Remuneration of the members of the Management Board
The procedure and principles of remuneration of Management Board members are approved by the Supervisory Board.
Members of the Management Board have entered into three-year contracts of service with the company. The members of the Management Board are paid a fee for fulfilling their official duties. Bonuses payable to the Management Board depend on the fulfilment of the targets of the given financial year by the group and the Management Board. The members of the Management Board are paid bonuses once a year based on the fulfilment of the targets of the previous financial year.
Pursuant to the Corporate Governance Code of the company, the basic salary, performance pay, severance package, and other benefits and bonus schemes of a Management Board member as well as their essential features (incl. features based on comparison, incentives and risk) shall be published in clear and unambiguous form on the website of the issuer and in the corporate governance report. Information shall be deemed clear and unambiguous if it directly expresses the amount of expense to the issuer or the amount of foreseeable expense as of the day of disclosure.
Gross service fees calculated to the members of the Management Board in the financial year 2018 totalled EUR 573 thousand (financial year 2017: EUR 492 thousand).