The DSW Investor Protection Association has identified the most powerful inspection heads of DAX companies. However, others are better paid.
Frankfurt / Main (dpa) – The chairman of Deutsche Bank’s supervisory board, Paul Achleitner, is once again the highest-paid chief controller of the Dax.
The manager received around 900,000 euros last year, almost five percent more than in 2018, shows a study by the DSW investor protection association. Achleitner is followed by the chairman of the BMW supervisory board, Norbert Reithofer, with 640,000 euros, followed by the CEO of Siemens, Jim Hagemann Snabe, with 612,500 euros, according to the document presented in Frankfurt on Thursday.
In total, Dax’s 30 companies transferred around € 83.4 million to their inspectors for fiscal 2019, 3.6 percent less than the previous year. The reason is Dax’s composition change, according to DSW: Lufthansa, ThyssenKrupp and Wirecard had to abandon the DAX, while the delivery service Delivery Hero, Deutsche Wohnen and the engine specialist MTU Aero Engines joined them.
The German Association for the Protection of Securities Possession (DSW) has been investigating for 18 years, among other things, how the remuneration, transparency and workload of supervisory boards have changed, also with a view to overloading too many positions or too long times on the supervisory board. Supervisory boards control the work of the board of directors and appoint, among other things, board members and corporate directors. “The committee’s influence should not be underestimated in any way,” said Jella Benner-Heinacher, DSW deputy CEO. The insolvency of the payment processor Wirecard, where controls failed, made the abuses clear.
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, 6 percent more than the previous year. The bank had created two additional committees. BMW follows the house of money with around 5.6 million euros for the supervisory body. In third place was Volkswagen with 5.3 million euros, displacing Siemens.
DSW views 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 of Fresenius and Siemens, follows in second place. Third place is shared by Achleitner and Bayer Chief Controller Norbert Winkeljohann.