitments).

Benefits granted

Britta Seeger
Mercedes-Benz Cars Marketing & Sales
Hubertus Troska
Greater China
Jan. 1 – Dec. 31 Jan. 1 – Dec. 31 Jan. 1 – Dec. 31 Jan. 1 – Dec. 31
  2016 2017 min. max. 2016 2017 min. max.
In thousands of euros                
                 
Base salary 812 812 812 781 812 812 812
Taxable non-cash benefits and other fringe benefits 366 366 366 635 470 470 470
Total 1,178 1,178 1,178 1,416 1,282 1,282 1,282
Annual variable remuneration (50 % of annual bonus, short-term) 406 0 954 391 406 0 954
Deferral (50 % of annual bonus, medium-term) 406 0 954 391 406 0 954
Long-term variable remuneration (plan period of 4 years) 1,043 0 2,750 1,028 1,043 0 2,750
Total 1,855 0 4,658 1,810 1,855 0 4,658
Retirement pension expense (service costs) 122 122 122 239 238 238 238
                 
Total remuneration 3,155 1,300 5,958 3,465 3,375 1,520 6,178
Total limit1 for components of remuneration granted in the reporting year
Excluding
– Taxable non-cash benefits and other fringe benefits
– Retirement pension expense (service costs)
      5,176 5,058     5,176

Total limit = maximum amount -> 1.5 times (Dr. Zetsche)/1.9 times target remuneration (base salary, target annual bonus, value when granted of PPSP, excluding fringe benefi ts and retirement pension commitments).

Benefits granted

Bodo Uebber
Finance & Controlling,
Daimler Financial Services
Prof. Dr. Thomas Weber
Group Research &
Mercedes-Benz Cars Development
Jan. 1 – Dec. 31 Jan. 1 – Dec. 31 Jan. 1 – Dec. 31 Jan. 1 – Dec. 31
  2016 2017 min. max. 2016 2017 min. max.
In thousands of euros                
                 
Base salary 928 947 947 947 781
Taxable non-cash benefits and other fringe benefits 163 107 107 107 129
Total 1,091 1,054 1,054 1,054 910
Annual variable remuneration (50 % of annual bonus, short-term) 464 473 0 1,112 391
Deferral (50 % of annual bonus, medium-term) 464 473 0 1,112 391
Long-term variable remuneration (plan period of 4 years) 1,229 1,246 0 3,288 1,092
Total 2,157 2,192 0 5,512 1,874
Retirement pension expense (service costs) 649 690 690 690 264
                 
Total remuneration 3,897 3,936 1,744 7,256 3,048
Total limit1 for components of remuneration granted in the reporting year
Excluding
– Taxable non-cash benefits and other fringe benefits
– Retirement pension expense (service costs)
6,025     6,095 5,187      

Total limit = maximum amount -> 1.5 times (Dr. Zetsche)/1.9 times target remuneration (base salary, target annual bonus, value when granted of PPSP, excluding fringe benefi ts and retirement pension commitments).

The total of “payments made” for financial year 2016 is calculated from

  • the base salary in 2016,
  • the taxable non-cash benefits and other fringe benefits in 2016,
  • the half of the annual bonus payable in 2017 for 2016 at the value as of the end of the reporting period in financial year 2016,
  • the half of the share-based annual bonus paid in 2016 for 2014 (deferral),
  • the value of the long-term share-based remuneration (PPSP 2012) paid in 2016,
  • the dividend equivalent of the current PPSP (2013, 2014, 2015 and 2016) paid in 2016, and
  • the retirement pension expense in 2016 (service costs in 2016).

The caps possible to ensure the total maximum amount shown in the table of benefits granted in financial year 2016 are implemented with the payout of PPSP 2016, which constitutes the last payment to be made of the components of remuneration granted in financial year 2016. For financial year 2016, therefore, the possible cap would take place in 2020, the year that PPSP 2016 is paid out.

The total of “payments made” for financial year 2017 is calculated from

  • the base salary in 2017,
  • the taxable non-cash benefits and other fringe benefits in 2017,
  • the half of the annual bonus payable in 2018 for 2017 at the value as of the end of the reporting period,
  • the half of the share-based annual bonus paid in 2017 for 2015 (deferral),
  • the value of the long-term share-based remuneration (PPSP 2013) paid in 2017,
  • the dividend equivalent of the current PPSP (2014, 2015, 2016 and 2017) paid in 2017, and
  • the retirement pension expense in 2017 (service costs in 2017).

The caps possible to ensure the total maximum amount shown in the table of benefits granted in financial year 2017 are implemented with the payout of PPSP 2017, which constitutes the last payment to be made of the components of remuneration granted in financial year 2017. For financial year 2017, therefore, the possible cap would take place in 2021, the year that PPSP 2017 is paid out.

