Board of Management target remuneration and remuneration earned for 2024

The following table shows the existing target remuneration for 2024 for each member of the Board of Management. Target remuneration consists of the non-performance-based components basic remuneration, remuneration in kind, and fringe benefits, as well as the performance-based components STI, LTI, and SMP. The performance-based remuneration components STI and LTI were taken into account for the determination of the target remuneration with an assumed target achievement of 100 %. In terms of the SMP, it was assumed for the determination of the target remuneration that the members of the Board of Management would invest the maximum possible investment amount of 50 % from the 2024 STI. This assumption is the closest representation of the actual investment behavior of members of the Board of Management in recent years.

In addition, the table also shows the remuneration earned for the year 2024. The presentation of the STI is based on the final level of target achievement for the performance period that ended on December 31, 2024, which has already been determined for 2024. The same applies for the presentation of the LTI (2021 tranche), with a performance period from January 1, 2021 to December 31, 2024. Both the 2024 STI and the 2021 tranche of the LTI will be paid out in the 2025 financial year. The SMP is presented in the “remuneration earned” column through the non-cash benefit accrued at the time of transfer of the matching shares in 2024. The performance period for this remuneration instrument started individually for each member of the Board of Management with acquisition of the shares in 2020 and ended four years after the personal investment made, in 2024 (see the section on remuneration granted and owed for current Board of Management members in accordance with § 162 AktG).

There is, in addition, still a Board of Management pension commitment for the Chair of the Board of Management. The service costs associated with this commitment and the defined benefit obligation as of December 31, 2024 are reported separately in the section on the Board of Management pension plan and are not included in the definitions of target remuneration and remuneration earned used here. Reporting service costs in this table would lead to the mixing of accounting-related values with real figures. These costs were therefore not included in the following table as, in accordance with the details for the remuneration system, pension plans are not a component of the maximum remuneration.