Compensation Governance

The Compensation Committee of the Board of Directors consists of three non-executive members of the Board, chaired by André Hoffmann. The Chairman of the Board of Director, in an advisory capacity, as well as the CEO, are regularly invited to Compensation Committee meetings. The CEO does not participate in discussions regarding his own compensation.

The Compensation Committee regularly reviews and approves Company-wide compensation policies and programmes. This includes annual base salary positioning, annual incentive plans, share-based long-term incentive plans as well as benefits policies. The Compensation Committee is also responsible for reviewing and approving the individual compensation and benefits of each Executive Committee member as well as recommending the overall compensation for the Board of Directors.

The Compensation Committee meets two to three times a year. It utilises independent external consultants to benchmark the compensation of Executive Committee members.