Remuneration for the Management Board in 2016

The remuneration of the Management Board in 2016 is comprised of a fixed and variable part and includes a fixed base salary, a variable remuneration component, post-employment benefits, share-based compensation benefits and other long-term benefits. The total aggregate remuneration received by the Management Board in 2016 was € 4,215. The total aggregate amount of fringe benefits amounted to € 116 for the financial year ended 31 December 2016.

For more detail on the 2016 remuneration of the members of the Management Board, see note 37.3 to the Consolidated Financial Statements entitled 'Remuneration'.

Equity holdings

The number of shares owned by the Management Board as of 31 December 2016 is set out in the table below.

Shares owned

Th. A. Kiesselbach (CEO)

962,627

P.J. de Castro Fernandes (CFO)

263,616

Equity plan and related loans

In the past, management has been given the opportunity to participate in the capital of the Company based on a participation arrangement ('equity plan'), enabling them to purchase shares in the Company for which an interest-bearing loan up to a certain amount could be obtained from the Company. These shares are to be kept by the participant for a certain period (generally three to four years). As a security for the Company in respect of the loan, the purchased shares were pledged. The amount of the loan, including accrued interest outstanding, as per 31 December 2016 are shown in the table below.

For more detail on the equity plans for the CEO and the CFO, refer to note 30 of the consolidated financial statements.

Name of key management

Amount of loan (in thousands of EUR)

2016

P.J. de Castro Fernandes

1,555

2015

P.J. de Castro Fernandes

1,524

Long-term incentive plan awards

The CEO and the CFO have participated in the wider GrandVision long-term incentive plan. This plan consists of shares and options. The options are share appreciation rights which give the participants a right to shares of GrandVision at vesting, typically between three to four years after the award. A wide group of senior management of GrandVision participates in this plan. In 2011 to 2016 the CEO and the CFO have received awards, the following table shows the number of awards outstanding at 31 December 2016:

Share awards

Option awards

Th. A. Kiesselbach (CEO)

116,281

118,611

P.J. de Castro Fernandes (CFO)

59,982

100,638

For more detail on the long-term incentive plans for the CEO and the CFO, refer to note 30 of the consolidated financial statements.