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VIPsight

Corporate Governance – portrayed in the individual cultural and legal framework, from the standpoint of equity capital.

VIPsight is a dynamic photo archive, sorted by nations and dates, by and for those interested in CG from all over the world.

VIPsight offers, every month:
transparent and independent current information / comments / facts and figures on corporate governance locally and internationally,

  • written by local CG experts,
  • selected and structured by the Club of Florence,
  • financed by its initiator VIP and other sponsors with a background of “Equity and Advisory” interests.
     

VIPsight International


Article Index



Campus


Managers’ salaries frozen

Suggested salaries and upper limits, as well as the sums actually paid into the bank accounts of leading managers and published by seven DAX-listed companies are already now best practice for German Corporate Governance code and will be laid down in future for all stock-market listed companies. The total average remuneration of a CEO of a DAX-listed group dropped in 2013 by 1.4% to 5.97 million. The data was published by consultancy company Hofstettler, Kramarsch & Partner (HKP).  While Lufthansa CEO Christoph Franz took a 15% pay cut in 2013 to 1.8 million Euros, the Chairman of Volkswagen’s Board of Directors, Martin Winterkorn, was paid more than 13 million Euros.

Company

Name

2012

2013

Variation (%)

adidas

Hainer

4,18

3,85

-8

Allianz

Diekmann

5,77

6,02

4

BASF

Bock

5,57

5,28

-5

Bayer

Dekkers

5,03

4,79

-5

Beiersdorf

Heidenreich

4,25

BMW

Reithofer

6,51

6,91

6

Commerzbank

Blessing

1,31

1,31

0

Continental

Degenhart

2,91

4,03

38

Daimler

Zetsche

8,12

8,25

1

Deutsche Bank Ø

Fitschen und Jain

7,47

Deutsche Börse

Francioni

3,43

3,48

2

Deutsche Lufthansa

Franz

2,12

1,81

-15

Deutsche Post

Appel

5,42

5,59

3

Deutsche Telekom

Obermann

4,11

3,91

-5

E.ON

Teyssen

5,81

5,51

-5

Fresenius

Schneider

3,44

4,07

18

Fresenius Medical Care

Powell

2,34

HeidelbergCement

Scheifele

4,28

4,29

0

Henkel

Rorsted

6,64

6,73

1

Infineon

Ploss

1,82

K+S

Steiner

2,33

2,11

-9

LANXESS

Heitmann

3,72

2,27

-39

Linde

Reitzle

6,89

6,89

0

Merck

Kley

5,52

7,28

32

Münchener Rück

Von Bomhard

4,31

4,21

-2

RWE

Terium

4,43

SAP

McDermott

7,01

7,03

0

Siemens

Kaeser (dal 01.08.)

4,22

ThyssenKrupp

Hiesinger

3,82

4,88

28

Volkswagen

Winterkorn

12,8

13,2

3

 

Interest in the German Mittelstand, above all in Europe and North America

Investors from outside Europe or the United States take little interest in the German Mittelstand as emerges from a survey conducted by the Cometis consultancy company and Ipreo, the British information provider. Approximately one quarter of the quotas in German SMEs listed in SDax, MDax and TecDax are held by German institutional investors. A little under half of participation investment comes from the rest of Europe, in particular from Great Britain, and more than a quarter is in the hands of North American investors. Asian shareholders possess a mere two percent in MDax listed concerns and one percent in those listed in SDax. With its 4.8 million dollars invested in companies in all three listings the Norges Bank Investment Management,  a subsidiary of the Norwegian Central Bank, sits at the top of the list.