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.
Transactions with related parties
DSM may issue guarantees as credit enhancement of associates to acquire bank facilities for these associates.
DSM has provided guarantees to third parties for debts of associates for an amount of €75 million (2015: €91 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 of the Managing Board includes fixed annual salary including other items to the amount of €2.9 million (2015: €3.1 million), short-term incentives to the amount of €2.1 million (2015: €1.7 million), pension expenditure amounting to €2.7 million (2015: €0.7 million) and long-term incentives amounting to €2.3 million (2015: €2.3 million). 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 €5.7 million in 2016 (2015: €1.6 million; only 4 months).
For further details about the remuneration of the Managing Board, the Executive Committee and the Supervisory Board, please refer to Note 12 to the 'Parent company financial statements'.