Deutsche Bank Supervisory Board Chairman Paul Achleitner is once again one of Dax’s highest paid chief inspectors despite a partial pay waiver during the 2020 corona crisis. He hit a good 802,000 euros of the individual mandate, or 10.9% less than in 2019, according to a study published Tuesday by the German Association for the Protection of Securities (DSW).
Other supervisory board bosses also received six-figure compensation: Siemens chief controller Jim Hagemann Snabe came in second with € 632,000, followed by BMW supervisory board chairman Norbert Reithofer, which comes to 610,000 euros.
If we take into account the other remuneration, which comes mainly from the mandates of the supervisory board of the subsidiaries, the chief controller of VW, Hans Dieter Pötsch, would have been the favorite with 900,000 euros, explains Frederik Beckendorff, expert in remuneration of DSW. With this approach, Achleitner would come in second with around 802,000 euros. According to the information, the Dax companies analyzed transferred around 83.1 million euros to their supervisory boards for the 2020 financial year, 0.4% less than a year earlier. The main reason is the modified composition of Dax. The Siemens Siemens Energy spin-off, which rose to number one on the stock market for Beiersdorf, was only billed proportionally as it was not listed on the stock exchange until September 2020.
According to the new study, the coronavirus crisis, which has eaten away at the profits of many companies and thus slowed down variable compensation, played only a minor role. Almost all companies have now switched to pure fixed remuneration for their supervisory bodies. However, the supervisory boards of some DAX companies waived part of their compensation during the crisis.
If one does not look at the high individual incomes among the supervisory boards, but rather the total compensation per company, Deutsche Bank also paid the most. The company transferred voucher 6.1 million euros to members of its supervisory body of 20 people. BMW followed in second place with around 5.6 million euros. The third biggest payer was Daimler: Members of the Stuttgart-based company’s supervisory board received almost € 5.5 million.
The German Association for the Protection of Securities Possession (DSW) has been investigating developments in the remuneration, transparency and workload of the supervisory board for 19 years – also with a view to overloading too many posts or too long on the supervisory board. Supervisory boards are supposed to oversee the work of the board of directors of a company and appoint, among other things, the members of the board of directors and the directors of the group.