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Related party disclosures | 12 Months Ended
--- | ---
Dec. 31, 2017
Disclosure Of Related Party Explanatory [Abstract] |
Disclosure of related party [text block] | Note 9 Related party disclosures
9.1 | Related party disclosures
Balances pending at period-end are not guaranteed, accrue no interest and are settled in cash. No guarantees have been delivered or received for trade and other receivables due from related parties or trade and other payables due to related parties .
9.2 | Detailed identification of the link between the Parent and subsidiary
As of December 31, 2017 and December 31, 2016, the detail of entities that are related parties of the SQM S.A. Group is as follows:
Tax ID No. |  | Name |  | Country of origin |  | Functional currency |  | Nature |
Foreign |  | Nitratos Naturais Do Chile Ltda. |  | Brazil |  | US$ |  | Subsidiary |
Foreign |  | Nitrate Corporation Of Chile Ltd. |  | United Kingdom |  | US$ |  | Subsidiary |
Foreign |  | SQM North America Corp. |  | United States |  | US$ |  | Subsidiary |
Foreign |  | SQM Europe N.V. |  | Belgium |  | US$ |  | Subsidiary |
Foreign |  | Soquimich S.R.L. Argentina |  | Argentina |  | US$ |  | Subsidiary |
Foreign |  | Soquimich European Holding B.V. |  | The Netherlands |  | US$ |  | Subsidiary |
Foreign |  | SQM Corporation N.V. |  | The Netherlands |  | US$ |  | Subsidiary |
Foreign |  | SQI Corporation N.V. |  | The Netherlands |  | US$ |  | Subsidiary |
Foreign |  | SQM Comercial De México S.A. de C.V. |  | Mexico |  | US$ |  | Subsidiary |
Foreign |  | North American Trading Company |  | United States |  | US$ |  | Subsidiary |
Foreign |  | Administración y Servicios Santiago S.A. de C.V. |  | Mexico |  | US$ |  | Subsidiary |
Foreign |  | SQM Peru S.A. |  | Peru |  | US$ |  | Subsidiary |
Foreign |  | SQM Ecuador S.A. |  | Ecuador |  | US$ |  | Subsidiary |
Foreign |  | SQM Nitratos Mexico S.A. de C.V. |  | Mexico |  | US$ |  | Subsidiary |
Foreign |  | SQMC Holding Corporation L.L.P. |  | United States |  | US$ |  | Subsidiary |
Foreign |  | SQM Investment Corporation N.V. |  | The Netherlands |  | US$ |  | Subsidiary |
Foreign |  | SQM Brasil Limitada |  | Brazil |  | US$ |  | Subsidiary |
Foreign |  | SQM France S.A. |  | France |  | US$ |  | Subsidiary |
Foreign |  | SQM Japan Co. Ltd. |  | Japan |  | US$ |  | Subsidiary |
Foreign |  | Royal Seed Trading Corporation A.V.V. |  | Aruba |  | US$ |  | Subsidiary |
Foreign |  | SQM Oceania Pty Limited |  | Australia |  | US$ |  | Subsidiary |
Foreign |  | Rs Agro-Chemical Trading Corporation A.V.V. |  | Aruba |  | US$ |  | Subsidiary |
Foreign |  | SQM Indonesia S.A. |  | Indonesia |  | US$ |  | Subsidiary |
Foreign |  | SQM Virginia L.L.C. |  | United States |  | US$ |  | Subsidiary |
Foreign |  | SQM Italia SRL |  | Italy |  | US$ |  | Subsidiary |
Foreign |  | Comercial Caiman Internacional S.A. |  | Panamá |  | US$ |  | Subsidiary |
Foreign |  | SQM Africa Pty. Ltd. |  | South Africa |  | US$ |  | Subsidiary |
Foreign |  | SQM Colombia SAS |  | Colombia |  | US$ |  | Subsidiary |
Foreign |  | SQM Lithium Specialties LLC |  | United States |  | US$ |  | Subsidiary |
Foreign |  | SQM Iberian S.A. |  | Spain |  | US$ |  | Subsidiary |
Foreign |  | SQM Agro India Pvt. Ltd. |  | India |  | US$ |  | Subsidiary |
