Remuneration

The remuneration model of the Migros Community is simply and clearly structured. Salaries are based directly on rates of pay in the market, and the basic idea of social capital is taken into account when they are determined.

The bonus-free salary system is one of the core values of Migros and is integral to the company’s long-term development. In accordance with these principles, the members of the Board of Directors and the Executive Board do not receive any other payments or bonuses in respect of their duties with the Migros Community. They are not entitled to any contractually regulated severance pay.

Fees paid to members of the Board of Directors

The members of the FMC Board of Directors received a total of CHF 0.95 million in 2010 (2009: CHF 0.95 million), including committee attendance fees. The Chief Executive Officer, the managers of the affiliated Cooperatives and the staff representatives did not receive any remuneration in their position as members of the FMC Board of Directors.

Salaries of the Executive Board

The seven members of the FMC Executive Board (including the CEO) were paid a total of CHF 4.95 million in 2010 (2009: CHF 4.8 million).

Auditing and other fees

For services across the group related to the auditing of the annual financial statements, and for other services in the areas of company evaluations, tax consultancy, accounting and due diligence audits, PwC and Mitreva invoiced for: