We aim for transparency and a long-term view, and have presented a separate remuneration report annually since 2010. Our remuneration practices are in line with and partially go beyond the principles of German Federal Financial Supervisory Authority (BaFin) and the EU.
In revising the compensation system, the proportion of variable compensation has been reduced, bonus payments are now geared to the sustainability of success and are made over several years in the form of deferred compensation, which is only disbursed after 5 years to some extent. The scheme also foresees claw backs.
An independent, external compensation review panel made up of international economic experts, which we set up in 2012, reviewed the restructuring of our compensation approach.