Foreign |  | SQM Beijing Commercial Co. Ltd. |  | China |  | US$ |  | Subsidiary |
Foreign |  | SQM Thailand Limited |  | Thailand |  | US$ |  | Subsidiary |
Foreign |  | SQM Australia PTY |  | Australia |  | Australian dollar |  | Subsidiary |
Foreign |  | SACAL S.A. |  | Argentina |  | Argentine peso |  | Subsidiary |
96,801,610-5 |  | Comercial Hydro S.A. |  | Chile |  | US$ |  | Subsidiary |
96,651,060-9 |  | SQM Potasio S.A. |  | Chile |  | US$ |  | Subsidiary |
96,592,190-7 |  | SQM Nitratos S.A. |  | Chile |  | US$ |  | Subsidiary |
96,592,180-K |  | Ajay SQM Chile S.A. |  | Chile |  | US$ |  | Subsidiary |
As of December 31, 2017 and December 31, 2016, the detail of entities that are related parties of the SQM S.A: Group is as follows:
Tax ID No. |  | Name |  | Country of origin |  | Functional currency |  | Nature |
86,630,200-6 |  | SQMC Internacional Ltda. |  | Chile |  | Chilean peso |  | Subsidiary |
79,947,100-0 |  | SQM Industrial S.A. |  | Chile |  | US$ |  | Subsidiary |
79,906,120-1 |  | Isapre Norte Grande Ltda. |  | Chile |  | Chilean peso |  | Subsidiary |
79,876,080-7 |  | Almacenes y Depósitos Ltda. |  | Chile |  | Chilean peso |  | Subsidiary |
79,770,780-5 |  | Servicios Integrales de Tránsitos y Transferencias S.A. |  | Chile |  | US$ |  | Subsidiary |
79,768,170-9 |  | Soquimich Comercial S.A. |  | Chile |  | US$ |  | Subsidiary |
79,626,800-K |  | SQM Salar S.A. |  | Chile |  | US$ |  | Subsidiary |
78,053,910-0 |  | Proinsa Ltda. |  | Chile |  | Chilean peso |  | Subsidiary |
76,534,490-5 |  | Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A. |  | Chile |  | Chilean peso |  | Subsidiary |
76,425,380-9 |  | Exploraciones Mineras S.A. |  | Chile |  | US$ |  | Subsidiary |
76,064,419-6 |  | Comercial Agrorama Ltda. |  | Chile |  | Chilean peso |  | Subsidiary |
76,145,229-0 |  | Agrorama S.A. |  | Chile |  | Chilean peso |  | Subsidiary |
76,359,919-1 |  | Orcoma Estudios SPA |  | Chile |  | US$ |  | Subsidiary |
76,360,575-2 |  | Orcoma SPA |  | Chile |  | US$ |  | Subsidiary |
76,686,311-9 |  | SQM MaG SpA |  | Chile |  | US$ |  | Subsidiary |
Foreign |  | Abu Dhabi Fertilizer Industries WWL |  | Arab Emirates |  | Arab Emirates dirham |  | Associate |
Foreign |  | Doktor Tarsa Tarim Sanayi AS |  | Turkey |  | Turkish lira |  | Associate |
Foreign |  | Ajay North America |  | United States |  | US$ |  | Associate |
Foreign |  | Ajay Europe SARL |  | France |  | Euro |  | Associate |
Foreign |  | SQM Eastmed Turkey |  | Turkey |  | Euro |  | Associate |
Foreign |  | Charlee SQM Thailand Co. Ltd. |  | Thailand |  | Thai baht |  | Associate |
Foreign |  | Kore Potash Ltd. |  | Australia |  | US$ |  | Associate |
Foreign |  | Sichuan SQM Migao Chemical Fertilizers Co Ltda. |  | China |  | US$ |  | Joint venture |
Foreign |  | Coromandel SQM India |  | India |  | Indian rupee |  | Joint venture |
Foreign |  | SQM Vitas Fzco. |  | Arab Emirates |  | Arab Emirates dirham |  | Joint venture |
Foreign |  | SQM Star Qingdao Corp Nutrition Co., Ltd. |  | China |  | US$ |  | Joint venture |
Foreign |  | SQM Vitas Holland B.V. |  | Dutch Antilles |  | Euro |  | Joint venture |
Foreign |  | Kowa Company Ltd. |  | Japan |  | US$ |  | Joint control |
Foreign |  | Minera Exar S.A. |  | Argentina |  | US$ |  | Joint control |
96,511,530-7 |  | Sociedad de Inversiones Pampa Calichera |  | Chile |  | US$ |  | Joint control |
