37. Related Parties

37.1 Transactions and positions with Related Parties

During 2017 GrandVision acquired goods from Safilo (a group company of HAL Holding N.V.) for an amount of €58,838 (2016: €79,900).

Other positions with Related Parties are as follows:

in thousands of EUR	Notes	2017	2016

Trade receivables:
Safilo		5,164	8,540
Other HAL subsidiaries		192	397
	20	5,356	8,937
Trade payables:
Safilo		10,699	21,116
HAL Investments B.V		1,885	2,153
Other HAL subsidiaries		129	145
	33	12,713	23,414

37.2 Loans to/ from Related Parties

The Group has granted loans to senior managers of the Group and its subsidiaries as part of various share-based payment plans of €1,530 (2016: €7,029) of which interest income was accrued of €121 (2016: €344). For more details refer to note 17. Upon sale of shares the managers will have to redeem their loans. The shares awarded under the equity plan are pledged as security on the loans.

The loan to key management relating to P.J. de Castro Fernandes was fully redeemed in 2017 (at 31 December 2016: €1,555), and had an interest rate of 4.00%. No advance payments, guarantees or other loans have been provided to key management.

The Group has received loans from senior managers of the Group and its subsidiaries of €2,939 (2016: none), with interest rates ranging between 3.00% and 9.53%.

37.3 Remuneration

Key management includes the Management Board, which consists of the CEO and CFO. The remuneration for key management comprises a fixed and a variable part and includes salary, post-employment benefits and share-based payment plan benefits.

in thousands of EUR	2017	2016

Th. A. Kiesselbach (CEO)
Salary and other short-term benefits	808	797
Post-employment benefits	144	142
Short-term variable remuneration	86	262
Share-based payments	1,143	1,360
	2,181	2,561
P.J. de Castro Fernandes (CFO)
Salary and other short-term benefits	524	539
Post-employment benefits	105	98
Short-term variable remuneration	54	164
Share-based payments	650	853
	1,333	1,654

Key management is entitled to an annual performance-related variable remuneration. The objective of the annual performance-related variable remuneration payment is to incentivize and reward strong short-term financial and personal performance and the implementation of strategic imperatives, and to facilitate rapid growth while continuing to focus on sustainable results. The Supervisory Board will define, on an annual basis, the performance ranges, the 'on target' value and the maximum at which the payout will be capped. For more details refer to the chapter 'Remuneration Report' of the Annual Report. The set targets for 2017 were mostly not achieved.

The performance conditions are set by the Supervisory Board on an annual basis at or prior to the beginning of the relevant calendar year. These performance conditions include criteria reflecting GrandVision’s financial performance and may also include quantitative or qualitative criteria related to the Company’s non-financial performance and/or to individual performance.

The amounts included as share-based payment plan benefits represent the amounts recognized in the Income Statement. For the movements in the share-based payment plan please refer to note 30.

37.4 Supervisory Board Remuneration

The remuneration paid or payable to the Supervisory Board is shown below:

in thousands of EUR	2017	2016

C.J. van der Graaf	73	73
J.A. Cole	60	60
M.F. Groot	60	60
P. Bolliger	60	60
W. Eelman	60	60
	313	313

All the remuneration paid or payable to the Supervisory Board comprises short-term benefits. No loans, advance payments or guarantees have been provided to the Supervisory Board.