Boskalis Annual Report 2020

139

139

RELATED PARTY TRANSACTIONS

Joint ventures and associates Transactions with joint ventures and associates as part of regular business take place under normal business conditions at arm’s length. In 2020 these transactions regarding sales and purchases amounted to EUR 2.8 million and EUR 36.9 million, respectively (2019: EUR 7.3 million and EUR 24.2 million, respectively). Amounts receivable from and amounts payable to joint ventures and associates were EUR 5.3 million and EUR21.7 million, respectively (2019: EUR 5.9 million and EUR 13.0 million, respectively). Transactions with members of the Board of Management and members of the Supervisory Board The charges as accounted for in the Consolidated Statement of Profit or Loss resulting from the remuneration of current and former members of the Board of Management and members of Supervisory Board of the Company in 2020 and 2019 were as follows:

Annual salaries and remuneration

Employer's pension contributions

Short-term variable remuneration

Long-term variable remuneration

Other reimburse- ments

2019

Total

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

2,149 1,448

896 648 501

307 199 135

511 332 257

490 268 175

27 28

2,231 1,475 1,075

T.L. Baartmans B.H. Heijermans

998 303 661

7

-

-

-

-

-

-

J.H. Kamps (up to 8 May 2019) C. van Noort (from 8 May 2019)

501

107 748

257

159

26 88

1,050 5,831

5,559

2,546

1,357

1,092

Members of the Supervisory Board J. van der Veer

73 51 62 54 36 34 58 21 -

71 25 31 25 54 54 51 56

2 1 1 1 2 2 2 2

73 26 32 26 56 56 53 58

I. Haaijer (up to 30 June 2020)

H.J. Hazewinkel (up to 30 June 2020) R.V.M. Jones - Bos (from 30 June 2020)

J.P. de Kreij

D.A. Sperling (from 8 May 2019)

J.A. Tammenoms Bakker (from 8 May 2019)

J. N. van Wiechen

C. van Woudenberg (up to 8 May 2019)

-

-

-

389

367

13

380

2,913

748

1,357

1,092

101

6,211

Total 2020

Total 2019

2,899

757

1,374

810

108

5,948

Employer’s pension contributions Employer’s pension contributions include the pension compensation for salaries exceeding EUR 110 thousand, as well as the pension premiums paid (EUR 26 thousand per person). Long-term variable remuneration The members of the Board of Management participate in long-term (three-year) incentive plans, which are based partly on the development of the share price of the ordinary shares of Boskalis and partly on the realization of certain objectives, which are defined by the Supervisory Board and are in line with the strategic agenda and the objectives of Boskalis. The charges for the long-term variable incentive plans are, until the actual payment is determined by the Remuneration Committee, based on the assumption that the performance of the Board of Management is on target. The total value of the long-term variable remuneration payable to the members of the Board of Management is recalculated on each reporting date and on the settlement date and the remeasurement is recognized through a change of provision in the balance sheet and as personnel expenses in the Statement of profit or loss. In the reporting period the charge for the long-term variable remuneration (EUR 1,092 thousand; 2019: EUR 810 thousand) includes a benefit relating to the remeasurements of the provision as per 1 January for EUR 0.1 million (2019: benefit EUR 0.1 million).

Short-term variable remuneration The short-term variable remuneration expenses relates to targets for the reporting year .

ANNUAL REPORT 2020 – BOSKALIS A NUAL REPORT 2020 -- BOSKALIS