B.55 Payments made

Dr. Dieter Zetsche
Chairman of the Board of Management,
Head of Mercedes-Benz Cars

Dr. Wolfgang Bernhard
Daimler Trucks & Buses
  Jan. 1 –
Dec. 31,
Jan. 1 –
Dec. 31,
Jan. 1 –
Dec. 31,
Jan. 1 –
Feb. 10,
  2016 2017 2016 2017
In thousands of euros        
         
Base salary 2,008 2,008 824 92
Taxable non-cash benefits and other fringe benefits 618 167 131 9
Total 2,626 2,175 955 101
Annual variable remuneration (50 % of annual bonus, short-term) 1,516 1,978 622 90
Deferral (50 % of annual bonus, medium-term) 1,727 2,175 670 892
Long-term variable remuneration        
Payment of PPSP 2012 6,417 2,567
Payment of PPSP 2013 6,181 2,472
Dividend equivalent PPSP 2013 395 158
Dividend equivalent PPSP 2014 141 152 60
Dividend equivalent PPSP 2015 121 121 54
Dividend equivalent PPSP 2016 133 133 59
Dividend equivalent PPSP 2017 128
Total 10,450 10,868 4,190 3,454
Retirement pension expense (service costs) 708 367 46
         
Total remuneration 13,784 13,043 5,512 3,601

Payments made

 

Martin Daum1
Daimler Trucks & Buses

Renata Jungo Brüngger1
Integrity & Legal Affairs
  Jan. 1 –
Dec. 31,
March 1 –
Dec. 31,
Jan. 1 –
Dec. 31,
Jan. 1 –
Dec. 31,
  2016 2017 2016 2017
In thousands of euros        
         
Base salary 677 781 812
Taxable non-cash benefits and other fringe benefits 235 107 108
Total 912 888 920
Annual variable remuneration (50 % of annual bonus, short-term) 667 590 800
Deferral (50 % of annual bonus, medium-term)
Long-term variable remuneration        
Payment of PPSP 2012 320
Payment of PPSP 2013 488
Dividend equivalent PPSP 2013 22
Dividend equivalent PPSP 2014 22 8 9
Dividend equivalent PPSP 2015 17 7 7
Dividend equivalent PPSP 2016 19 53 53
Dividend equivalent PPSP 2017 50 50
Total 775 1,000 1,407
Retirement pension expense (service costs) 102 117 245
         
Total remuneration 1,789 2,005 2,572

Payments from the long-term variable remuneration also include amounts granted before the Board of Management membership.

Payments made

Ola Källenius1
Group Research &
Mercedes-Benz Cars Development
Wilfried Porth
HR and Labor Relations Director
& Mercedes-Benz Vans
Jan. 1 –
Dec. 31,
Jan. 1 –
Dec. 31,
Jan. 1 –
Dec. 31,
Jan. 1 –
Dec. 31,
  2016 2017 2016 2017
In thousands of euros        
         
Base salary 781 812 781 812
Taxable non-cash benefits and other fringe benefits 393 95 171 146
Total 1,174 907 952 958
Annual variable remuneration (50 % of annual bonus, short-term) 590 800 590 800
Deferral (50 % of annual bonus, medium-term) 846 652 846
Long-term variable remuneration        
Payment of PPSP 2012 411 2,567
Payment of PPSP 2013 457   2,472
Dividend equivalent PPSP 2013 21 158
Dividend equivalent PPSP 2014 15 18 59 64
Dividend equivalent PPSP 2015 48 48 50 50
Dividend equivalent PPSP 2016 53 53 56 56
Dividend equivalent PPSP 2017 50 52
Total 1,138 2,272 4,132 4,340
Retirement pension expense (service costs) 235 248 247 282
         
Total remuneration 2,547 3,427 5,331 5,580

Payments from the long-term variable remuneration also include amounts granted before the Board of Management membership.

Payments made

Britta Seeger1
Mercedes-Benz Cars Marketing & Sales
Hubertus Troska
Greater China
Jan. 1 –
Dec. 31,
Jan. 1 –
Dec. 31,
Jan. 1 –
Dec. 31,
Jan. 1 –
Dec. 31,
  2016 2017 2016 2017
In thousands of euros        
         
Base salary 812 781 812
Taxable non-cash benefits and other fringe benefits 366 635 470
Total 1,178 1,416 1,282
Annual variable remuneration (50 % of annual bonus, short-term) 800 590 800
Deferral (50 % of annual bonus, medium-term) 652 846
Long-term variable remuneration        
Payment of PPSP 2012 1,369
Payment of PPSP 2013 123 2,472
Dividend equivalent PPSP 2013 158
Dividend equivalent PPSP 2014 2 56 61
Dividend equivalent PPSP 2015 2 48 48
Dividend equivalent PPSP 2016 5 53 53
Dividend equivalent PPSP 2017 50 50
Total 982 2,926 4,330
Retirement pension expense (service costs) 122 239 238
         
Total remuneration 2,282 4,581 5,850

Payments from the long-term variable remuneration also include amounts granted before the Board of Management membership.

Payments made

Bodo Uebber
Finance & Controlling,
Daimler Financial Services
Prof. Dr. Thomas Weber
Group Research &
Mercedes-Benz Cars Development
Jan. 1 –
Dec. 31,
Jan. 1 –
Dec. 31,
Jan. 1 –
Dec. 31,
Jan. 1 –
Dec. 31,
  2016 2017 2016 2017
In thousands of euros        
         
Base salary 928 947 781
Taxable non-cash benefits and other fringe benefits 163 107 129
Total 1,091 1,054 910
Annual variable remuneration (50 % of annual bonus, short-term) 701 932 590
Deferral (50 % of annual bonus, medium-term) 775 1,005 652
Long-term variable remuneration        
Payment of PPSP 2012 3,068 2,725
Payment of PPSP 2013 2,956
Dividend equivalent PPSP 2013 189 168
Dividend equivalent PPSP 2014 67 73 60
Dividend equivalent PPSP 2015 58 58 51
Dividend equivalent PPSP 2016 63 63 56
Dividend equivalent PPSP 2017 60
Total 4,921 5,147 4,302
Retirement pension expense (service costs) 649 690 264
         
Total remuneration 6,661 6,891 5,476
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Remuneration of the Supervisory Board
Board of Management remuneration in 2017