96,529,340-k |  | Norte Grande S.A. |  | Chile |  | Chilean peso |  | Other related parties |
79,049,778-9 |  | Callegari Agricola S.A. |  | Chile |  | Chilean peso |  | Other related parties |
Foreign |  | Coromandel Internacional |  | India |  | Indian rupee |  | Other related parties |
Foreign |  | Vitas Roullier SAS |  | France |  | Euro |  | Other related parties |
Foreign |  | SQM Vitas Brazil Agroindustria |  | Brazil |  | US$ |  | Other related parties |
Foreign |  | SQM Vitas Peru S.A.C. |  | Peru |  | US$ |  | Other related parties |
Foreign |  | SQM Vitas Plantacote B.V |  | Dutch Antilles |  | Euro |  | Other related parties |
Foreign |  | Terra Tarsa B.V.. |  | Holland |  | Euro |  | Other related parties |
Foreign |  | Plantacote N.V |  | Belgium |  | Euro |  | Other related parties |
Foreign |  | Doktolab Tarim Arastima San. Tic As |  | Turkey |  | Turkish Lira |  | Other related parties |
Foreign |  | Terra Tarsa Ukraine LLC |  | Ukraine |  | Ukrainian Grivna |  | Other related parties |
Foreign |  | Terra Tarsa Don LLC |  | Russian Federation |  | Russian ruble |  | Other related parties |
9.3 | Detail of related parties and related party transactions
Transactions between the Parent and its subsidiaries, associated businesses, joint ventures and other related parties are part of the Company's common transactions. Their conditions are those customary for this type of transactions in respect of terms and market prices. In addition, these have been eliminated in consolidation and are not detailed in this note. Maturity terms for each case vary by virtue of the transaction giving rise to them. As of December 31, 2017 and December 31, 2016, the detail of significant transactions with related parties is as follows:
Tax ID No. |  | Company |  | Nature |  | Country of origin |  | Transaction |  | 12/31/2017 |  | 12/31/2016 |  | 12/31/2015 |
|  |  |  |  |  |  |  |  |  | ThUS$ |  | ThUS$ |  | ThUS$ |
Foreign |  | Doktor Tarsa Tarim Sanayi As |  | Associate |  | Turkey |  | Sale of products |  |  | 17,538 |  |  | 11,619 |  |  | 17,842 |
Foreign |  | Ajay Europe S,A.R.L. |  | Associate |  | France |  | Sale of products |  |  | 15,706 |  |  | 17,977 |  |  | 23,545 |
Foreign |  | Ajay Europe S.A.R.L. |  | Associate |  | France |  | Dividends |  |  | 969 |  |  | 1,338 |  |  | 1,748 |
Foreign |  | Ajay North America LLC. |  | Associate |  | United States |  | Sale of products |  |  | 13,206 |  |  | 12,865 |  |  | 15,618 |
Foreign |  | Ajay North America LLC. |  | Associate |  | United States |  | Dividends |  |  | 1,123 |  |  | 2,605 |  |  | 5,185 |
Foreign |  | Abu Dhabi Fertilizer Industries WWL |  | Associate |  | United Arab Emirates |  | Sale of products |  |  | 4,351 |  |  | 8,312 |  |  | 7,902 |
Foreign |  | Charlee SQM Thailand Co. Ltd. |  | Associate |  | Thailand |  | Sale of products |  |  | 5,102 |  |  | 3,798 |  |  | 5,557 |
Foreign |  | Charlee SQM Thailand Co. Ltd. |  | Associate |  | Thailand |  | Dividends |  |  | - |  |  | - |  |  | 296 |
77,557,430-5 |  | Sales de Magnesio Ltda. |  | Associate |  | Chile |  | Sale of products |  |  | 45 |  |  | - |  |  | 1,187 |
77,557,430-5 |  | Sales de Magnesio Ltda. |  | Associate |  | Chile |  | Dividends |  |  | - |  |  | - |  |  | 286 |
77,557,430-5 |  | Sales de Magnesio Ltda. |  | Associate |  | Chile |  | Sale of services |  |  | - |  |  | - |  |  | 34 |
