34. Related Party Disclosures – Individuals

The requirements of IAS 24 apply to key management personnel of the company and their immediate family members, as well as the companies they control. In the Beiersdorf Group, the key management personnel are the members of the Executive and Supervisory Boards of Beiersdorf Aktiengesellschaft.

For fiscal year 2023, the members of the Supervisory Board received remuneration totaling €1,664 thousand (previous year €1,673 thousand) and the members of the Executive Board received remuneration totalling €21,947 thousand (previous year: €27,412 thousand), in each case in accordance with the provisions of German commercial law. Of the total compensation of the members of the Executive Board, €11,912 thousand (previous year: €15,406 thousand) relates to long-term benefits (changes in provisions for the LTP and any multi-year bonuses). The short-term benefits (Fixed Basic Remuneration and Variable Bonus) including ancillary benefits amounted to €10,035 thousand (previous year: €12,006 thousand). For information on the principles of the system governing Executive and Supervisory Board remuneration and the amount of members’ individual remuneration, please refer to the remuneration report in the section “Additional Information” in the Annual Report. This remuneration report is not part of the combined management report. Payments to former members of the Executive Board and their surviving dependents amounted to €6,721 thousand (previous year: €5,128 thousand). Provisions for pension commitments to former members of the Executive Board and their surviving dependents totalled €50,845 thousand (previous year: €54,674 thousand).

With the exception of the granting of the remuneration disclosed in the remuneration report, there were no material transactions between the members of Beiersdorf Aktiengesellschaft’s Executive Board or Supervisory Board and the companies of the Beiersdorf Group in fiscal year 2023. The same applies to the immediate family members of these persons.