New highest earner among DAX supervisory board members
The supervisory board members of DAX companies earned more last year than ever before, a total of 17.4 percent more than in the previous year. The head of the supervisory board of a car manufacturer moves to the top of the ranking. He earns one and a half times as much as the average for the chief controllers.
On average, a DAX supervisory board chairman earns 393,000 euros a year for his work. In total, more than 117 million euros went to the DAX controllers last year, as calculated by the Deutsche Schutzvereinigung für Wertpapierbesitz (DSW) from the annual reports. This represents a whopping increase of 17.4 percent compared to the previous year.
However, the total also rose to this unprecedented level due to the new index composition, with the list of DAX companies changing from year to year. In 2022, Daimler Truck, among others, moved into the leading index.
The average remuneration of chief executives rose by 7.7 percent. There is a new face at the top of the list of top earners: Norbert Reithofer from BMW with an unchanged 610,000 euros, replacing former Deutsche Bank Chief Controller Paul Achleitner. The BMW Supervisory Board Chairman is followed by Jim Hagemann Snabe from Siemens with 602,000 euros and Kurt Bock from BASF with 550,000 euros, whose remuneration was also roughly on a par with the previous year.
Supervisory board members without a chief executive position earned an average of 117,000 euros, an increase of 4.4 percent. According to the DSW, the work of supervisory board members has become more demanding due to new regulations and the global crises. "With a view to the MDAX and SDAX, there will probably be an upward salary adjustment if we want to continue to attract the best minds to the supervisory bodies in the future," says Managing Director Marc Tüngler, himself Chairman of the Supervisory Board at Freenet.
Deutsche Bank pays the most overall
In the MDAX, the average remuneration of €212,000 for the chair (+4 percent) and €68,000 for ordinary members (+2.7 percent) is significantly lower than the DAX. In the SDAX, a supervisory board chairman receives an average of 134,000 euros (+6.7 percent), the other members 50,000 euros (+3.9 percent).
According to the DSW analysis, Deutsche Bank once again paid the highest total remuneration: a total of around 6.8 million euros for its 20 supervisory board members (+4.8 percent). The Mercedes-Benz Group paid around 6.5 million euros (+3.9 percent) and BMW around 5.5 million euros (+0.3 percent).
DAX companies, such as BMW, contribute to the increase in income for supervisory board members, with the BMW Supervisory Board Chairman, Norbert Reithofer, maintaining his position as the highest earner with an annual salary of 610,000 euros.
Despite BMW having a relatively low increase in total remuneration of 0.3% compared to the previous year, they still ranked third in terms of overall remuneration for their supervisory board members.
Source: www.ntv.de
