Other reports

Individual disclosure of the compensation of the Executive Board

Compensation awarded or due to current members of the Executive Board in fiscal 2023

In accordance with section 162 (1) of the German Stock Corporation Act (AktG), the compensation awarded or due to each member of the Executive Board in fiscal 2023 and the respective relative share of total compensation are presented transparently in the tables below. This includes all compensation elements that were paid out or became legally due in fiscal 2023.

To ensure a transparent presentation of the relation between business performance and the resulting compensation, variable compensation for fiscal 2023 is also disclosed on a voluntary basis, with the variable compensation components being allocated to the year in which the final performance was rendered, irrespective of the actual date of payment or the legal due date. Owing to the introduction of the holding period, the performance cycle of the LTIP tranche 2021 will run until December 31, 2024. We will report about the performance of the LTIP tranche 2021 for the first time on a voluntary basis in the Compensation Report 2024.

To provide a complete picture of the total compensation of the Executive Board members, pension expense is also reported on a voluntary basis.

The compensation of the current members of the Executive Board is shown in the following tables.

In fiscal year 2023 pursuant to section 162 AktG

 

For fiscal year 2023 as voluntary disclosure

Base salary

Additional benefits

Profit sharing for fiscal year 2022, payout in fiscal year 2023:
– Payout in cash
– Investment (in shares; 4-year holding period according to Share Ownership Guideline)

 

Profit sharing for fiscal year 2023, payout in fiscal year 2024:
– Payout in cash
– Investment (in shares; 4-year holding period according to Share Ownership Guideline)

LTIP tranche 2020 (Jan 1, 2020-Dec 31, 2022), payout was in fiscal year 2023

 

 

Other compensation

Service cost as voluntary disclosure

The figures presented in the tables have been rounded in accordance with standard commercial practice. As a result, the individual values may not add up to the totals presented.

Compensation awarded or due

 

 

Belén Garijo
Chair of the Executive Board
(since May 1, 2021; previously member of the Executive Board)

 

 

In the fiscal year
(pursuant to section 162 AktG)

 

For the fiscal year
(voluntary disclosure)

 

 

2023

 

2022

 

2023

 

2022

 

 

€ thousand

 

in %

 

€ thousand

 

€ thousand

 

€ thousand

Base salary

 

1,500

 

15.2%

 

1,500

 

1,500

 

1,500

Additional benefits

 

89

 

0.9%

 

91

 

89

 

91

 

 

 

 

 

 

 

 

 

 

 

Profit sharing

 

 

 

 

 

 

 

 

 

 

Profit sharing 2021

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

2,447

 

–

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

1,224

 

–

 

–

Profit sharing 2022

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

2,927

 

29.6%

 

–

 

–

 

2,927

Investment
(in shares; 4-year holding period)

 

1,463

 

14.8%

 

–

 

–

 

1,463

Profit sharing 2023

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

–

 

3,058

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

–

 

1,529

 

–

LTIP1

 

 

 

 

 

 

 

 

 

 

LTI 2019 (2019 to 2021)

 

–

 

39.5%

 

4,629

 

–

 

–

LTI 2020 (2020 to 2022)

 

3,910

 

 

–

 

–

 

3,910

 

 

 

 

 

 

 

 

 

 

 

Others

 

–

 

–

 

–

 

–

 

–

Compensation awarded or due pursuant
to section 162 AktG

 

9,889

 

100.0%

 

9,891

 

–

 

–

Compensation for the fiscal year

 

–

 

–

 

–

 

6,176

 

9,891

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

638

 

–

 

638

 

638

 

638

Total compensation incl. service cost

 

10,527

 

–

 

10,529

 

6,814

 

10,529

1

Reduction of LTI 2019 and LTI 2020 payout due to maximum amount of direct compensation.

 

 

Kai Beckmann
Member of the Executive Board

 

 

In the fiscal year
(pursuant to section 162 AktG)

 

For the fiscal year
(voluntary disclosure)

 

 

2023

 

2022

 

2023

 

2022

 

 

€ thousand

 

in %

 

€ thousand

 

€ thousand

 

€ thousand

Base salary

 

1,200

 

15%

 

1,200

 

1,200

 

1,200

Additional benefits

 

22

 

0.3%

 

16

 

22

 

16

 

 

 

 

 

 

 

 

 

 

 

Profit sharing

 

 

 

 

 

 

 

 

 

 

Profit sharing 2021

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

1,903

 

–

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

951

 

–

 

–

Profit sharing 2022

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

2,128

 

27.2%

 

–

 

–

 

2,128

Investment
(in shares; 4-year holding period)

 

1,064

 

