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IVA [Investors’ Association] 8 questions on key issues for the 2012 AGM season.
1. How many employees (excluding the Management Board) received a total annual remuneration of more than EUR 200,000 and how many employees received a total annual remuneration of more than EUR 500,000 in 2011?
In 2011, four employees received a total annual remuneration of more than EUR 200,000. Apart from the members of the Management Board, no employee received a total annual remuneration of more than EUR 500,000.
2. What performance criteria do you apply in connection with the performance-related pay of Management Board members and other senior executives? What share of the remuneration will become due and payable in 2013, 2014, or later?
The remuneration system in place for Management Board members includes fixed elements and performance-related payments and is adequate given the size and complexity of the Company. Performance-related remuneration is based, on the one hand, on targets that are set in agreement with the individual Management Board members and, on the other hand, on fundamental financial ratios of the PALFINGER Group: revenue growth, profit before tax and ROCE, as well as a higher corporate value in the long term. In 2011, the variable pay of Management Board members amounted, on average, to approx. 42 per cent of their annual remuneration.
The stock option programme adopted by the 2009 and 2010 Annual General Meetings and the performance standards defined in this programme are a means of rewarding, in particular, long-term and sustainable success. For detailed information on remuneration, stock options as well as special bonuses, please refer to the notes to the consolidated financial statements of this Report.
3. How many women were in executive positions (absolute figures, percentage) as at the balance sheet date? Have you set any targets for the next years? If so, please specify.
At present there are no women on either the Supervisory Board or the Management Board or in any top management positions at PALFINGER. Even in the levels below that, the share of women in executive positions is low and/or limited to administrative positions. PALFINGER intends to change this situation in the medium term. To this end, PALFINGER has increased the Company’s presence at job fairs and has specifically addressed prospective female applicants of high potential. When new executive positions are created or existing ones become vacant, PALFINGER is making a greater effort to encourage women to apply for such positions. However, one problem in this regard is that technical training is a prerequisite for the majority of executive positions at PALFINGER. The proportion of female engineers is extremely low which is often why no women apply for a position in the Company. Nevertheless, PALFINGER will continue its efforts to step up the percentage of women in (junior) management positions.
4. Is there any procedure in place to review the efficiency of the Supervisory Board? If so, how is such review performed?
No. The PALFINGER Supervisory Board is composed of representatives from various economic fields; open communication within the Supervisory Board is a top priority and has been thoroughly integrated. However, no formal evaluation of the activities performed by the Supervisory Board has been made – not least due to the low number of Supervisory Board members.
5. How much was paid for the D&O insurance in 2011? How high was the sum insured?
The annual premium for 2011 was EUR 20,535 (incl. 11% insurance tax). The sum insured amounted to EUR 10 million.
6. How high is the share of performance-related pay of all employees in the total wage and salary bill?
At the Austrian companies of the PALFINGER Group, the share of variable parts of remuneration amounted to approx. 11% of the total wage/salary bill.
7. Amount of corporation tax paid in Austria in 2011, amount of tax-loss carry forwards (Austria, abroad)?
In Austria, the corporation tax expense for 2011 was EUR 2.8 million. Tax-loss carry forwards abroad amounted to EUR 81.4 million; no tax losses were carried forward in Austria.
8. External expenses for HR consulting, legal advice and PR/lobbying (please itemize) in 2011, expenses for insertions in daily newspapers?
In 2011, external expenses came to EUR 660,000 for HR consulting, EUR 1,348,000 were invested in legal advice. The amount spent for PR in 2011 was approx. EUR 70,000.
An amount of EUR 105,000 was invested in advertisements in daily newspapers.
9. External expenses for the Annual General Meeting, circulation of the Annual Report, expenses for preparing the Annual Report (concept, printing, graphic design, other consultancy)?
External expenses for the Annual General Meeting amounted to approx. EUR 40,000. The Annual Report 2011 was printed with a circulation of 3,800 copies (in German and English); the costs for preparing the report were approx. EUR 150,000.
10. What measures relating to ecological responsibility were implemented during the reporting period?
Under its sustainability programme, PALFINGER has been dealing with economic, social and ecological measures for years. Information on the status of those measures is published every two years in the Group’s Sustainability Report. The next report will be published in May 2012.
The following ecological measures are just a few examples of measures taken in the reporting period. The expansion of the maintenance-free extension system to include additional crane types was promoted. As a consequence, lubricants are no longer required for the extension system, clearly lowering costs of operation. This is another argument for the BEST PRICE DEAL of the PALFINGER products.
In the course of a facility management project, various measures (thermography analyses, leakage identification, optimization of switch-on times and/or load patterns etc.) to reduce energy consumption, and thus CO2-emissions, were implemented at individual sites. Moreover, employees received training to qualify as European Energy Managers. As mentioned above, more details will be included in the next Sustainability Report.
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