Total Compensation of the Board of Management and the Supervisory Board, Advances and Loans The compensation of the Board of Management comprises short-term payments, stock-based payments and post-employment benefits. The following table shows the individual components of the Board of Management’s compensation according to IFRS. Further details are provided in the Compensation Report, which forms part of the Combined Management Report: (XLS:) Download Board of Management Compensation according to IFRS 2016 2017 € thousand € thousand Fixed annual compensation 6,385 6,148 Fringe benefits 664 266 Total short-term non-performance-related compensation 7,049 6,414 Short-term performance-related cash compensation 9,063 4,890 Total short-term compensation 16,112 11,304 Change in value of existing entitlements to stock-based compensation (virtual Bayer shares) (1,275) 538 Stock-based compensation (Aspire) earned in the respective year 5,217 9,082 Change in value of existing entitlements to stock-based compensation (Aspire) (923) (641) Total stock-based compensation (long-term incentive) 3,019 8,979 Service cost for pension entitlements earned in the respective year 3,902 3,907 Total long-term compensation 6,921 12,886 Severance indemnity in connection with the termination of a service contract 4,542 1,978 Aggregate compensation (IFRS) 27,575 26,168 In addition to the above compensation, actuarial gains of €245 thousand (2016: losses of €3,196 thousand) incurred in connection with pension obligations to the currently serving members of the Board of Management were recognized outside profit or loss. The losses in the previous year mainly resulted from the decline in the level of interest rates. Pension payments to former members of the Board of Management and their surviving dependents in 2017 amounted to €12,758 thousand (2016: €12,800 thousand). The defined benefit obligation for former members of the Board of Management and their surviving dependents amounted to €184,479 thousand (2016: €188,850 thousand). The compensation of the Supervisory Board amounted to €3,703 thousand (2016: €3,479 thousand). In addition to their compensation as members of the Supervisory Board, those employee representatives who are employees of Bayer Group companies receive compensation unrelated to their service on the Supervisory Board. The total amount of such compensation in 2017 was €767 thousand (2016: €939 thousand). Pension obligations for employee representatives on the Supervisory Board amounted to €3,941 thousand (2016: €4,399 thousand). There were no advances or loans to members of the Board of Management or the Supervisory Board outstanding as of December 31, 2017, nor at any time during 2017 or 2016.