13.6%

 

–

 

–

 

1,064

Profit sharing 2023

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

–

 

2,222

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

–

 

1,111

 

–

LTIP

 

 

 

 

 

 

 

 

 

 

LTI 2019 (2019 to 2021)

 

–

 

43.6%

 

3,825

 

–

 

–

LTI 2020 (2020 to 2022)

 

3,406

 

 

–

 

–

 

3,406

 

 

 

 

 

 

 

 

 

 

 

Others

 

–

 

–

 

–

 

–

 

–

Compensation awarded or due pursuant
to section 162 AktG

 

7,820

 

100.0%

 

7,895

 

–

 

–

Compensation for the fiscal year

 

–

 

–

 

–

 

4,555

 

7,814

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

435

 

–

 

439

 

435

 

439

Total compensation

 

8,255

 

–

 

8,334

 

4,990

 

8,253

 

 

Peter Guenter
Member of the Executive Board
(since January 1, 2021)

 

 

In the fiscal year
(pursuant to section 162 AktG)

 

For the fiscal year
(voluntary disclosure)

 

 

2023

 

2022

 

2023

 

2022

 

 

€ thousand

 

in %

 

€ thousand

 

€ thousand

 

€ thousand

Base salary

 

1,200

 

23.3%

 

1,200

 

1,200

 

1,200

Additional benefits

 

17

 

0.3%

 

21

 

17

 

21

 

 

 

 

 

 

 

 

 

 

 

Profit sharing

 

 

 

 

 

 

 

 

 

 

Profit sharing 2021

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

2,110

 

–

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

1,055

 

–

 

–

Profit sharing 2022

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

2,368

 

46.0%

 

–

 

–

 

2,368

Investment
(in shares; 4-year holding period)

 

1,184

 

23.0%

 

–

 

–

 

1,184

Profit sharing 2023

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

–

 

2,475

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

–

 

1,237

 

–

LTIP

 

 

 

 

 

 

 

 

 

 

LTI 2019 (2019 to 2021)

 

–

 

–

 

–

 

–

 

–

LTI 2020 (2020 to 2022)

 

–

 

 

–

 

–

 

–

 

 

 

 

 

 

 

 

 

 

 

Others

 

375

 

7.3%

 

375

 

375

 

375

Compensation awarded or due pursuant
to section 162 AktG

 

5,144

 

100.0%

 

4,761

 

–

 

–

Compensation for the fiscal year

 

–

 

–

 

–

 

5,304

 

5,148

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

435

 

–

 

437

 

435

 

437

Total compensation

 

5,579

 

–

 

5,198

 

5,739

 

5,585

 

 

Matthias Heinzel
Member of the Executive Board
(since April 1, 2021)

 

 

In the fiscal year
(pursuant to section 162 AktG)

 

For the fiscal year
(voluntary disclosure)

 

 

2023

 

2022

 

2023

 

2022

 

 

€ thousand

 

in %

 

€ thousand

 

€ thousand

 

€ thousand

Base salary

 

1,200

 

25.2%

 

1,200

 

1,200

 

1,200

Additional benefits

 

16

 

0.3%

 

12

 

16

 

12

 

 

 

 

 

 

 

 

 

 

 

Profit sharing

 

 

 

 

 

 

 

 

 

 

Profit sharing 2021

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

1,590

 

–

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

795

 

–

 

–

Profit sharing 2022

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

2,368

 

49.7%

 

–

 

–

 

2,368

Investment
(in shares; 4-year holding period)

 

1,184

 

24.8%

 

–

 

–

 

1,184

Profit sharing 2023

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

–

 

2,475

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

–

 

1,237

 

–

LTIP

 

 

 

 

 

 

 

 

 

 

LTI 2019 (2019 to 2021)

 

–

 

–

 

–

 

–

 

–

LTI 2020 (2020 to 2022)

 

–

 

 

–

 

–

 

–

 

 

 

 

 

 

 

 

 

 

 

Others

 

–

 

–

 

–

 

–

 

–

Compensation awarded or due pursuant
to section 162 AktG

 

4,768

 

100.0%

 

3,597

 

–

 

–

Compensation for the fiscal year

 

–

 

–

 

–

 

4,928

 

4,764

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

454

 

–

 

462

 

454

 

462

Total compensation

 

5,222

 

–

 

4,059

 

5,382

 

5,226

 

 

Marcus Kuhnert
Member of the Executive Board
(until June 30, 2023)

 

 

In the fiscal year
(pursuant to section 162 AktG)

 

For the fiscal year
(voluntary disclosure)

 

 

2023

 

2022

 

2023

 

2022

 

 

