29.1 Collaboration agreements
Meijburg & Co.
In the Netherlands, the Group collaborates with an independent firm of tax consultants, Meijburg & Co. The financial figures of this firm are not included in the consolidated financial statements of KPMG N.V.
KPMG International
KPMG N.V., registered with the Dutch Chamber of Commerce, is a subsidiary of Coöperatie KPMG U.A. and a member firm of the KPMG network of independent member firms affiliated with KPMG International. As a result of this affiliation, the Group collaborates closely with other KPMG member firms.
29.2 Related parties
29.2.1 Parent company
Coöperatie KPMG U.A. holds the shares in KPMG N.V. The members of the Cooperative are the practice companies owned by partners. Under these agreements, the services of the partners are made available to the Cooperative, which in turn makes these services of the partners available to KPMG N.V. and its subsidiaries.
Transactions between the Group and Coöperatie KPMG U.A. during 2021/2022 can be specified as follows:
|
EUR 000 |
2021/2022 |
2020/2021 |
|
Management fees |
-117,415 |
-110,215 |
|
Interest paid to Coöperatie KPMG U.A. |
-4,530 |
-4,324 |
|
Repayment of share premium |
-990 |
-1,510 |
As at 30 September, the following positions relate to Coöperatie KPMG U.A.:
|
EUR 000 |
30 September 2022 |
30 September 2021 |
|
Loans received from Coöperatie KPMG U.A. |
162,407 |
141,598 |
29.2.2 Key management
Board of Management
As at 30 September 2022, three members of the Board of Management (2020/2021: three members) indirectly hold 2% (2020/2021: 2%) of shares in the Group in aggregate.
Compensation of the Group’s key management includes management fees, salaries, non-cash benefits and contributions to a post employment defined contribution plan. Compensation can be specified as follows:
|
EUR 000 (if applicable) |
S. Hottenhuis |
R.P. Kreukniet |
M. Hogeboom |
E. Herrie |
Total |
|
2021/2022 |
|||||
|
FTEs (pro rata) |
1.0 |
1.0 |
1.0 |
1.0 |
4.0 |
|
Management fees |
– |
1,173 |
1,173 |
1,173 |
3,519 |
|
Short-term employee benefits |
1,311 |
– |
– |
– |
1,311 |
|
Post-employment benefits |
23 |
– |
– |
– |
23 |
|
Other short-term benefits |
16 |
27 |
11 |
15 |
69 |
|
Total |
1,350 |
1,200 |
1,184 |
1,188 |
4,922 |
|
2020/2021 |
|||||
|
FTEs (pro rata) |
1.0 |
1.0 |
1.0 |
1.0 |
4.0 |
|
Management fees |
– |
719 |
719 |
719 |
2,157 |
|
Short-term employee benefits |
823 |
– |
– |
– |
823 |
|
Post-employment benefits |
25 |
– |
– |
– |
25 |
|
Other short-term benefits |
13 |
14 |
11 |
15 |
53 |
|
Total |
861 |
733 |
730 |
734 |
3,058 |
In 2021/2022, the remuneration policy for the members of the Board of Management has been amended, introducing a rolling mechanism, leading to increased remuneration for the members of the Board of Management. Within the rolling mechanism the remuneration of the members of the Board of Management is based each year on past levels of partner pay to ensure a more sustainable remuneration policy which is better focused on long-term value creation.
In addition, the Group has the following outstanding balances in the form of equity and loans payable to the Board of Management:
|
EUR 000 |
S. Hottenhuis |
R.P. Kreukniet |
M. Hogeboom |
E. Herrie |
Total |
|
30 September 2022 |
|||||
|
Equity contribution in Coöperatie KPMG U.A. by key management |
– |
180 |
180 |
180 |
540 |
|
Loans payable to key management |
50* |
589 |
658 |
705 |
2,002 |
|
Interest on loans |
4 |
33 |
31 |
26 |
94 |
|
30 September 2021 |
|||||
|
Equity contribution in Coöperatie KPMG U.A. by key management |
– |
180 |
180 |
180 |
540 |
|
Loans payable to key management |
50* |
740 |
632 |
767 |
2,189 |
|
Interest on loans |
3 |
32 |
38 |
29 |
102 |
- *Relates to employee bonds.
Supervisory Board
Supervisory Board members received a total remuneration of EUR 320 (2020/2021: EUR 364). Remuneration can be specified as follows:
|
EUR 000 (if applicable) |
R.H.L.M. van Boxtel* |
G. Boon |
C. Bulten |
L. Hovius |
J.C.M. Sap |
K. Singh |
B.E.M. Wientjes* |
Total |
|
2021/2022 |
||||||||
|
FTEs (pro rata) |
1.0 |
1.0 |
1.0 |
0.6 |
1.0 |
0.6 |
0.2 |
5.4 |
|
Short-term benefits |
69 |
58 |
57 |
34 |
58 |
32 |
12 |
320 |
|
EUR 000 (if applicable) |
B.E.M. Wientjes |
G. Boon |
R.H.L.M. van Boxtel |
C. Bulten |
H.J. van Doren-malen |
J.C.M. Sap |
R.A. Steen-voorden |
Total |
|
2020/2021 |
||||||||
|
FTEs (pro rata) |
1.0 |
1.0 |
0.3 |
1.0 |
0.9 |
1.0 |
0.9 |
6.1 |
|
Short-term benefits |
72 |
58 |
18 |
55 |
53 |
58 |
50 |
364 |
*B.E.M. Wientjes was chair of the Supervisory Board until 30 November 2021, and was succeeded by R.H.L.M. van Boxtel as per 1 December 2021.
29.2.3 Equity accounted investees
The following amounts relate to equity accounted investees:
|
EUR 000 |
30 September 2022 |
30 September 2021 |
|
Trade receivables |
- |
256 |
During the financial year, the equity accounted investee was sold.