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OTHER RELATED PARTIES
Strategic investments
The main active joint ventures and associated companies are mentioned in
note 17.Pension plans classified as funded defined benefit pension plans
See note 25.1 for information on pension plans that are classified as funded defined benefit pension plans
in accordance with IAS 19. There were no changes and further material transactions with these pension
funds as disclosed in this note.
Members of the Board of Management and members of the Supervisory Board
The only key management officers qualifying as related parties are the members of the Board of
Management and the members of the Supervisory Board.
RELATED PARTY TRANSACTIONS
30.2
Strategic investments
Transactions with joint ventures and associated companies as part of regular business take place under
normal business conditions at arm’s length. In 2016 these transactions regarding sales and purchases
amounted to EUR 13.5 million and EUR 8.5 million, respectively (2015: EUR 27.6 million and
EUR 4.2 million, respectively). Amounts receivable from and amounts payable to joint ventures and
associated companies were EUR 22.6 million and EUR 1.8 million, respectively (2015: EUR 17.2 million
and EUR 24.9 million, respectively). In 2016 no amount payable was accounted for as part of Other
interest-bearing borrowings (2015: EUR 18.6 million).
The Groups has merged its European harbor towage activities into the joint venture KOTUG SMIT Towage,
see note 5.3.Transactions with members of the Board of Management and members of the Supervisory Board
The remuneration of current and former members of the Board of Management and Supervisory Board of
the company in 2016 and 2015 were as follows:
ANNUAL
SALARIES AND
REMUNERATION
EMPLOYER'S
PENSION
CONTRIBUTIONS
SHORT-TERM
AND LONG-TERM
VARIABLE
REMUNERATION
PAID
OTHER
REIMBURSE-
MENTS
TOTAL
2015
Members of the Board of Management
Dr. P.A.M. Berdowski
793
561
1,190
28
2,572
2,310
T.L. Baartmans
573
279
775
31
1,658
1,570
J.H. Kamps
573
320
736
28
1,657
1,583
F.A. Verhoeven (up to 10 May 2016)
203
60
1,139
8
1,410
1,598
2,142
1,220
3,840
95
7,297
7,061
Members of the Supervisory Board
J.M. Hessels
66
2
68
72
Ms. I. Haaijer (from 10 November 2016)
7
-
7
-
H.J. Hazewinkel
45
2
47
47
M.P. Kramer
-
-
-
19
M. Niggebrugge
60
2
62
60
J. van der Veer
52
2
54
33
J. N. van Wiechen
56
2
58
55
C. van Woudenberg
52
2
54
57
338
12
350
343
Total 2016
2,480
1,220
3,840
107
7,647
Total 2015
2,771
625
3,884
124
7,404
The variable remuneration paid in 2016 is related to the achievement of certain targets during the 2015
financial year (short-term variable remuneration: EUR 1,558 thousand) and the achievement of certain
targets during the 2013 - 2015 period (long-term variable remuneration: EUR 2,282 thousand). Executive
remuneration expenses as accounted for in the 2016 financial statements differ from the abovementioned
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ANNUAL REPORT 2016 – BOSKALIS