Foreign |  | Kowa Company Ltd. |  | Other related parties |  | Japan |  | Sale of products |  |  | 132,495 |  |  | 91,678 |  |  | 62,543 |
Foreign |  | Kowa Company Ltd. |  | Other related parties |  | Japan |  | Services received |  |  | - |  |  | - |  |  | (933) |
Foreign |  | SQM Vitas Brasil Agroindustria |  | Joint control or significant influence |  | Brazil |  | Sale of products |  |  | 31,137 |  |  | 17,686 |  |  | 32,019 |
Foreign |  | SQM Vitas Peru S.A.C. |  | Joint control or significant influence |  | Peru |  | Sale of products |  |  | 23,058 |  |  | 22,090 |  |  | 34,586 |
Foreign |  | SQM Vitas Fzco. |  | Joint venture |  | United Arab Emirates |  | Sale of products |  |  | 85 |  |  | 965 |  |  | 1,060 |
Foreign |  | Sichuan SQM Migao Chemical Fertilizers Co Ltda. |  | Joint venture |  | China |  | Sale of products |  |  | - |  |  | 9,950 |  |  | 22,624 |
Foreign |  | Sichuan SQM Migao Chemical Fertilizers Co Ltda. |  | Joint venture |  | China |  | Sale of services |  |  | 252 |  |  | 257 |  |  | - |
Foreign |  | Coromandel SQM India |  | Joint venture |  | India |  | Sale of products |  |  | 8,011 |  |  | 4,630 |  |  | 4,012 |
Foreign |  | SQM Vitas Spain |  | Joint venture |  | Spain |  | Sale of products |  |  | - |  |  | 5,528 |  |  | 8,587 |
Foreign |  | SQM Vitas Plantacote B.V. |  | Joint venture |  | Netherlands |  | Sale of products |  |  | - |  |  | 49 |  |  | 27 |
Foreign |  | SQM Star Qingdao Corp Nutrition Co., Ltd. |  | Joint venture |  | China |  | Sale of products |  |  | 200 |  |  | 166 |  |  | - |
Foreign |  | SQM Vitas Holland B.V. |  | Joint venture |  | Holland |  | Sale of products |  |  | - |  |  | 634 |  |  | - |
79.049.778-9 |  | Callegari Agrícola S.A. |  | Other related parties |  | Chile |  | Sale of products |  |  | 210 |  |  | 44 |  |  | - |
Foreign |  | Minera Exar S.A. |  | Joint venture |  | Argentina |  | Loans |  |  | 11,000 |  |  | - |  |  | - |
Foreign |  | Terra Tarsa Ukraine LLC |  | Associate |  | Turkey |  | Sale of services |  |  | 1,218 |  |  | - |  |  | - |
Foreign |  | Terra Tarsa Don LLC |  | Joint venture |  | Russian Federation |  | Sale of products |  |  | 423 |  |  | - |  |  | - |
Foreing |  | Plantacote N.V. |  | Associate |  | Belgium |  | Sale of products |  |  | 2,108 |  |  | - |  |  | - |
9.4 | Trade receivables due from related parties, current:
Tax ID N° |  | Company |  | Nature |  | Country of origin |  |  | Currency |  | 12/31/2017 |  | 12/31/2016 |
|  |  |  |  |  |  |  |  |  |  | ThUS$ |  | ThUS$ |
Foreign |  | Charlee SQM Thailand Co. Ltd. |  | Associate |  | Thailand |  |  | US$ |  |  | 1,204 |  |  | 1,315 |
Foreign |  | Ajay Europe S.A.R.L. |  | Associate |  | France |  |  | Euro |  |  | 4,689 |  |  | 3,801 |
Foreign |  | Ajay North America LLC. |  | Associate |  | United States |  |  | US$ |  |  | 2,005 |  |  | 3,095 |
Foreign |  | Abu Dhabi Fertilizer Industries WWL |  | Associate |  | United Arab Emirates |  |  | Arab Emirates dirham |  |  | 73 |  |  | 764 |
Foreign |  | Kowa Company Ltd. |  | Jointly controlled entity |  | Japan |  |  | US$ |  |  | 5,008 |  |  | 34,377 |
96,511,530-7 |  | Soc.de Inversiones Pampa Calichera |  | Jointly controlled entity |  | Chile |  |  | US$ |  |  | 6 |  |  | 6 |
Foreign |  | SQM Vitas Brasil Agroindustria |  | Joint venture |  | Brazil |  |  | US$ |  |  | 17,293 |  |  | 9,580 |
