On 22 September 2022, the Supervisory Board resolved to revamp the remuneration system for the members of the Management Board, which was approved by the Annual General Meeting on 19 February 2021. The goal is to incentivise the long-term and sustainable implementation of the corporate strategy as directly as possible.
The changes concern the long-term incentive (LTI):
- the LTI plan type remains unchanged as a performance cash plan;
- the LTI performance parameters are (i) Business Transformation at 40%, (ii) Free Cash Flow at 40% and (iii) Sustainability (Environment/Social/Governance, ESG) at 20%.
This revamped remuneration system for the members of the Management Board will be submitted for approval to the next Annual General Meeting, which is scheduled to take place on 24 February 2023. In an effort to apply the effect of the new, improved incentive as soon as possible, the Supervisory Board is considering already granting the LTI tranche 2022/23 to the members of the Management Board based on this newly devised remuneration system. However, the Supervisory Board will only decide on granting this tranche and its specific structure based on the resolution of the Annual General Meeting 2023 to approve the revised remuneration system.