DCSIMG
29 Related parties - Annual Report 2015 - DSM

29 Related parties

Koninklijke DSM N.V. is the group holding company that is listed on the Euronext Amsterdam stock exchange. The financial statements of the company are included in the chapter 'Parent company financial statements'.

In the ordinary course of business, DSM buys and sells goods and services to various related parties in which DSM has significant influence. Transactions are conducted under terms and conditions that are equivalent to those that apply to arm's length transactions.

Transactions and relationships with related parties are reported in the table below.

Table 1: Transactions with related parties

Transactions with related parties
 
20151
20141
     
Sales to related parties
49
14
Purchases from related parties
139
7
Loans to related parties
245
41
Receivables from related parties
25
3
Payables to related parties
54
1
1 Relates to continuing operations

DSM has provided guarantees to third parties for debts of associates for an amount of €91 million (2014: €81 million).

Other related-parties disclosure relates entirely to the key management of DSM, being represented by the company's Managing Board, Executive Committee and Supervisory Board.

The total remuneration and related costs (including pension expenditures, other commitments, short-term and long-term incentives) of the current members of the Managing Board amounted to €7.7 million (2014: €7.3 million). The increase was mainly caused by increased costs for short- and long-term incentives partially offset by decreases due to the retirement of Mr. Schwalb and the departure of Mr. Doboczky. Total remuneration and related costs includes fixed annual salary including other items to the amount of €3.2 million (2014: €3.9 million), short-term incentives to the amount of €1.7 million (2014: €1.1 million), pension expenditure amounting to €0.5 million (2014: €0.5 million) and long-term incentives amounting to €2.3 million (2014: €1.8 million). For further information about the remuneration of the members of the Managing Board see note 9 to the 'Parent company financial statements'.
The total remuneration and related costs (including pension expenditures, other commitments, short-term and long-term incentives) of the other members of the Executive Committee amounted to €1.6 million for the last 4 months of 2015.

Members of the Supervisory Board received a fixed remuneration (included in General and administrative) totaling €0.5 million (2014: €0.5 million).

Further information about the remuneration of Managing Board members and Supervisory Board members and their share option rights is given in the report by the Supervisory Board, from Remuneration Policy for the Managing Board onwards, and note 9 to the Parent company financial statements.