52. Management Board and Supervisory Board
Remuneration of members of the Management Board in financial year 2020/21
The remuneration of the active members of the Management Board essentially consists of a fixed salary, a short-term variable remuneration component (short-term incentive and special bonuses), as well as the long-term variable remuneration (long-term incentive) granted in financial year 2020/21.
The short-term incentive for members of the Management Board is essentially determined by the development of financial performance targets related to that financial year and also considers the target achievement of agreed-upon key topics.
The remuneration of the active members of the Management Board in financial year 2020/21 amounts to €12.6 million (2019/20: €11.5 million). This includes €3.7 million (2019/20: €3.8 million) in fixed salaries, €5.4 million (2019/20: €2.1 million) in short-term variable remuneration, €3.0 million (2019/20: €5.1 million) in share-based long-term variable remuneration and €0.5 million (2019/20: €0.5 million) in non-monetary and supplemental benefits.
The share-based long-term variable remuneration (performance cash plan) granted in financial year 2020/21 is recognised at fair value.
In financial year 2020/21, value adjustments resulted from the current tranches of long-term variable remuneration. The company’s expenses amounted to €0.719 million for Christian Baier, €0.761 million for Andrea Euenheim and €0.846 million each for Rafael Gasset and Eric Poirier. The amount for Olaf Koch was €1.056 million. In financial year 2020/21, provisions of €0.082 million were released.
As of 30 September 2021, the provisions totalled €6.108 million. €0.87 million thereof is attributable to Christian Baier, €0.89 million to Andrea Euenheim, €0.99 million each to Rafael Gasset and Eric Poirier, as well as €2.36 million to former members of the Management Board.
Expenses and provisions were determined by external experts using a recognised financial mathematical procedure.
An agreement was reached with Olaf Koch in financial year 2019/20 for early termination of his employment contract with effect from the end of 31 December 2020. The short-term incentive until 31 December 2020 will be paid to Olaf Koch in accordance with the agreement. The tranches of the long-term incentive already granted to Olaf Koch remain in place and will be settled in accordance with the terms of the plan. He will not receive a severance payment.
In financial year 2020/21, no loans were granted to members of the Management Board, nor were there any loan agreements from previous years.
Total remuneration of former members of the Management Board
There are congruent, reinsured liabilities from pension provisions covered by life insurance contracts of €12.4 million towards former members of the Management Board.
- Individual versions of the disclosures released pursuant to § 314 Section 1 No. 6a Sentences 5 to 8 of the German Commercial Code can be found in chapter 6 Remuneration report in the combined management report.
Remuneration of members of the Supervisory Board
The total remuneration of all members of the Supervisory Board in financial year 2020/21 amounted to €2.3 million (2019/20: €2.2 million).
In financial year 2020/21, no loans were granted to members of the Supervisory Board, nor were there any loan agreements from previous years.
- For more information about the remuneration of the members of the Supervisory Board, see chapter 6 Remuneration report in the combined management report.