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39. Total compensation of the Board of Management and the Supervisory Board and loans

The following table shows the compensation of the Board of Management according to IFRS. This does not include the fair value of newly granted stock-based compensation, but rather the stock-based compensation entitlements earned in the respective year plus the change in the value of stock-based compensation entitlements from previous years that have not yet been paid out. It also contains the current service cost for pension entitlements.

Board of Management Compensation According to IFRS		[Table 4.97]
	2008	2009
	€ thousand	€ thousand
Directly effected compensation	8,813	8,830
Long-term incentive (stock-based compensation entitlements earned in the respective year)	1,509	1,623
Change in value of existing entitlements	(533)	1,079
Current service cost for pension entitlements earned in the respective year	884	1,364
Aggregate compensation (according to IFRS)	10,673	12,896

Further details are provided in the Compensation Report, which forms part of the Management Report.

Pension payments to retired members of the Board of Management and their surviving dependents in 2009 amounted to €11,273 thousand (2008: €11,697 thousand). Pension provisions for former members of the Board of Management and their surviving dependents at the closing date amounted to €107,223 thousand (2008: €107,863 thousand).

The compensation of the Supervisory Board amounted to €2,295 thousand (2008: €2,295 thousand), including €765 thousand (2008: €765 thousand) in variable components.

There were no loans to members of the Board of Management or the Supervisory Board outstanding as of December 31, 2009, nor any repayments of such loans during the year.

Leverkusen, February 15, 2010

Bayer Aktiengesellschaft

The Board of Management