€ thousand

 

in %

 

€ thousand

 

€ thousand

 

€ thousand

Base salary

 

600

 

9.1%

 

1,200

 

600

 

1,200

Additional benefits

 

26

 

0.4%

 

26

 

26

 

26

 

 

 

 

 

 

 

 

 

 

 

Profit sharing

 

 

 

 

 

 

 

 

 

 

Profit sharing 2021

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

1,769

 

–

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

885

 

–

 

–

Profit sharing 2022

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

1,995

 

30.4%

 

–

 

–

 

1,995

Investment
(in shares; 4-year holding period)

 

998

 

15.2%

 

–

 

–

 

998

Profit sharing 2023

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

–

 

1,044

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

–

 

522

 

–

LTIP

 

 

 

 

 

 

 

 

 

 

LTI 2019 (2019 to 2021)

 

–

 

44.8%

 

3,300

 

–

 

–

LTI 2020 (2020 to 2022)

 

2,939

 

 

–

 

–

 

2,939

 

 

 

 

 

 

 

 

 

 

 

Others

 

–

 

–

 

–

 

–

 

–

Compensation awarded or due pursuant
to section 162 AktG

 

6,558

 

100.0%

 

7,180

 

–

 

–

Compensation for the fiscal year

 

–

 

–

 

–

 

2,193

 

7,158

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

396

 

–

 

401

 

396

 

401

Total compensation

 

6,954

 

–

 

7,581

 

2,589

 

7,559

 

 

Helene von Roeder
Member of the Executive Board
(since July 1, 2023)

 

 

In the fiscal year
(pursuant to section 162 AktG)

 

For the fiscal year
(voluntary disclosure)

 

 

2023

 

2022

 

2023

 

2022

 

 

€ thousand

 

in %

 

€ thousand

 

€ thousand

 

€ thousand

Base salary

 

600

 

98.5%

 

–

 

600

 

–

Additional benefits

 

9

 

1.5%

 

–

 

9

 

–

 

 

 

 

 

 

 

 

 

 

 

Profit sharing

 

 

 

 

 

 

 

 

 

 

Profit sharing 2021

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

–

 

–

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

–

 

–

 

–

Profit sharing 2022

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

–

 

–

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

–

 

–

 

–

Profit sharing 2023

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

–

 

1,044

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

–

 

522

 

–

LTIP

 

 

 

 

 

 

 

 

 

 

LTI 2019 (2019 to 2021)

 

–

 

–

 

–

 

–

 

–

LTI 2020 (2020 to 2022)

 

–

 

 

–

 

–

 

–

 

 

 

 

 

 

 

 

 

 

 

Others1

 

–

 

–

 

–

 

953

 

–

Compensation awarded or due pursuant
to section 162 AktG

 

609

 

100.0%

 

–

 

–

 

–

Compensation for the fiscal year

 

–

 

–

 

–

 

3,128

 

–

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

268

 

–

 

–

 

268

 

–

Total compensation

 

877

 

–

 

–

 

3,396

 

–

1

Compensation payment for short-term variable remuneration (€ 257 thousand) and long-term variable remuneration (provision of € 696 thousand; final calculation and payment in 2027).

Compensation awarded or due to former members of the Executive Board in the fiscal year

The compensation awarded or due to former members of the Executive Board during the fiscal year is also presented below. Tranches of the LTIP already allocated before a member of the Executive Board left the company continue to run until the end of the originally contractually agreed term and are settled and paid out after the end of the performance period. In addition, some members who have already left the Executive Board receive fixed payments from pension plans.

The following tables show the compensation awarded or due to former members of the Executive Board in fiscal 2023 in accordance with section 162 (1) AktG and the respective relative share of total compensation. Compensation awarded or due includes all amounts received by the former members of the Executive Board in the fiscal year (compensation awarded) or all amounts legally due but not yet received (compensation due). For former members of the Executive Board who left the Executive Board in the last ten years, the information is indicated by name. In accordance with the provisions of section 162 (5) AktG, no personal information is provided on former members of the Executive Board who left the Executive Board more than ten years ago, i.e. before December 31, 2012.

