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Paul Achleitner is the highest paid DAX supervisory board

by Financial Economy

Paul Achleitner is the highest paid DAX supervisory board. The supervisory boards of the DAX companies earned a little less overall in 2019 than in the previous year. In contrast, according to a study, the chief controller of the crisis-ridden Deutsche Bank could do a little more.

Paul Achleitner is the highest paid DAX supervisory board

Compared to 2020, 2019 was not yet a year of crisis. Nevertheless, according to a study by the German Association for Securities Holdings (DSW), the supervisory boards of the DAX companies earned a little less than in 2018. In total, the 30 companies in the German leading index transferred around 83.4 million euros to their controllers – 3.6 Percent less than last year. The reason is the changed Dax composition, according to the DSW. Thyssenkrupp had to leave the Dax, for example, while the engine specialist MTU Aero Engines moved up.

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Such postponements have so far passed Paul Achleitner without consequences. The Deutsche Bank supervisory board chairman is again the highest-paid chief controller in the Dax. According to the study, the manager received around 900,000 euros last year – almost five percent more than in 2018, when it was around 860,000 euros. Achleitner is followed by BMW supervisory board chairman Norbert Reithofer with 640,000 euros, followed by Siemens chief controller Jim Hagemann Snabe with 612,500 euros, according to the paper presented on Thursday.

The investor protection association DSW has been investigating for 18 years, among other things, how remuneration, transparency and workload of the supervisory board have changed – also with a view to overstretching with too many positions or too long times on the supervisory board.

Nikolaus von Bomhard is considered the most powerful supervisory board chairman

“The influence of the committee should by no means be underestimated,” said Jella Benner-Heinacher, DSW’s deputy managing director. The insolvency of the payment processor Wirecard, where controls failed, made abuses clear. Supervisory boards control the work of the board of directors and appoint, among other things, board members and corporate heads.

According to the study, Deutsche Bank again paid the highest total remuneration in 2019: a good 6.1 million euros went to the 20-member Supervisory Board, six percent more than in the previous year. The bank had set up two additional committees. BMW follows the financial institution with around 5.6 million euros for the supervisory body. In third place was Volkswagen with 5.3 million euros, displacing Siemens.

DSW sees Nikolaus von Bomhard, chairman of the board of Deutsche Post and Munich Re, as the most powerful supervisory board in Germany. Michael Diekmann, chief supervisor of Allianz and supervisory board at Fresenius and Siemens, follows in second place. Achleitner and Bayer chief controller Norbert Winkeljohann share third place.

Source: https://www.spiegel.de/

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