Other reports

Individual disclosure of the compensation of the Executive Board

Compensation awarded or due to current members of the Executive Board in the fiscal year 2022

In accordance with the revised section 162 (1) of the German Stock Corporation Act (AktG), the compensation awarded or due to each member of the Executive Board in fiscal year 2022 and the respective relative share of total compensation are presented transparently in the tables below. This includes all compensation elements which were paid out or became legally due in fiscal year 2022.

To ensure a transparent presentation of the relation between business performance and the resulting compensation, compensation for fiscal year 2022 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.

In order 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 2022 pursuant to Section 162 AktG

 

For fiscal year 2022 as voluntary disclosure

Base salary

Additional benefits

Profit sharing for fiscal year 2021, payout in fiscal year 2022:
– Payout in cash
– Investment (in shares; 4-year holding period according to Share Ownership Guideline)

 

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)

LTIP tranche 2019 (Jan 1, 2019-Dec 31, 2021),
payout was in fiscal year 2022

 

LTIP tranche 2020 (Jan 1, 2020-Dec. 31, Dec 2022),
payout will be in fiscal year 20231

Other compensation

Service cost as voluntary disclosure

1

Subject to verification of compliance with the maximum compensation

The figures presented in the table have been rounded in accordance with standard commercial practice. This may lead to the consequence that individual values cannot be added to the totals.

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)

 

 

2022

 

2021

 

2022

 

2021

 

 

€ thousand

 

in %

 

€ thousand

 

€ thousand

 

€ thousand

Base salary

 

1,500

 

15%

 

1,433

 

1,500

 

1,433

Additional benefits

 

91

 

1%

 

169

 

91

 

169

 

 

 

 

 

 

 

 

 

 

 

Profit sharing

 

 

 

 

 

 

 

 

 

 

Profit sharing 2020

 

–

 

 

 

3,299

 

–

 

–

Profit sharing 2021

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

2,447

 

25%

 

–

 

–

 

2,447

Investment
(in shares; 4-year holding period)

 

1,224

 

12%

 

–

 

–

 

1,224

Profit sharing 2022

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

–

 

2,927

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

–

 

1,463

 

–

LTIP1

 

 

 

 

 

 

 

 

 

 

LTI 2018 (2018 to 2020)

 

–

 

47%

 

3,196

 

–

 

–

LTI 2019 (2019 to 2021)

 

4,629

 

 

–

 

–

 

4,629

LTI 2020 (2020 to 2022)

 

–

 

 

–

 

3,910

 

–

 

 

 

 

 

 

 

 

 

 

 

Others

 

–

 

–

 

–

 

–

 

–

Compensation awarded or due pursuant to § 162 AktG

 

9,891

 

100%

 

8,097

 

–

 

–

Compensation for the fiscal year

 

–

 

–

 

–

 

9,891

 

9,902

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

638

 

–

 

572

 

638

 

572

Total compensation incl. service cost

 

10,529

 

–

 

8,669

 

10,529

 

10,474

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)

 

 

2022

 

2021

 

2022

 

2021

 

 

€ thousand

 

in %

 

€ thousand

 

€ thousand

 

€ thousand

Base salary

 

1,200

 

15%

 

1,200

 

1,200

 

1,200

Additional benefits

 

16

 

0%

 

30

 

16

 

30

 

 

 

 

 

 

 

 

 

 

 

Profit sharing

 

 

 

 

 

 

 

 

 

 

Profit sharing 2020

 

–

 

–

 

2,640

 

–

 

–

Profit sharing 2021

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

1,903

 

24%

 

–

 

–

 

1,903

Investment
(in shares; 4-year holding period)

 

951

 

12%

 

–

 

–

 

951

Profit sharing 2022

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

–

 

2,128

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

–

 

1,064

 

–

LTIP

 

 

 

 

 

 

 

 

 

 

LTI 2018 (2018 to 2020)

 

–

 

48%

 

2,444

 

–

 

–

LTI 2019 (2019 to 2021)

 

3,825

 

 

–

 

–

 

3,825

LTI 2020 (2020 to 2022)

 

–

 

 

–

 

3,406

 

–

 

 

 

 

 

 

 

 

 

 

 

Others

 

–

 

–

 

–

 

–

 

–

Compensation awarded or due pursuant to § 162 AktG

 

7,895

 

100%

 

6,314

 

–

 

–

Compensation for the fiscal year

 

–

 

–

 

–

 

7,815

 

