37. Related Parties

37.1 Transactions and positions with Related Parties

During 2016 GrandVision acquired goods from Safilo (a group company of HAL Holding N.V.) for an amount of €79,900 (2015: €77,183).

Other positions with Related Parties are as follows:

in thousands of EUR

Notes

2016

2015

Trade receivables:

Safilo

8,540

9,020

Other HAL subsidiaries

397

125

20

8,937

9,145

Trade payables:

Safilo

21,116

15,477

HAL Investments B.V

2,153

2,460

Other HAL subsidiaries

145

-

33

23,414

17,937

37.2 Loans to Related Parties

The Group has granted loans to members of the management as part of the share-based payment plans. For more details refer to note 17.

Management of the Group and its subsidiaries:

in thousands of EUR

2016

2015

At 1 January

9,916

16,769

Redemptions

- 3,231

- 7,390

Accrued interest

344

537

At 31 December

7,029

9,916

The table below shows the loans to key management (in thousands of euros) with the following terms and conditions: 

Name of key management

Term

Interest rate, %

31 December 2016

31 December 2015

P.J. de Castro Fernandes

June 2012 - unlimited

4.00%

1,555

1,524

No advance payments, guarantees or other loans have been provided to key management.

All loans have been granted to senior managers of the Company as part of various share-based payment plans. Upon sale of shares the managers will have to redeem their loans. The shares awarded under equity plan are pledged as security on the loans.

37.3 Remuneration

Key management includes the Management Board, which consists of the CEO and CFO. The remuneration for key management comprises a fixed and a variable part and includes salary, post-employment benefits and share-based payment plan benefits.

in thousands of EUR

2016

2015

Th. A. Kiesselbach (CEO)

Salary and other short-term benefits

797

785

Post-employment benefits

142

140

Short-term variable remuneration

262

420

Share-based payments

1,360

1,100

2,561

2,445

P.J. de Castro Fernandes (CFO)

Salary and other short-term benefits

539

530

Post-employment benefits

98

94

Short-term variable remuneration

164

463

Share-based payments

853

1,159

1,654

2,246

Key management is entitled to an annual performance-related variable remuneration. The objective of the annual performance-related variable remuneration payment is to incentivize and reward strong short-term financial and personal performance and the implementation of strategic imperatives, and to facilitate rapid growth while continuing to focus on sustainable results. The Supervisory Board will define, on an annual basis, the performance ranges, the 'on target' value and the maximum at which the payout will be capped. For more details refer to the chapter 'Remuneration Report' of the Annual Report. The set targets for 2016 were partially achieved.

The performance conditions are set by the Supervisory Board on an annual basis at or prior to the beginning of the relevant calendar year. These performance conditions include criteria reflecting GrandVision’s financial performance and may also include quantitative or qualitative criteria related to the Company’s non-financial performance and/or to individual performance.

The amounts included as share-based payment plan benefits represent the amounts recognized in the Income Statement. For the movements in the share-based payment plan please refer to note 30.

37.4 Supervisory Board Remuneration

The remuneration paid or payable to the Supervisory Board is shown below:

in thousands of EUR

2016

2015

C.J. van der Graaf

73

73

J.A. Cole

60

60

M.F. Groot

60

60

P. Bolliger

60

60

W. Eelman

60

60

313

313

All the remuneration paid or payable to the Supervisory Board comprises short-term benefits. No loans, advance payments or guarantees have been provided to the Supervisory Board.