Foreign |  | SQM Vitas Peru S.A.C. |  | Joint venture |  | Peru |  |  | US$ |  |  | 13,766 |  |  | 13,318 |
Foreign |  | Coromandel SQM India |  | Joint venture |  | India |  |  | Indian rupee |  |  | 3,804 |  |  | 1,177 |
Foreign |  | Sichuan SQM Migao Chemical Fertilizers Co Ltda. |  | Joint venture |  | China |  |  | US$ |  |  | - |  |  | 14,547 |
79,049,778-9 |  | Callegari Agrícola S.A. |  | Other related parties |  | Chile |  |  | Ch$ |  |  | - |  |  | 41 |
Foreign |  | SQM Vitas Fzco. |  | Joint venture |  | United Arab Emirates |  |  | Arab Emirates dirham |  |  | - |  |  | 97 |
Foreign |  | SQM Vitas Plantacote B.V. |  | Joint venture |  | Holland |  |  | Euro |  |  | - |  |  | 91 |
Foreign |  | SQM Star Qingdao Corp Nutrition Co., Ltd. |  | Joint venture |  | China |  |  | US$ |  |  | 50 |  |  | 48 |
Foreign |  | Plantacote N.V. |  | Associate |  | Belgium |  |  | Euro |  |  | 190 |  |  | 2 |
Foreign |  | Terra Tarsa Don LLC |  | Associate |  | Russian Federation |  |  | Russian ruble |  |  | 44 |  |  |  |
Foreign |  | Minera Exar S.A. |  | Joint venture |  | Argentina |  |  | US$ |  |  | 11,000 |  |  | - |
Total |  |  |  |  |  |  |  |  |  |  |  | 59,132 |  |  | 82,259 |
| 9.5 | Trade payables due to related parties, current:
Tax ID |  |  |  |  |  | Country of |  |  |  |  |  |  |  |
No. |  | Company. |  | Nature |  | origin |  |  | Currency |  | 12/31/2017 |  | 12/31/2016 |
|  |  |  |  |  |  |  |  |  |  | ThUS$ |  | ThUS$ |
Foreign |  | Doktor Tarsa Tarim Sanayi AS |  | Associate |  | Turkey |  |  | YTL |  |  | 11 |  |  | 7 |
Foreign |  | Terra Tarsa Ukraine LLC |  | Other related parties |  | Ukraine |  |  | Ukrainian Grivna |  |  | 7 |  |  | - |
Foreign |  | SQM Star Qingdao Corp Nutrition Co., Ltd. |  | Joint venture |  | China |  |  | US$ |  |  | 725 |  |  | - |
Foreign |  | Sichuan SQM Migao Chemical Fertilizers Co Ltda. |  | Joint venture |  | China |  |  | US$ |  |  | 584 |  |  | - |
Foreign |  | SQM Vitas Fzco. |  | Joint venture |  | United Arab Emirates |  |  | Arab Emirates dirham |  |  | 38 |  |  | - |
Current Total |  |  |  |  |  |  |  |  |  |  |  | 1,365 |  |  | 7 |
9.6 | Board of Directors and Senior Management
1) Board of directors SQM S.A. is managed by a Board of Directors which is composed of 8 regular directors, 2 of whom are independent directors, who are elected for a three-year period. The present Board of Directors was elected by the shareholders at the Ordinary Shareholders' Meeting of April 28, 2017. As of December 31, 2017, the Company has the following Committees:
| - | Directors’ Committee: composed of Juan Gerardo Jofré Miranda, Fernando Massú Taré and Joanne L. Boyes. Such Committee performs the duties contained in Article 50 bis of Law No. 18.046, the Chilean “Securities Act”.
| - | Health, Safety and Environmental Matters Committee: composed of Arnfinn F. Prugger, Gonzalo Guerrero Y. and Hernán Büchi Buc.
| - | Corporate Governance Committee: composed of Robert A. Kirkpatrick, Hernán Büchi Buc and Juan Gerardo Jofré Miranda.
During the periods covered by these financial statements, there are no pending balances receivable and payable between the Company, its directors or members of Senior Management, other than those related to remuneration, fee allowances and profit-sharing. In addition, there were no transactions conducted between the Company, its directors or members of Senior Management.
