341 BMW Group Report 2024 To Our Stakeholders Combined Management Report Group Financial Statements Responsibility Statement and Auditor’s Report Remuneration Report Other Information Notes to the Group Financial Statements settlement date and on the settlement date itself. The expense for such programmes is recognised in the income statement (as personnel expense) on a straight-line basis over the vesting pe- riod of the options and in the balance sheet as a provision. The remuneration system does not provide for any further matching components for the members of the Board of Manage- ment from financial year 2021 or for the senior department heads from financial year 2022. The cash settlement of the share-based remuneration compo- nent is measured at fair value on the balance sheet date (closing price of BMW AG common stock in Xetra trading on 31 Decem- ber 2024). The total carrying amount of the provision for the share-based remuneration component for eligible active and former Board of Management members and senior department heads was 2024 € 2,783,721 (2023: € 5,982,815). The total income from the share-based remuneration compo- nent for eligible active and former Board of Management mem- bers and senior department heads amounted to € 65,186 in fi- nancial year (2023: expense of € 1,598,368). 43 Declaration with respect to the Corporate Governance Code The Board of Management and the Supervisory Board of Bayer- ische Motoren Werke Aktiengesellschaft have issued the pre- scribed Declaration of Compliance with the recommendations of the "Government Commission on the German Corporate Govern- ance Code" required by § 161 AktG. The declaration has been made permanently available on the Company's website ↗ www.bmwgroup.com. 44 Remuneration for members of the Board of Manage- ment and the Supervisory Board The expenses recorded in accordance with IFRS in financial year 2024 for remuneration for the active members of the Board of Management and Supervisory Board are broken down as fol- lows: in € million 2024 2023 Remuneration for the members of the Board of Management Short-term benefits 19.1 32.9 Other long-term benefits 3.2 3.2 Benefits resulting from termination of the Board mandate – 5.4 Share-based remuneration – 0.1 0.2 Remuneration for the members of the Supervisory Board Short-term benefits 5.8 5.8 Total expense 28.0 47.5 The income for the active members of the Board of Management arising from share-based remuneration, in effect up to and in- cluding 2020, amounted to € 0.1 million (2023: expense € 0.2 million). The provision for the share-based remuneration component amounted to € 0.3 million (2023: € 0.9 million). The remuneration of former members of the Board of Manage- ment and their dependants amounted to € 13.2 million (2023: € 11.9 million). Provisions have been recognised for pension obligations to ac- tive members of the Board of Management in accordance with IAS 19 in the amount of € 22.7 million (2023: € 16.5 million). Provisions have been recognised for pension obligations to for- mer members of the Board of Management and their depend- ants in accordance with IAS 19 in the amount of € 93.3 million (2023: € 101.6 million). The remuneration system for members of the Supervisory Board does not include any stock options, value appreciation rights comparable to stock options or any other share-based remuner- ation components. In accordance with the Articles of Incorporation, each member of the Supervisory Board of BMW AG who does not exercise any additional function relevant to remuneration receives fixed remu- neration of € 200,000 p.a. in addition to the reimbursement of his or her reasonable expenses, plus an attendance fee of € 2,000 for every plenary meeting that the member has at- tended. Members of the Supervisory Board who perform a function rele- vant to remuneration such as the Chairman or Deputy Chairman of the Supervisory Board or the chairmen or members of com- mittees, provided these committees meet on at least three days in the financial year, receive higher remuneration on account of these additional requirements. Overview of the remuneration of the Supervisory Board1 in € million Factor Amount in € p.a.3 Member of the Supervisory Board 1.00 200,000 Chairman of the Supervisory Board 3.00 600,000 Deputy Chairman of the Supervisory Board 2.00 400,000 Chairman of the Audit Committee2 2.25 450,000 Chairman of another committee2 2.00 400,000 Member of the Audit Committee2 2.00 400,000 Member of another committee2 1.50 300,000 1 If a Supervisory Board member performs more than one of the functions referred to above, their remuneration is measured only on the basis of the function that is remunerated with the highest amount. 2 Provided that the committee has met on at least three days during the financial year. 3 Plus an attendance fee of € 2,000 per plenary session. BMW Group companies did not grant any loans to members of the Board of Management or the Supervisory Board in the 2024 financial year, nor did they enter into any contingent liabilities in their favour. In the reporting year, members of the Board of Man- agement and the Supervisory Board concluded contracts with BMW Group companies for the purchase of vehicles, other ser- vices (including maintenance and repair work), vehicle leasing and cash deposits at arm’s length conditions.