Accounting policies
A related party is a person or entity that is related to the Group, including those that have, or are subject to, the influence or control of the Group.
25.1. Balances and transactions with related parties
56.136% of the Group is owned by Sociedade Francisco Manuel dos Santos, B.V., being Sociedade Francisco Manuel dos Santos, S.E. the ultimate parent company of the Group.
Balances and transactions of Group Companies with related parties are as follows:
|
|
Joint ventures |
|
Associates |
|
Other related parties(*) |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Sales and services rendered |
|
‐ |
|
‐ |
|
27 |
|
22 |
|
0 |
|
0 |
||||
Stocks purchased and services supplied |
|
5 |
|
6 |
|
(0) |
|
(0) |
|
102 |
|
106 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Joint ventures |
|
Associates |
|
Other related parties1 |
||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Trade debtors, accrued income and deferred costs |
|
2 |
|
0 |
|
5 |
|
5 |
|
0 |
|
0 |
||||
Trade creditors, accrued costs and deferred income |
|
0 |
|
0 |
|
0 |
|
‐ |
|
23 |
|
25 |
||||
|
||||||||||||||||
All the transactions with related parties were made under normal market conditions, meaning, the transaction value corresponds to prices that would be applicable between non-related parties.
Outstanding balances between Group Companies and related parties, as a result of trade agreements, are settled in cash, and are subject to the same payment terms as those applicable to other agreements contracted between Group Companies and their suppliers.
There are no provisions for doubtful debts and no costs were recognised during the year related with bad debts or doubtful debts with these related parties.
25.2. Remuneration paid to Directors and Senior Managers
The costs incurred with fixed and variable remuneration and contributions to the pension plans attributed to the Directors and Senior Managers were as follows:
|
|
2023 |
|
2022 |
|---|---|---|---|---|
Salaries and other short-term employee benefits |
|
51 |
|
37 |
Termination benefits |
|
4 |
|
1 |
Post-employment benefits |
|
2 |
|
1 |
Other benefits |
|
2 |
|
2 |
Total |
|
58 |
|
42 |
The Board of Directors of the Company consisted of 11 Members at the end of 2023 (2022: 11 Members). The average number of Senior Managers of the Group was 107 (2022: 97).
Senior Managers include the Members of the Managing Committee and leading teams of the Group’s business units and the Directors of the Corporate Centre.
The remuneration policy of the Board of Directors and of the Supervisory Board are stated in the “Corporate Governance”.
The post-employment benefits granted to the Directors and the Senior Managers are part of the defined contribution plan described in note 5.2..
The cost incurred with other benefits refer to long-term benefits and are described in note 5.2..