Compensation awarded or due

 

 

Marcus Kuhnert
Member of the Executive Board
(until June 30, 2023)

 

 

2023

 

2022

 

 

in Tsd. €

 

in %

 

in Tsd. €

Others (waiting allowance)

 

600

 

100.0%

 

–

Compensation awarded or due pursuant to section 162 AKtG

 

600

 

100.0%

 

–

 

 

Stefan Oschmann
Chair of the Executive Board
(until April 30, 2021)

 

 

2023

 

2022

 

 

€ thousand

 

in %

 

€ thousand

Profit sharing

 

 

 

 

 

 

Profit sharing 2021

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

858

Investment
(in shares; 4-year holding period)

 

–

 

–

 

429

LTIP

 

 

 

 

 

 

LTI 2019 (2019 bis 2021)

 

–

 

55.5%

 

4,377

LTI 2020 (2020 bis 2022)

 

2,226

 

 

–

 

 

 

 

 

 

 

Others

 

1,166

 

29.1%

 

3,953

Pensions

 

619

 

15.4%

 

572

Compensation awarded or due pursuant to section 162 AKtG

 

4,011

 

100.0%

 

10,189

 

 

Udit Batra
Member of the Executive Board
(until July 13, 2020)

 

 

2023

 

2022

 

 

€ thousand

 

in %

 

€ thousand

LTIP

 

 

 

 

 

 

LTI 2019 (2019 to 2021)

 

–

 

100.0%

 

2,131

LTI 2020 (2020 to 2022)

 

633

 

 

–

 

 

 

 

 

 

 

Others

 

–

 

–

 

–

Pension

 

–

 

–

 

–

Compensation awarded or due pursuant to section 162 AKtG

 

633

 

100.0%

 

2,131

 

 

Walter Galinat
Member of the Executive Board
(until September 30, 2018)

 

 

2023

 

2022

 

 

€ thousand

 

in %

 

€ thousand

LTIP

 

 

 

 

 

 

LTI 2019 (2019 to 2021)

 

–

 

–

 

361

 

 

 

 

 

 

 

Others

 

–

 

–

 

–

Pension

 

154

 

100.0%

 

334

Compensation awarded or due pursuant to section 162 AKtG

 

154

 

100.0%

 

695

Former members of the Executive Board who only received pension payments in fiscal 2023 are shown in the following table. The compensation awarded or due in fiscal 2023 in accordance with section 162 (1) AktG consists entirely of non-performance-related compensation elements.

Pension payments

€ thousand

 

2023

 

2022

Karl-Ludwig Kley

 

756

 

695

Bernd Reckmann

 

443

 

443

Payments to former members of the Executive Board and their surviving dependents

Payments to former members of the Executive Board and their surviving dependents are made in the form of pension payments, as a temporary continuation of the basic salary in the event of death, as part of the profit-sharing and the LTIP, as well as compensation for a post-contractual non-compete clause. In the 2023 financial year, they amounted to € 14.4 million (previous year: € 21.7 million). Provisions for defined benefit pension commitments in accordance with IAS 19 amounted to € 123.8 million as of December 31, 2023 (December 31, 2022: € 123.1 million).

Compliance with the defined maximum compensation

The maximum compensation limits the compensation awarded or due in the fiscal year, i.e. the total of all non-performance-related and performance-related compensation elements awarded or due in a fiscal year. Pension payments are not included in the maximum compensation.

The maximum compensation for the fiscal year is € 11,500,000 for the Chair of the Executive Board and € 9,500,000 each for ordinary members of the Executive Board. The sum of the compensation awarded or due in accordance with section 162 AktG less any pension payments and plus pension expenses is below the defined maximum compensation in accordance with section 87a AktG for all members of the Executive Board.

In addition to the maximum compensation, there is a separate contractually agreed payment cap for each of the performance-related compensation elements. A maximum amount has been set for the amount of profit sharing for all members of the Executive Board (please find more details in the paragraph “profit sharing”). The payout from the Long-Term Incentive Plan cannot exceed 2.5 times the individual award value, even in cases of exceptional performance.

In addition, there is a contractually agreed maximum limit on the direct compensation, i.e. the sum of base salary, profit-sharing, and LTIP. In this context, it is stipulated that capping, if necessary, shall be applied first to the LTIP and then to profit sharing. To ensure compliance with this cap, the 2020 LTIP payment for Belén Garijo was reduced accordingly by € 476,514 thousand.

Compliance with the defined maximum compensation is ensured by the Personnel Committee setting the amounts of the variable compensation components by resolution. The defined maximum compensation and the maximum limit for the direct compensation of the members of the Executive Board are shown in the following table.

Overall compensation limit

€ thousand

 

Maximum limit for Direct Compensation

 

Maximum compensation pursuant to section 87a AktG

Belén Garijo

 

9,800

 

11,500

Kai Beckmann

 

8,000

 

9,500

Peter Guenter

 

8,000

 

9,500

Matthias Heinzel

 

8,000

 

9,500

Marcus Kuhnert (until June 30, 2023)

 

8,000

 

9,500

Helene von Roeder (since July 1, 2023)

 

8,000

 

9,500

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