6. Governance and related parties
6.1 Key management remuneration
The members of the Executive Board and the Supervisory Board are the key management of the Group. The remuneration of members of the Executive Board comprises a fixed compensation plus a fixed expense allowance, and a long term bonus. As of June 1, 2017 the members of the Executive Board receive a fixed annual compensation plus fixed expense allowance. For the NSE business all Executive Board members have been involved and contributed in their respective capacity to various management work streams for NSE.
Total remuneration of the members of the Executive Board in the year under review was as follows:
Short-term | Other long term benefits | Short-term | Other long term benefits | ||||||||
in € thousands | benefits | 2021/2022 | benefits | 2020/2021 | |||||||
W.F.J. Honig (as of June 1, 2019) | 1,222 | 90 | 1,312 | 1,227 | 75 | 1,302 | |||||
O. Snijders (as of October 1, 2019) | 926 | 90 | 1,016 | 926 | 75 | 1,001 | |||||
E. Mol (as of February 1, 2020) | 926 | 90 | 1,016 | 927 | 75 | 1,002 | |||||
Total | 3,074 | 270 | 3,344 | 3,080 | 225 | 3,305 | |||||
Number of members of the Executive Board in FTE's | 3 | 3 |
The members of the Supervisory Board were remunerated only short-term benefits as follows:
in € thousands | 2021/2022 | 2020/2021 | |
H. van der Noordaa | 108 | 97 | |
J.P. Rijsdijk (until September 6, 2021 ) | 20 | 75 | |
F. Eelkman Rooda (until September 6, 2021 ) | 20 | 75 | |
V.G. Moolenaar | 84 | 78 | |
E.C. Meijer | 83 | 78 | |
S.E. Verhart (as of October 18, 2021) | 53 | 0 | |
D.J. Larnder (as of October 18, 2021) | 46 | 0 | |
Total | 414 | 403 | |
Number of members of the Supervisory Board per May 31 | 5 | 5 |
6.2 Related party transactions
Trading transactions
Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. All transactions were made on terms equivalent to those that prevail in arm’s length. Please refer to notes 1, 3.4, 4 and 5 for details on transactions of the Group and the Group’s shareholder. We also refer to note 1 regarding international relationships of Deloitte Holding B.V.
Provision of services to related parties | Purchases of services from related parties | Amounts due from related parties | Amounts due to related parties | ||||
2021/2022 | 2021/2022 | 2021/2022 | 2021/2022 | ||||
Deloitte NSE LLP group subsidiaries | 83,937 | 50,026 | 20,036 | 5,471 | |||
Deloitte NSE LLP group associates | 22,875 | 72,928 | 3,955 | 4,392 | |||
106,812 | 122,954 | 23,991 | 9,863 | ||||
Provision of services to related parties | Purchases of services from related parties | Amounts due from related parties | Amounts due to related parties | ||||
2020/2021 | 2020/2021 | 2020/2021 | 2020/2021 | ||||
Deloitte NSE LLP group subsidiaries | 50,797 | 33,778 | 20,024 | 8,594 | |||
Deloitte NSE LLP group associates | 24,208 | 56,891 | 5,927 | 4,786 | |||
75,005 | 90,669 | 25,951 | 13,380 |
Management has updated its assessment of related parties identifying additional entities as Associates of the Deloitte NSE LLP group. These additional related parties have been reflected in the table above, including adjusting the comparative amounts to be on the same basis.
Deloitte NSE Investments Limited (“DNSEI”)
The Group subscribed to different classes of non-voting redeemable shares in Deloitte NSE Investments Limited (“DNSEI”), an NSE group entity set up to hold NSE group investments in strategic projects. The total amount subscribed was €5,024 (2021: €4,531). For the purposes of these financial statements, an amount of €3,844 (2021: €3,476) is accounted for as a deemed distribution and movement in net fair value on investments in equity instruments classified as at fair value through OCI to Deloitte NSE LLP. The remaining amount of €1,180 (2021: €1,055) is the fair value of this equity investment. See note 4.5 Investments
6.3 Fees paid to the independent auditor
The independent auditor’s fee included in the office costs can be specified as follows:
In € thousands | 2021/2022 | 2020/2021 | |
Audit of the financial statements | 374 | 420 | |
Other audits | 55 | 35 | |
Tax advisory services | 0 | 0 | |
Other non-audit services | 0 | 0 | |
429 | 455 |
The independent auditor’s fee is based on the agreed upon fees for the audit and other engagements for the year under review and any additional fees for out of scope work regarding the prior year.