Remuneration, participation and loans

Pursuant to §27 of the Articles of Association, the motions of the Board of Directors regarding the maximum remuneration of the Board of Directors and the Group Executive Committee are adopted at the annual general meeting for the financial year following the annual general meeting.

Pursuant to §28 of the Articles of Association, the members of the Board of Directors receive a fixed remuneration, which is paid either wholly in cash or partly or wholly in the form of shares. The target value of the variable remuneration is 100 percent of the base salary. Provided that the financial, strategic and/or personal targets are met, the members of the Group Executive Committee are entitled to a variable remuneration of a maximum of 150 percent of the base salary. The amount is calculated based on the weighted sub targets, which are determined in advance on an annual basis.

Pursuant to §29 of the Articles of Association, the company is authorized to pay additional remuneration to members of the Group Executive Committee who join the company or are promoted to the Group Executive Committee after the approval of the remuneration by the Annual General Meeting, provided that such additional remuneration does not exceed 40 percent of the most recently approved amount.

Pursuant to §33 of the Articles of Association, the company may grant loans on market terms and conditions to members of the Board of Directors and the Group Executive Committee, provided that the amount of the loan does not exceed three times the last annual remuneration.

For other aspects, please refer to the remuneration report.