44 Compensation of the Board of Management and the Supervisory Board

Compensation of the Board of Management

The presentation of the system used for compensation of the Board of Management and the disclosures required in accordance with § 314 (1) No. 6a sentences 5-8 HGB are a component of the combined management report.

Board of Management compensation for the 2020 financial year

Total compensation of the members of the Board of Management for the 2020 financial year amounted to EUR 24.1 million (2019: EUR 23.3 million). This includes a total of 189,315 entitlements to matching shares with a fair value of EUR 2.5 million on the date granted (2019: EUR 2.7 million).

Former members of the Board of Management

A total of EUR 8.5 million (2019: EUR 8.8 million) was included for payments to and entitlements for former members of the Board of Management as well as any surviving dependents. Provisions (measured in accordance with IAS 19) totaling EUR 223.9 million (2019: EUR 213.4 million) were recognized for current pensions and vested rights to pensions for this group of persons and their surviving dependents.

Other

The Company has not granted any advances or loans to current or former Board of Management members, nor were any other financial obligations to the benefit of this group of people entered into.

Compensation of the Supervisory Board

The main features of the compensation system and the disclosure of the compensation of the individual members of the Supervisory Board are a component of the combined management report.

Total compensation of the members of the Supervisory Board for 2020 amounted to EUR 3,043,250 (plus VAT) and is comprised of fixed annual remuneration plus meeting attendance fees.

The Company has not granted any advances or loans to current or former Supervisory Board members, nor were any other financial obligations to the benefit of this group of people entered into.