Note 21: Relationships with Related Parties
The compensation amounts for 2017 presented below, which were awarded to the members of the Board of Directors and the Executive Committee of the Company totals 15.4 million euros.
Following the reorganization of the Company at the beginning of 2015, the Company henceforth considered the members of the Executive Committee to be related parties.
| December 31, | ||||||||||||
| 2015 | 2016 | 2017 | ||||||||||
| (thousands of Euros) | ||||||||||||
|
Members of the Board of Directors |
605 | 714 | 745 | |||||||||
|
Executive committee |
1,768 | 2,268 | 2,184 | |||||||||
|
Directors’ fees |
195 | 195 | 407 | |||||||||
|
Share-based payments to members of the Board of Directors |
4,637 | 13,714 | 12,018 | |||||||||
|
|
|
|
|
|
|
|||||||
|
Total |
7,205 | 16,891 | 15,353 | |||||||||
The methods for the valuation of the benefit related to share-based payments are presented in Note 17.
As part of its commercial rollout in the United States, the Company entered into an agreement in December 2016 with one of its Directors for Commercial strategy consulting works. The expenses recorded in 2017 as part of this agreement amounts to €45 thousands.
A schedule of amounts payable to related parties as of December 31, 2017:
| December 31, | ||||||||||||
| 2015 | 2016 | 2017 | ||||||||||
| (thousands of Euros) | ||||||||||||
|
Compensation |
674 | 767 | 689 | |||||||||
|
Directors’ fees |
195 | 195 | 432 | |||||||||
|
Pension obligations |
233 | 342 | 402 | |||||||||
|
|
|
|
|
|
|
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|
Total |
1,102 | 1,304 | 1,523 | |||||||||