Corporate Governance

Declaration of Corporate Governance 2022

Declaration pursuant to section 161 of the German Stock Corporation Act (AktG) (section 289f para. 2 no. 1 HGB)

In December 2022, the Management Board and Supervisory Board of ADLER Real Estate Aktiengesellschaft issued the following declaration pursuant to § 161 of the German Stock Corporation Act (AktG), which was published on the shareholders’ website at https://adler-ag.com/investor-relations/corporate-governance/entsprechenserklaerung/ in the Corporate Governance section:

Declaration on the German Corporate Governance Code pursuant to Section 161 of the German Stock Corporation Act ׀ December 2022

“The Management Board and Supervisory Board of ADLER Real Estate Aktiengesellschaft declare pursuant to § 161 AktG: 

Since issuing the last declaration pursuant to § 161 of the German Stock Corporation Act (AktG) in December 2021 and the update in March 2022, ADLER Real Estate Aktiengesellschaft has complied with the recommendations of the “Government Commission on the German Corporate Governance Code” as amended from time to time, currently dated 28 April 2022 (“Code“), with the following exceptions, and will continue to comply with the recommendations in the future with the following exceptions:

  • In deviation from recommendation A.1 of the Code, the corporate planning does not currently contain any sustainability-related goals due to the special situation of the company, as the current economic situation of the company does not allow for the implementation of CO2 -reducing measures. 
  • In deviation from Recommendation C.12 of the Code, members of the Supervisory Board may also perform board functions or advisory duties at significant competitors of the Company. The Management Board and Supervisory Board are of the opinion that the experience gained from such activities can be used profitably for ADLER Real Estate AG.
  • In deviation from recommendations D.2 and D.4 of the Code, the Supervisory Board has not currently formed a nomination committee or other committees, as the Supervisory Board currently consists of three members and the formation of committees would thus not lead to an increase in the effectiveness of the work of the Supervisory Board. Since the supervisory board consists of only three members, it is also the Audit Committee pursuant to section 107 (4) sentence 2 AktG.
  • In deviation from recommendation D.3 of the Code, the Chairman of the Supervisory Board also chairs the Audit Committee. The Supervisory Board consists of only three members. The other members of the company’s Supervisory Board are members of the Board of Directors of the parent company and controlling shareholder Adler Group S.A. The assumption of the chairmanship of the Audit Committee by the Chairman of the Supervisory Board is intended to comply with recommendation C.10 of the Code that the chairman of the Audit Committee should be independent of the controlling shareholder. 
  • In deviation from Recommendation F.2 of the Code, the consolidated financial statements and the group management report for the financial year ending 31 December 2022 will not be published within the period recommended by the Code, but within the statutory period. Reason for the deviation is the fact that the parent company, which does not reside in Germany, has provided a corresponding schedule for its economic reporting. 
  • In deviation from Recommendation F.2 of the Code, the interim reports as at 31 March 2023, 30 June 2023 (half-yearly report) and 30 September 2023 will not be published within the period recommended by the Code, but within the statutory period. Reason for the deviation is the fact that the parent company, which does not reside in Germany, has provided a corresponding schedule for its economic reporting.
  • In deviation from recommendation G.2, the Supervisory Board does not determine a specific target total remuneration for each individual Executive Board member, but approves the remuneration granted to some Executive Board members by Adler Group S.A. within the framework of Group employment contracts.

ADLER Real Estate Aktiengesellschaft

Berlin, December 2022″

 

Previous declarations of compliance of the company are provided in the archive.

 

Information on the remuneration report on the last financial year, the applicable remuneration system pursuant to section 87a para. 1 and 2 sentence 1 of the German Stock Corporation Act (AktG) as well as the last remuneration resolution pursuant to section 113 para. 3 of the German Stock Corporation Act (section 289f para. 2 no. 1a HGB)

This information is publicly available on ADLER Real Estate AG’s website at https://adler-ag.com/investor-relations/corporate-governance/verguetung/ in the “Corporate Governance/Remuneration” section. 

 

Relevant disclosures on corporate governance practices (§ 289f para. 2 no. 2 HGB)

In our corporate governance, we strictly comply with the statutory requirements, the provisions of the Articles of Association of ADLER Real Estate AG and the requirements of the German Corporate Governance Code (GCGC), with which we comply with the exceptions stated in our declaration of conformity dated December 2022. Another guideline is the Code of Conduct of the Company and the Adler Group, which is publicly available on ADLER Real Estate AG’s website at https://adler-ag.com/investor-relations/corporate-governance/code-of-conduct/ in the “Corporate Governance” section.