7,909

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

439

 

–

 

441

 

439

 

441

Total compensation

 

8,334

 

–

 

6,755

 

8,254

 

8,350

 

 

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)

 

 

2022

 

2021

 

2022

 

2021

 

 

€ thousand

 

in %

 

€ thousand

 

€ thousand

 

€ thousand

Base salary

 

1,200

 

25%

 

1,200

 

1,200

 

1,200

Additional benefits1

 

21

 

0%

 

95

 

21

 

95

 

 

 

 

 

 

 

 

 

 

 

Profit sharing

 

 

 

 

 

 

 

 

 

 

Profit sharing 2020

 

–

 

–

 

–

 

–

 

–

Profit sharing 2021

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

2,110

 

44%

 

–

 

–

 

2,110

Investment
(in shares; 4-year holding period)

 

1,055

 

22%

 

–

 

–

 

1,055

Profit sharing 2022

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

–

 

2,368

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

–

 

1,184

 

–

LTIP

 

 

 

 

 

 

 

 

 

 

LTI 2018 (2018 to 2020)

 

–

 

–

 

–

 

–

 

–

LTI 2019 (2019 to 2021)

 

–

 

 

–

 

–

 

–

LTI 2020 (2020 to 2022)

 

–

 

 

–

 

–

 

–

 

 

 

 

 

 

 

 

 

 

 

Others

 

375

 

8%

 

375

 

375

 

375

Compensation awarded or due pursuant to § 162 AktG

 

4,761

 

100%

 

1,670

 

–

 

–

Compensation for the fiscal year

 

–

 

–

 

–

 

5,148

 

4,835

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

437

 

–

 

452

 

437

 

452

Total compensation

 

5,198

 

–

 

2,122

 

5,585

 

5,287

1

In fiscal year 2021, Peter Guenter received the amount of € 62,168 connected to his relocation to Germany.

 

 

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)

 

 

2022

 

2021

 

2022

 

2021

 

 

€ thousand

 

in %

 

€ thousand

 

€ thousand

 

€ thousand

Base salary

 

1,200

 

33%

 

900

 

1,200

 

900

Additional benefits

 

12

 

0%

 

25

 

12

 

25

 

 

 

 

 

 

 

 

 

 

 

Profit sharing

 

 

 

 

 

 

 

 

 

 

Profit sharing 2020

 

–

 

–

 

–

 

–

 

–

Profit sharing 2021

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

1,590

 

44%

 

–

 

–

 

1,590

Investment
(in shares; 4-year holding period)

 

795

 

22%

 

–

 

–

 

795

Profit sharing 2022

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

–

 

2,368

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

–

 

1,184

 

–

LTIP

 

 

 

 

 

 

 

 

 

 

LTI 2018 (2018 to 2020)

 

–

 

–

 

–

 

–

 

–

LTI 2019 (2019 to 2021)

 

–

 

 

–

 

–

 

–

LTI 2020 (2020 to 2022)

 

–

 

 

–

 

–

 

–

 

 

 

 

 

 

 

 

 

 

 

Others

 

–

 

–

 

–

 

–

 

–

Compensation awarded or due pursuant to § 162 AktG

 

3,597

 

100%

 

925

 

–

 

–

Compensation for the fiscal year

 

–

 

–

 

–

 

4,764

 

3,310

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

462

 

–

 

387

 

462

 

387

Total compensation

 

4,059

 

–

 

1,312

 

5,226

 

3,697

 

 

Marcus Kuhnert
Member of the Executive Board

 

 

In the fiscal year
(pursuant to Section 162 AktG)

 

For the fiscal year
(voluntary disclosure)

 

 

2022

 

2021

 

2022

 

2021

 

 

€ thousand

 

in %

 

€ thousand

 

€ thousand

 

€ thousand

Base salary

 

1,200

 

17%

 

1,200

 

1,200

 

1,200

Additional benefits

 

26

 

0%

 

42

 

26

 

42

 

 

 

 

 

 

 

 

 

 

 

Profit sharing

 

 

 

 

 

 

 

 

 

 

Profit sharing 2020

 

–

 

–

 

2,640

 

–

 

–

Profit sharing 2021

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

1,769

 

25%

 

–

 

–

 

1,769

Investment
(in shares; 4-year holding period)

 

885

 

12%

 

–

 

–

 

885

Profit sharing 2022

 

 

 

 

 

 

 

 

 

 

Payout in cash

 

–

 

–

 

–

 

