6 Remuneration report
The remuneration report describes the remuneration system for the Management Board and the Supervisory Board in accordance with the statutory provisions of the German Commercial Code and the recommendations of the German Corporate Governance Code. It depicts the remuneration amount of the members of the Management Board and the Supervisory Board in individualised form and according to remuneration components. The report also complies with the applicable accounting standards for capital market-oriented companies according to GAS and IFRS.
The Supervisory Board of METRO AG decides on the remuneration system for the Management Board and reviews it on a regular basis. The Presidential Committee, chaired by the Chairman of the Supervisory Board, prepares the proposed resolutions for the full Supervisory Board. The remuneration system which applies to financial year 2020/21 was approved by the Supervisory Board of METRO AG in financial year 2019/20 at its meeting on 24 September 2020 and submitted to the Annual General Meeting on 19 February 2021 for approval. The remuneration system was approved by the Annual General Meeting with 90.15% of the votes cast.