6. FINANCIAL STATEMENTS 6.3. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 6.3.10. Remuneration of Managing Board and Supervisory Board Remuneration Managing Board The remuneration per individual member of the Managing Board for the year 2003 is as follows: Mr Freedberg is paid in GBP. Figures for 2003 are converted at the exchange rate of GBP 1: €1.42 (2002: GBP 1 : €1.59) Mr Freixa joined Euronext on 1st March 2003 Mr Monteiro left Euronext on 8th March 2003 Allowances and benefits in kind Mr Théodore is entitled to benefits in kind of €11,220 including a company car, medical insurance premium and life insurance premium. Mr Freedberg is entitled to a car allowance of €12,780 and benefits in kind of €4,605 including medical insurance premium and life insurance premium. Mr Freixa is entitled to expense allowances of €10,000 and benefits in kind of €1,068 for medical insurance premium. Mr Lefebvre is entitled to benefits in kind of €19,851 including a company car, medical insurance premium and life insurance premium. Mr Möller is entitled to allowances of €3,843 for mainly mortgage interest compensation and benefits in kind of €4,131 including medical insurance premium and telephone expenses. Mr Monteiro was entitled to expense allowances of €2,000. There are no loans and guarantees made to members of the Managing Board. Pensions Managing Board Each member of the Managing Board has an individual pension arrangement. This results from the different geographical, and hence, legal and fiscal, backgrounds of each member. The total charge for the Group for the year 2003 amounts to € 918,922 (2002: €1,898,000). Mr Jean-François Théodore is benefiting from an insurance contract that, at the condition that he would still be in the company at the age of 60, will provide from this age onwards a retirement income of €375,000 (including all not-related to the company pension rights). The charge corresponding to the year 2003 was €490,528 (2002: €349,000 and a one time charge relating to past service pension commitments with respect to previous years of €750,000). Mr George Möller is entitled to an annual pension according to the following scheme: - age 60 till 62: €105,155 - age 62 till 65: €174,551 - from the age of 65 onwards: €165,037 The charge corresponding for the year 2003 was €103,392 for yearly pension premium and €280,000 for past service and future pension costs (2002: €106,000 and a one time charge related to past service pension commitments of €330,000). Mr Olivier Lefebvre is entitled to an annual pension payment of €95,000 from the age of 62 onwards. The premium charge for the Group in the year 2003 was €122,332 (2002: €68,000 and a one time charge relating to past service pension commitments with respect to previous years of €113,000). Mr João Freixa's pension arrangement is based on a defined contribution scheme. His retirement age is 62. The pension on retirement is dependent upon personal arrangements with third party insurance companies. The charge for the Group in the year 2003 was €74,233. Mr Hugh Freedberg's pension arrangement is based on a defined contribution scheme. The pension on retirement is dependent on the personal arrangements with third party insurance companies. The charge for the Group in 2003 was €128,438 (2002: €128,000). Severance payment to Mr Möller As from 1st April 2004, Mr Möller is no longer employed by the company. In addition to the amounts relating to Mr Möller's pension (see details above), the Supervisory Board agreed on a severance payment of €1,500,000. It was agreed that Mr Möller will repay Euronext each year until 31st December 2009, a certain portion (25%) of the (positive) difference between his future salary (fixed and variable) from a new employment on the one hand and his 2003 Euronext salary (fixed and variable) on the other hand with a maximum of €750,000. Mr Möller will be entitled to keep the options granted under the option schemes 2001 and 2002. Interest of members of the Managing Board in stock options schemes The table below gives an overview of the interests per individual member of the Managing Board in the stock option schemes of Euronext N.V. The number of options relating to the SBF option scheme and the corresponding exercise price reflect the options and exercise price of shares in Euronext N.V.. GL Trade has an employee stock option plan and an employee stock ownership plan in place. None of the members of the Managing Board hold GL Trade options. Following the resignation of Mr Monteiro the options held by Mr Monteiro as at 1st January 2003 totalling 26,349 options under the option scheme 2002 lapsed. Remuneration Supervisory Board During 2003 the individual members of the Supervisory Board received the following remuneration: (1) Mr André Dirckx abstains from remuneration. (2) Mr Rijnhard van Tets was appointed on 22nd May 2003. (3) Sir Brian Williamson received in his function as Chairman of LIFFE (Holdings) plc a remuneration of £ 300,180, consisting of £152,340 salary (which includes £4,500 car allowance) and £147,840 bonus. In addition the Group paid £27,728 pension contributions. In addition Sir Brian received benefits in kind of £3.490 in respect of private medical insurance premium paid by the Company. Sir Brian Williamson resigned from his function as Chairman of LIFFE (Holdings) plc with effect from 1st July 2003 and has since received remuneration for his membership of the Supervisory Board of Euronext N.V. (4) Mr Aad Jacobs resigned on 22nd May 2003. None of the members of the Supervisory Board take part in any option scheme of the Group. There are no loans nor guarantees made to members of the Supervisory Board.