1,995

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

–

 

998

 

–

LTIP

 

 

 

 

 

 

 

 

 

 

LTI 2018 (2018 to 2020)

 

–

 

46%

 

2,256

 

–

 

–

LTI 2019 (2019 to 2021)

 

3,300

 

 

–

 

–

 

3,300

LTI 2020 (2020 to 2022)

 

–

 

 

–

 

2,939

 

–

 

 

 

 

 

 

 

 

 

 

 

Others

 

–

 

–

 

–

 

–

 

–

Compensation awarded or due pursuant to § 162 AktG

 

7,180

 

100%

 

6,138

 

–

 

–

Compensation for the fiscal year

 

–

 

–

 

–

 

7,157

 

7,196

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

401

 

–

 

406

 

401

 

406

Total compensation

 

7,581

 

–

 

6,544

 

7,558

 

7,602

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 year 2022 in accordance with section 162 (1) of the German Stock Corporation Act (AktG) and the respective relative share of total compensation. For former members of the Executive Board who left the Executive Board in the last ten years, the information is given by name. In accordance with the provisions of Section 162 (5) of the German Stock Corporation Act (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

 

 

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

 

 

2022

 

2021

 

 

€ thousand

 

in %

 

€ thousand

Base salary

 

–

 

–

 

500

Additional benefits

 

–

 

–

 

13

 

 

 

 

 

 

 

Profit sharing

 

 

 

 

 

 

Profit sharing 2020

 

–

 

–

 

4,069

Profit sharing 2021

 

 

 

 

 

 

Payout in cash

 

858

 

8%

 

–

Investment
(in shares; 4-year holding period)

 

429

 

4%

 

–

LTIP

 

 

 

 

 

 

LTI 2018 (2018 bis 2020)

 

–

 

43%

 

3,854

LTI 2019 (2019 bis 2021)

 

4,377

 

 

–

 

 

 

 

 

 

 

Others

 

3,953

 

39%

 

2,745

Pensions

 

572

 

6%

 

373

Compensation awarded or due pursuant to § 162 AKtG

 

10,189

 

100%

 

11,554

 

 

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

 

 

2022

 

2021

 

 

€ thousand

 

in %

 

€ thousand

Base salary

 

–

 

–

 

–

Additional benefits

 

–

 

–

 

–

 

 

 

 

 

 

 

Profit sharing

 

–

 

 

 

–

Profit sharing 2020

 

–

 

–

 

1,364

Profit sharing 2021

 

–

 

 

 

–

Payout in cash

 

–

 

–

 

–

Investment
(in shares; 4-year holding period)

 

–

 

–

 

–

LTIP

 

–

 

 

 

–

LTI 2018 (2018 to 2020)

 

–

 

100%

 

2,428

LTI 2019 (2019 to 2021)

 

2,131

 

 

–

 

 

 

 

 

 

 

Others

 

–

 

–

 

–

Pension

 

–

 

–

 

–

Compensation awarded or due pursuant to § 162 AKtG

 

2,131

 

100%

 

3,792

 

 

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

 

 

2022

 

2021

 

 

€ thousand

 

in %

 

€ thousand

LTIP

 

 

 

 

 

 

LTI 2018 (2018 to 2020)

 

–

 

52%

 

998

LTI 2019 (2019 to 2021)

 

361

 

 

–

 

 

 

 

 

 

 

Others

 

–

 

–

 

–

Pension

 

334

 

48%

 

313

Compensation awarded or due pursuant to § 162 AKtG

 

695

 

100%

 

1,311

Former members of the Executive Board who only received pension payments in the 2022 fiscal year are shown in the following table. The compensation granted and owed in the 2022 fiscal year in accordance with section 162 (1) AktG consists entirely of non-performance-related compensation elements.

Pension payments

€ thousand

 

2022

 

2021

Karl-Ludwig Kley

 

695

 

630

Bernd Reckmann

 

443

 

459

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 of the German Stock Corporation Act (AktG) less any pension payments and plus pension expenses is below the defined maximum compensation in accordance with section 87a of the German Stock Corporation Act (AktG) for all members of the Executive Board.

In addition to the maximum compensation, there is a separate 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 the case 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 LTI. In this context, it is stipulated that capping, if necessary, shall be applied first to the LTI and then to profit sharing. To ensure compliance with this cap, the 2019 LTIP payment for Belén Garijo was reduced by € 46 thousands accordingly.

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

 

8,000

 

9,500

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