Boskalis_Annual_Report_2016

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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. 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). RELATED PARTY TRANSACTIONS 30.2

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:

SHORT-TERM AND LONG-TERM VARIABLE REMUNERATION PAID

ANNUAL SALARIES AND REMUNERATION

EMPLOYER'S PENSION CONTRIBUTIONS

OTHER REIMBURSE- MENTS

TOTAL

2015

Members of the Board of Management Dr. P.A.M. Berdowski

2,310 1,570 1,583 1,598 7,061

793 573 573 203

561 279 320

1,190

28 31 28

2,572 1,658 1,657 1,410 7,297

T.L. Baartmans

775 736

J.H. Kamps

F.A. Verhoeven (up to 10 May 2016)

60

1,139 3,840

8

2,142

1,220

95

Members of the Supervisory Board J.M. Hessels Ms. I. Haaijer (from 10 November 2016)

72

66

2

68

-

7

-

7

H.J. Hazewinkel

47 19 60 33 55 57

45

2

47

M.P. Kramer

-

-

-

M. Niggebrugge J. van der Veer J. N. van Wiechen C. van Woudenberg

60 52 56 52

2 2 2 2

62 54 58 54

343

338

12

350

2,480

1,220

3,840

107

7,647

Total 2016

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

ANNUAL REPORT 2016 – BOSKALIS