Financial statements I Notes to the consolidated financial statements continued
35. Related parties
Identification of related parties
HEINEKEN has a related party relationship with its associates and joint ventures (refer note 16). EIEINEKEN Holding N.V, Eleineken pension
funds (refer note 28). Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA), employees (refer note 25) and with its key management personnel
(Executive Board and the Supervisory Board). For our shareholder structure reference is made to the section 'Shareholder Information'.
Key management remuneration
In millions of EUR20112010"
Executive Board 7.5 6.4
Supervisory Board 0.9 0.5
The remuneration of the members of the Executive Board comprises a fixed component and a variable component. The variable component is made
up of a Short-Term Variable pay and a Long-Term Variable award. The Short-Term Variable pay is based on financial and operational measures and
on individual leadership targets as set by the Supervisory Board. It will be subject to the approval of the General Meeting of Shareholders to be held
on 19 April 2012. It is partly paid out in shares that are blocked over a period of five calendar years. After the 5 calendar years HEINEKEN will match
the blocked shares 1:1 which we refer to as the matching share entitlement. For the Long-Term Variable award see note 29. The separate remuneration
report is stated on page 60.
As at 31 Decernber 2011,).F.M.L. van Boxmeer held 25,369 Company shares and D.R. Hooft Graafland 14,818 (2010:).F.M.L. van Boxmeer 9,244 and
D.R. Hooft Graafland 6,544 shares). D.R. Hooft Graafland held 3,052 shares of Heineken Holding N.V. as at 31 December 2011 (2010:3,052 shares).
Short-Term Matching Share Long-Term Variable
Fixed Salary Variable Pay Entitlement** award* Pension Plan Total
2011 2010 2011
I.F.M.L. van Boxmeer
1,764 1,306 882
D.R. Hooft Graafland
780 670 390
2,544 1,976 1,272
*The remuneration reported as part of LTV is based on IFRS accounting policies and does not reflect the value of vested performance shares.
Under agenda item 4c of the Annual General Meeting of Shareholders held on 21 April 2011 it was proposed to amend the short-term incentive for the Executive Board. A matching share
entitlement was introduced already per pay-out over 2010. In our 2011 financial statement this has been reflected in the 2010 remuneration as the matching entitlement relates to the
The matching share entitlement for 2010 is based on 2010 performance and was granted upon adoption of the remuneration policy by the Annual
General Meeting of Shareholders. The matching share entitlement for 2011 is based on 2011 performance. The granted matching shares vest
immediately and as such EUR2.3 million was recognised in the 2011 income statement, consisting of EUR1.0 million for 2010 and EUR1.3 million
No vesting occurred under the 2008-2010 LTV of the Executive Board.
Heineken N.V. Annual Report 2011