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4.1 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 15. Related party transactions
DANONE
REGISTRATION DOCUMENT 2015
137
NOTE 15. RELATED PARTY TRANSACTIONS
Note 15.1. Accounting principles
Themain related parties are the associated companies and themembers of the Executive Committee andmembers of the Board of Directors.
Note 15.2. Transactions with associates
Transactions with these companies are generally carried out at arm's length. They mainly involve:
•
management fees and royalties paid to the Group;
•
services. mainly logistics;
•
financing.
As in 2014, the amounts pertaining to 2015 are not material.
Note 15.3. Compensation and benefits granted to members of the Executive Committee
and Board of Directors
Compensation paid
Year ended December 31
(in € millions)
2014
2015
Compensation paid to corporate officers and members
of the Executive Committee
(a)
13.4
16.5
Attendance fees paid to Directors
(b)
0.6
0.6
Total
14.0
17.1
Severance pay
2.1
–
Carrying amount of shares subject to performance
conditions granted during the year
(c)
9.1
8.2
(a) Annual and multi-year fixed and variable compensation (gross amount excluding employer contributions), of which the variable portion totaled €8.4 million
in 2015 (€7 million in 2014).
(b) Amount paid to eligible Directors, in respect of the retirement plan for their benefit for positions they held previously in the Group.
(c) For 2012, the carrying amount represented the full value estimated as of the grant date in accordance with IFRS 2 on the assumption that the performance
conditions had been satisfied (see Note 7.4 of the Notes to the consolidated financial statements).
Danone's commitment to the corporate officers
and Executive Committee members with respect
to the retirement plan
As of December 31, 2015, the portion of the total amount of Danone's
obligation relating to Danone's corporate officers and Executive
Committee members under this defined benefit retirement plan
amounted to €47 million, which takes into account the impact of
the new charges applicable according to the provisions of the law of
December 22, 2014 regarding the financing of social security for 2015.
In addition, the corporate officers benefit also from the executives'
supplementary retirement plan (defined contribution retirement
plan set up for executives whose gross annual compensation is
greater than or equal to three times the French social security
ceiling). Contributions for this plan in respect of 2015 amounted to
€33,324 for Messrs. Franck RIBOUD and Emmanuel FABER. The
plan rules stipulate that the benefit derived from this plan will be
deducted in full from the possible defined benefit retirement plan.
Loans and guaranties
No loan or guarantee was granted or established by the Company
or its subsidiaries on behalf of Executive Committee members.
Note 15.4. Related party agreements
See section 6.5
Statutory auditors' special report on related party agreements and commitments
.
NOTE 16. SUBSEQUENT EVENTS
To the Company's knowledge, no material events occurred after the approval date of the 2015 consolidated financial statements (approved
by the Board of Directors on February 22, 2016).