57.1 Remuneration of Members of the Management and Supervisory Board, high level management and supervisory boards of PZU Group entities included in consolidation, including profit sharing payments and information on advance payments, loans, borrowings and guarantees given to such Members
In 2014 and 2013 the companies in PZU Group did not grant any loans or any other similar benefits to members of the Management Boards, high-level management and members of their Supervisory Boards.
57.1.1. Remunerations in parent entity
Remuneration of members of the Management Board, high level management and members of the Supervisory Board of PZU is presented below:
|Remunerations and other short-term employee benefits paid by PZU||1 January - 31 December 2014||1 January - 31 December 2013|
|including bonuses and special prizes:||including bonuses and special prizes:|
|Management Board, including:||8,226||2,812||9,503||3,024|
|Barbara Smalska 1)||1,088||399||593||-|
|Bogusław Skuza 2)||-||-||1,716||636|
|High level management (Directors of PZU Group), including:||3,717||1,193||3,263||1,122|
|Dariusz Krzewina 3)||-||-||291||180|
|Barbara Smalska 3)||-||-||431 4)||312 5)|
|Tobiasz Bury||985||370 6)||-||-|
|Supervisory Board, including:||1,221||-||1,224||-|
|Remunerations and other short-terms employee benefits paid by other PZU Group entities||1 January - 31 December 2014||1 January - 31 December 2013|
|including bonuses:||including bonuses:|
|Management Board, including:||2,942||996||3,826||1,224|
|Barbara Smalska 1)||596||225||327||-|
|Bogusław Skuza 2)||-||-||240||-|
|High level management (Directors of PZU Group), including:||1,844||478||2,235||1,071|
|Tobiasz Bury||507||170 6)||-||-|
|Total estimated valued of benefits in kind allocated by PZU and its subsidiaries||1 January – 31 December 2014||1 January – 31 December 2013|
|Management Board, including:||1,307||1,343|
|Dariusz Krzewina 3)||217||214|
|Barbara Smalska 1) 3)||205||151|
|Bogusław Skuza 2)||-||213|
|High level management (Directors of PZU Group), including:||908||401|
1) On 6 October 2014, Barbara Smalska resigned from the position of Member of the Management Board of PZU as at 31 December 2014.
2) On 27 December 2013, Bogusław Skuza resigned from the position of Member of the Management Board of PZU as at 31 December 2013.
3) On 12 March 2013, the Supervisory Board of PZU appointed Dariusz Krzewina and Barbara Smalska to the position of Members of the Management Board effective from 15 March 2013. (additionally Dariusz Krzewina and Barbara Smalska were Directors of PZU Group respectively till 14 March 2013 and form 5 January 2013 respectivly till 14 March 2013)
4) The aforementioned amount includes a bonus for 2012 as well as remuneration for the performance of other functions at PZU and PZU Życie until the date of appointment as the Group’s Director.
5) Amount representing the bonus for 2012 granted during the performance of other functions in PZU and PZU Życie.
6) Amount representing the bonus for 2013 granted during the performance of other functions in PZU and PZU Życie.
57.1.2. Remuneration in other PZU Group entities
Remuneration paid to members of the Management Boards and Supervisory Boards of other companies in PZU Group:
|Type of services||1 January – 31 December 2014||1 January – 31 December 2013|
|Members of the Management Boards||18,786||11,015|
|Members of the Supervisory Boards||844||898|
57.2 Other related party transactions
|Balances and turnovers of transactions between PZU Group and related parties||1 January – 31 December 2014 and as at 31 December 2014||1 January – 31 December 2013 and as at 31 December 2013|
|Key management personnel of the major entities 1||Other related parties2)||Key management personnel of the major entities 1||Other related parties2)|
|Gross written premium|
|in non-life insurance||-||860||-||-|
|in life insurance (including investment contracts)||-||-||-||-|
|Including impairment losses on receivables recognized in current period||-||-||-|
1) High level management, data as per statements.
2) Non-consolidated companies in liquidation as well as associates and joint ventures measured with the equity method.
57.3 Presentation of transactions with entities related to the State Treasury
In spite of the provisions of the By-laws of PZU (in particular those concerning the limitations of the voting rights of the shareholders other than the State Treasury and the rules of appointing the Supervisory Board of PZU), for the purposes of presentation of related party transactions, it is assumed that the State Treasury has retained control over PZU, as understood by IAS 27, and thus PZU remains an entity controlled by the State Treasury.
Non-life insurance contracts, life insurance contracts and investment contracts constituted the majority of transactions with subsidiaries, joint-ventures and associates of the State Treasury. The transactions are concluded and settled on the terms and conditions applicable to customers which are not related parties. Insurance receivables from and insurance liabilities to related parties are short-term.
PZU Group enjoys the exemption from the obligation to disclose related-party transactions due to being under control, joint control or significant influence of the same government, as referred to in Par. 25 of IAS 24. However, as such information is useful, PZU Group decided to disclose the value of premium written as well as the volumes of investment contracts resulting from transactions with subsidiaries, joint-ventures and associates of the State Treasury understood only as commercial companies and State Treasury controlled state entities, whose lists are published on the website of the Ministry of Treasury.
The table below presents the written premium and volumes from investment contracts resulting from transactions with subsidiaries, joint-ventures and associates with the State Treasury.
|Entities controlled by, joint-ventures of and entities associated with the State Treasury||1 January – 31 December 2014||1 January – 31 December 2013|
|Gross written premium - non-life insurance||69,347||102,371|
|Gross written premium - life insurance||30,749||27,514|
57.4 Written premium and investment contracts in bancassurance transactions with banks controlled by the State Treasury
The tables below comprise written premiums and investment contracts in bancassurance transactions with banks controlled and associated with the State Treasury.
|Written premium and volumes of investment contracts||1 January – 31 December 2014||1 January – 31 December 2013|
|Bank Powszechna Kasa Oszczędności BP SA||44,815||44,994|
|PZU gross written premium||14,066||17,480|
|PZU Życie gross written premium||30,749||27,514|
|Bank Ochrony Środowiska SA||1||-|
|PZU gross written premium||1||-|
|Bank Gospodarstwa Krajowego SA||126||309|
|PZU gross written premium||126||309|
57.5 Transactions with largest counterparties whose shares are held by the State Treasury
Gross written premiums1) from 10 largest counterparties of PZU Group who are subsidiaries of the State Treasury
|Gross written premiums1) from 10 largest counterparties of PZU Group who are subsidiaries of the State Treasury|
|Counterparty||1 January - 31 December 2014||Counterparty||1 January - 31 December 2013|
|Counterparty 1||44,815||Counterparty 1||44,994|
|Counterparty 2||27,282||Counterparty 6||30,378|
|Counterparty 3||5,017||Counterparty 8||16,396|
|Counterparty 4||3,847||Counterparty 11||5,619|
|Counterparty 5||3,189||Counterparty 4||5,366|
|Counterparty 6||2,530||Counterparty 5||5,263|
|Counterparty 7||1,925||Counterparty 3||4,289|
|Counterparty 8||1,521||Counterparty 2||4,160|
|Counterparty 9||1,154||Counterparty 7||1,763|
|Counterparty 10||1,106||Counterparty 9||1,476|
1) The item includes gross written premium in non-life insurance, life insurance and volumes of investment contracts.