2) | Directors’ Compensation
Directors’ compensation is detailed as follows:
a) | The payment of a fixed, gross and monthly amount of four hundred UF in favor of the Chairman of the Board of Directors of SQM S.A. and of two hundred UF in favor of the remaining seven Directors of SQM S.A. and regardless of the number of Board of Directors’ Meetings held or not held during the related month.
b) | A payment in domestic currency in favor of the Chairman of the Company’s Board of Directors consisting of a variable and gross amount equivalent to 0.15 % of profit for the period effectively earned by the Company during the 2017 fiscal year.
c) | A payment in domestic currency in favor of each Company’s directors excluding the Chairman of the Board, consisting of a variable and gross amount equivalent to 0.06 % of profit for the period effectively earned by the Company during the 2017 fiscal year.
d) | The fixed and variable amounts indicated above cannot be altered and those expressed in percentages will be paid after the related General Shareholders’ Meeting of SQM S.A. approves the Balance Sheet, Financial Statements, Annual Report, the Account Inspectors’ Report and Independent Auditor’s Report of SQM S.A. for the commercial year ended December 31, 2017.
e) | The amounts expressed in UF will be paid in accordance with the value determined by the Chilean Superintendence of Banks and Financial Institutions (SBIF), the Central Bank of Chile (Banco Central de Chile) or another relevant institution replacing them during the last day of the calendar year applicable. The amounts reflected in or referred to in U.S. dollars will be converted to Chilean pesos and paid in Chilean pesos in accordance with the exchange rate in force when the dividend for the 2017 fiscal year is paid.
f) | Therefore, the remunerations and profit sharing paid to members of the Board of Directors and Audit Committee during 2017 amount to ThUS$ 3,231 (ThUS$ 2,292 as of December 31, 2016).
3) | Directors’ Committee
The remuneration of the Directors Committee comprises:
a) | The payment of a fixed, gross and monthly amount of UF 75 in favor of each of the 3 directors that are members of the Directors’ Committee, regardless of the number of meetings of the Directors’ Committee that have or have not been held during the month concerned.
b) | The payment in domestic currency and in favor of each of the 3 directors of a variable and gross amount equivalent to 0.02 % of total net profit that the Company effectively obtains during the 2017 fiscal year.
c) | The fixed and variable amounts indicated above cannot be altered and those expressed in percentages will be paid after the related General Shareholders’ Meeting of SQM S.A. approves the Balance Sheet, Financial Statements, Annual Report, the Account Inspectors’ Report and Independent Auditor’s Report of SQM S.A. for the commercial year ended December 31, 2017.
d) | The amounts expressed in UF will be paid in accordance with the value determined by the Chilean Superintendence of Banks and Financial Institutions (SBIF), the Central Bank of Chile (Banco Central de Chile) or another relevant institution replacing them during the last day of the calendar year applicable. The amounts reflected in or referred to in U.S. dollars will be converted to Chilean pesos and paid in Chilean pesos in accordance with the exchange rate in force when the dividend for the 2017 fiscal year is paid.
4) | Health, Safety and Environmental Matters Committee:
The remuneration for this committee is composed of the payment of a fixed, gross and monthly amount of UF 50 for each of the 3 Directors on the committee, regardless of the number of meetings it has held.
5) | Corporate Governance Committee
The remuneration for this committee is composed of the payment of a fixed, gross and monthly amount of UF 50 for each of the 3 Directors on the committee regardless of the number of meetings it has held.
6) | No guarantees have been constituted in favor of the directors.
7) | Senior management compensation:
a) | As of December 31, 2017, the global compensation paid to the 115 main executives amounts to ThUS$ 27,367 and the global compensation paid to the 105 main executives as of December 31, 2016 amounted to ThUS$ 20,439 . This includes monthly fixed salary and variable performance bonuses.
b) | SQM S.A. has an annual bonus plan based on goal achievement and individual contribution to the Company’s results. These incentives are structured as a minimum and maximum number of gross monthly salaries and are paid once a year.
c) | The Company also has retention bonuses for its executives. The value of these bonuses is linked to the Company's stock price and is payable in cash during the first quarter of 2021 (see Note 16).
8) | No guarantees have been constituted in favor of the Company’s management.
9) | The Company’s Managers and Directors do not receive or have not received any benefit during the period ended December 31, 2017 and the year ended December 31, 2016 or compensation for the concept of pensions, life insurance, paid time off, profit sharing, incentives, or benefits due to disability other than those mentioned in the preceding points.
9.7 Key management personnel compensation As of December 31, 2017, there are 115 people occupying key management personnel posts (there were 105 as of December 31, 2016).
|  | 12/31/2017 |  | 12/31/2016 |
|  | ThUS$ |  | ThUS$ |
Key management personnel compensation (1) |  |  | 27,367 |  |  | 20,439 |
| (1) | Corresponds to a number of executives (see Note 9.7 6) b).

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