Choose topics to filter the report

Your filter results

29 Related parties

The Group has related party relationships with its shareholders, subsidiaries, joint venture and key management.

The Company acquired the remaining 50% of the shares of its joint ventures in the Middle East on 25 February 2021 (see note 27). They are since then 100% owned subsidiaries and thereby fully consolidated. As described in note 4, there have also been organisational changes in the Group Executive Board and the Board of Directors.

Shareholders

The Company’s shares are listed on SIX Swiss Exchange.

The members of the Group Executive Board directly held 0.2% of the Company’s shares as of 31 December 2021 (directly 0.3% as of 31 December 2020). The members of the Board of Directors directly held 0.08% and indirectly held 0.5% of the Company’s shares as of 31 December 2021 (directly 0.08% as of 31 December 2020).

Onex and a number of co-investors related to it gradually reduced their shareholding in the Company in 2020. Onex ceased to be a related party to the Company in August 2020, when its shareholding was reduced to below 20% (to 10.1% of the issued shares). According to the disclosure notifications reported to the Company and published by the Company via the electronic publishing platform of SIX Swiss Exchange, Onex did not report any shareholding of 3% or more of the voting rights of the Company as of 31 December 2021 and 31 December 2020.

Key management

The Company’s key management include the members of the Group Executive Board and the Board of Directors.

The below table includes information about compensation to the Group Executive Board.

(In € million)

 

Year ended
31 Dec. 2021

 

Year ended
31 Dec. 2020

Short-term employee benefits

 

6.7

 

6.0

Post-employment benefits

 

0.4

 

0.5

Share-based payments

 

2.3

 

2.1

Termination benefits

 

1.1

 

5.5

Total compensation to the Group Executive Board

 

10.5

 

14.1

The expense of €1.1 million recognised in the year ended 31 December 2021 for termination benefits (garden leave and non-compete agreement) relates to Lawrence Fok, the former President and General Manager of Asia Pacific, who announced in October 2021 that he would leave his role in the Group Executive Board as of 31 December 2021. He will leave the Group in 2022, after a transition period.

The expense of €5.5 million recognised in the year ended 31 December 2020 for termination benefits (garden leave and non-compete agreements) related to three former members of the Group Executive Board. The Chief Market Officer (Markus Boehm) left the Group in August 2020 when the Group announced organisational changes in the Group Executive Board, including the elimination of his position and a reallocation of his responsibilities within the Group. The President and General Manager of Europe (Martin Herrenbrück) and the Chief Executive Officer (Rolf Stangl) both announced during 2020 that they voluntarily would leave the Group as of 31 December 2020.

The terminations for both periods have been reflected in the measurement of the amount recognised as a share-based payment expense in the respective periods, considering the good and bad leaver clauses in the share-based payment plans in which the former members of the Group Executive Board participated.

Compensation to the members of the Board of Directors totalled €1.8 million for the year ended 31 December 2021 (€1.6 million for the year ended 31 December 2020). The members of the Board of Directors receive part of their compensation in blocked shares.

See note 31 for details about the participation of the members of the Group Executive Board and the Board of Directors in share-based payment plans and arrangements.

Further information about compensation paid to the members of the Group Executive Board and the Board of Directors can be found in the Compensation Report included elsewhere in the 2021 Annual Report. Details about SIG shareholdings of these persons are included in the section “Shareholders” above and in the Compensation Report.

Other related parties

The Group’s subsidiaries are listed in note 26. Information about the current and former joint ventures is included in note 28.

Related party transactions and balances

Information about related party transactions and balances not covered above is provided in the following table.

There were no other significant related party transactions during the years ended 31 December 2021 and 31 December 2020. As of 31 December 2021 and 31 December 2020, the Group had no commitments to incur capital expenditure with related parties.