31. Disclosures Concerning the Supervisory Board and the Board of Management form of options in accordance with the with long-term incentive plan (see paragraph 20 of these notes). In the financial year, fixed remuneration amounted to € 3.9 million (previous year:  € 2.6 million), and variable remuneration amounted to  € 4.7 million (previous year: € 3.5 million). Share-based  remuneration in the financial year amounted to € 2 million. The criteria applied to determine the adequacy of remuneration are, in addition to the functions and performance of the Board  member concerned, the financial situation, the performance and future prospects of the company, taking peer companies into account. In accordance with a resolution of the Shareholders’ Meeting held on April 20, 2004, the Supervisory Board was reduced from 9 to 6 members. The fixed remuneration for Supervisory Board  members amounts to T-€ 50 for the Chairman and T-€ 25 for each other Supervisory Board member. The Supervisory Board members who have left the company in financial year 2004 were remunerated on a pro rata temporis basis. Overall remuneration in the past financial year totaled T-€ 194 (previous year: T-€ 250). No variable remuneration exists. As of the balance sheet date, the Supervisory Board members held a total of 2,100 shares  (previous year: 1,000 shares) or 0.0126% (previous year: 0.0062%) of the total shares as of the balance sheet date. There are no share-based remuneration systems for members of the Supervisory Board. Pension commitments vis à vis former Board members amounted to € 2.7 million (previous year: € 2.6 million); they are recorded as a liability within pension provisions. As in the previous year, retirement benefits amounting to € 0.1 million were paid to a  former Board member. Remuneration for the Board of Management includes, in addition to a fixed and variable component, a variable remuneration in the Government Commission in the German Corporate Governance Code pursuant to Section 161 AktG, and made it permanently available to the shareholders on the Company’s homepage (www.puma.com). The German Corporate Governance Code (DCGK) sets the  significant legal regulations recommendations for the guidance and monitoring of German companies listed on the stock exchange and includes standards governing responsible  corporate management. The Board and the Supervisory Board have made the required declaration concerning the recommendations issued by the 32. German Corporate Governance Code 33. Events after the Balance Sheet Date the PUMA organisation. The acquisition does not impact on the net assets, financial position and results of operations. In January 2005, PUMA AG acquired the majority of the former distributor for Greece. The company will be consolidated with effect as from January 1, 2005 and integrated immediately into Herzogenaurach, January 24, 2005 The Board of Management Zeitz Gänsler Heyd Foreword | Mission | Management Report | Share | Marketing |  Consolidated Financial Statements - IFRS - | Report of Supervisory Board | Board of Management 90