Remuneration for the Management Board in 2015

The remuneration of the Management Board in 2015 is comprised of a fixed and variable part and includes a fixed base salary, a variable remuneration component, post-employment benefits, long-term incentive plan benefits and other long-term benefits. The total aggregate remuneration received by the Management Board in 2015 was € 4,691,000. The total aggregate amount of fringe benefits amounted to € 115,000 for the financial year ended 31 December 2015.

For more detail on the 2015 remuneration of the members of the Management Board, see note 37.3 to the Consolidated Financial Statements entitled 'Remuneration'.

Equity holdings

The number of shares owned by the Management Board as of 31 December 2015 is set out in the table below.

Shares owned

Th. A. Kiesselbach (CEO)

917,790

P.J. de Castro Fernandes (CFO)

251,020

Loans

In the past, the CEO and the CFO have been given the opportunity to participate in the capital of the Company based on a participation arrangement, enabling them to purchase shares in the Company for which an interest-bearing loan up to a certain amount could be obtained from the Company. These shares were to be kept by the participant for a certain period (generally three to four years). As a security for the Company in respect of the loan, the purchased shares were pledged. The amounts of the loans, including accrued interest outstanding, as per 31 December 2015 are shown in the table below. In February 2015, the CEO repaid his loans and accrued interest fully. Therefore at the publication date of the Annual Report the balance of loans including accrued interest outstanding of Mr. Kiesselbach has become zero.

Name of key management

Amount of loan (in thousands of EUR)

2015

P.J. de Castro Fernandes

1,524

2014

Th. A. Kiesselbach

1,157

P.J. de Castro Fernandes

1,494

Phantom plan awards

The CEO and the CFO have participated in the wider GrandVision phantom long-term incentive plan. This plan consists of phantom shares and phantom share appreciation rights (SAR’s) which give the participants a right to shares of GrandVision at vesting, typically 3 to 4 years after the award. A wide group of senior management of GrandVision participates in this plan. In 2011 to 2015 the CEO and CFO have received awards, the following table shows the number of awards at 31 December 2015:

Phantom shares

Phantom SAR's

Th. A. Kiesselbach (CEO)

110,767

154,941

P.J. de Castro Fernandes (CFO)

71,720

91,026