Remuneration

The general meeting of shareholders decides on the remuneration payable to the members of the Board of Directors. The Board of Directors has approved the general principles for the remuneration of the company’s management and personnel and the procedures applicable thereto. The Board of Directors decides on the remuneration payable to the CEO.

Remuneration of the Board of Directors

For the term of office beginning on 17 May 2018 and ending at the close of the next annual general meeting of shareholders, the members of the Board of Directors will receive the following remuneration:

  • The Chairman of the Board of Directors EUR 4,500 per month
  • Each Member of the Board of Directors EUR 2,500 per month
  • In addition, EUR 1,000 per Committee meeting is paid to the Chairmen and Members of the Audit Committee and Remuneration Committee

Given that certain members of the Board of Directors may under applicable internal policies of their respective employers be restricted from receiving personal remuneration for their service as members of the Board of Directors, remuneration shall be paid only to those members of the Board of Directors who have notified the Company of their willingness to receive remuneration.

In addition, the company has paid out expense reimbursements to the members of the Board of Directors in accordance with the company’s policy from time to time. The members of the Board of Directors have no supplementary voluntary pension plans with the company. There are no agreements based on which the members of the Board of Directors would be entitled to any additional benefits upon termination of their service.

Remuneration of the management team

The Board of Directors decides on the remuneration and other benefits payable to the CEO as well as on the other terms of the CEO’s service relationship. The remuneration payable to the CEO consists of a fixed monthly salary, a housing benefit, as well as other fringe benefits such as mobile phone and lunch benefits.

The CEO decides on the remuneration payable to the other members of the management team. The remuneration payable to the other members of the management team consists of a fixed monthly salary as well as fringe benefits such as mobile phone and lunch benefits.

Upon termination of their service or employment relationship, the members of the Management Team are entitled to receive their salary for the duration of the applicable notice period. There are no agreements based on which the members of the Management Team would be entitled to any additional benefits upon termination of their service or employment relationship. The pensions of the members of the Management Team are arranged using statutory pension insurances, and the members of the Management Team have no supplementary voluntary pension plans with the company.