40 Transactions and relations with members of the Board of Directors and senior management
Key management compensation
Board of Directors
In 2014, twelve non-executive members of the Board of Directors received a total remuneration of CHF 3.7 million (2013: 3.4) in the form of short-term employee benefits of CHF 2.3 million (2013: 2.2), post-employment benefits of CHF 0.1 million (2013: 0.1), share-based payments of CHF 1.0 million (2013: 0.9) and other compensation of CHF 0.2 million (2013: 0.2).
The total annual compensation for the 16 members of senior management (including CEO) amounted to CHF 32.3 million (2013: 25.9). This amount comprises of base salary and variable cash compensation of CHF 19.6 million (2013: 15.1), share-based compensations of CHF 5.0 million (2013: 3.7), employer contributions to pension plans of CHF 7.2 million (2013: 6.6) and “Others” compensation of CHF 0.5 million (2013: 0.5). The base salary and the variable cash compensation are disclosed, including foreign withholding tax. Further included in the contribution to pension plans are the employer’s contributions to social security (AHV/IV).
Compensation for former members of governing bodies
In the year under review, compensation in the amount of CHF 3.5 million (2013: 2.8) was paid to six (2013: ten) former members of senior management.
As at December 31, 2014, and December 31, 2013, there were no loans outstanding, to members of the Board of Directors and members of senior management.
As part of the employee share purchase plan, Holcim manages employees’ shares. It sells and purchases Holcim Ltd shares to and from employees and on the open market. In this context, the company purchased Holcim Ltd shares of CHF 0.1 million (2013: 0.1) at the stock market price from members of senior management.
No compensation was paid or loans granted to parties closely related to members of the governing bodies.