Respect for shareholder interests, long-term value creation as well as openness and transparency in corporate communication and corporate control geared to the aforementioned parameters are self-evident guidelines of our corporate governance. In compliance with a strict separation of personnel (“dual management system”), the Management Board and the Supervisory Board work closely together against this background in the interest of the company. The provision of an appropriate risk management system as well as ensuring compliance are also a matter of course for us. The Management Board and Supervisory Board are also of the opinion that the consideration of non-financial aspects such as employee and social concerns, but also environmental concerns, must be essential components of responsible corporate management and corporate governance and work together towards these goals. In this context, the company has been publishing its non-financial reporting since the 2017 financial year, https://adler-ag.com/nachhaltigkeit/nichtfinanzielle_berichterstattung/. Since the 2020 financial year, this has been done as part of the Adler Group’s sustainability reporting, https://www.adler-group.com/nachhaltigkeit/nachhaltigkeitsberichte. 

The Supervisory Board discusses long-term succession planning with the Management Board, where necessary, taking into account the professional potential of future candidates in conjunction with diversity requirements. 

The Supervisory Board regularly assesses its activities with regard to the effectiveness of the fulfilment of its tasks. Due to the small size of the board, it is possible for the Supervisory Board to enter into direct exchange on this matter at all times. The Supervisory Board does this at regular intervals. It specifically reviews its working methods with regard to the planning and execution of meetings, the efficient flow of information between the Supervisory Board and the Management Board, the timely and targeted addressing of issues relevant to the company, and the appropriate performance of its duties as a supervisory body with a supporting function. The Supervisory Board also uses an external service provider to evaluate its activities when necessary. 

 

Description of the working methods of the Management Board and Supervisory Board as well as the composition and working methods of their committees (§ 289f para. 2 no. 3 HGB)

The Management Board conducts the business of the Company under joint responsibility in accordance with the statutory provisions and, in addition, in accordance with the Articles of Association of the Company, the rules of procedure for the Management Board issued by the Supervisory Board, the Management Board contracts, the business allocation plan, if applicable, and the Management Board resolutions. The rules of procedure regulate, among other things, the adoption of resolutions by the Management Board and reporting to the Supervisory Board and – together with the Articles of Association – determine which measures and transactions of the company require the approval of the Supervisory Board.

The rules of procedure of the Management Board of ADLER Real Estate Aktiengesellschaft set an age limit of sixty-seven for the Management Board. 

Resolutions are passed either at Management Board meetings, by telephone or video conference, or in writing. During the reporting period, regular meetings of the Management Board were held in accordance with the provisions of the Articles of Association. The Management Board is in continuous communication about the management of the company’s business. Notwithstanding the responsibility for the proper management of one’s own business area, each member of the Management Board is responsible for the entire business of the company as soon as the Management Board consists of several persons.

The Supervisory Board, consisting of the Chairman of the Supervisory Board, the Deputy Chairman of the Supervisory Board and one other member of the Supervisory Board, carries out its activities in accordance with the legal provisions, the Articles of Association and its rules of procedure. The members of the Supervisory Board are not bound by orders or instructions. The Supervisory Board appoints, advises and supervises the Management Board and is directly involved in decisions of fundamental entrepreneurial importance in accordance with its rules of procedure and the rules of procedure of the Management Board. It has to determine certain types of transactions for which the Management Board requires the approval of the Supervisory Board. The Chairman of the Supervisory Board maintains regular contact with the Management Board and consults with it on the strategy, business development and risk management of the company. In addition, the Supervisory Board keeps itself informed about the course of business through regular meetings and individual discussions. It adopts its resolutions in the course of its Supervisory Board meetings, by telephone or video conference, or by written circular.

The Management Board reports to the Supervisory Board in the joint Supervisory Board meetings on the basis of written Management Board reports. The main topics of discussion in the Supervisory Board meetings are the course of business, the situation and the profitability of the company as well as the intended business policy and other fundamental questions of corporate governance, such as risk management and compliance. In addition, the Supervisory Board is regularly informed by the Management Board by means of written quarterly reports on the course and situation of business, the profitability of the company as well as on the intended business policy and other fundamental questions of corporate planning.

The Supervisory Board has set concrete goals for its composition and developed a competence profile for the entire board. According to this, the Supervisory Board should be composed in such a way that it combines all the necessary knowledge, skills and professional experience in such a way that it can properly fulfil its statutory duties, in particular the supervision and advice of the Management Board. Integrity, professionalism, willingness to perform and sector familiarity must go hand in hand with special expertise relevant to ADLER Real Estate AG’s business activities. In order to achieve this objective, the Supervisory Board, also supported by the Company, takes advantage of appropriate training measures. 

Especially against the backdrop of extraordinary events, the Supervisory Board always considers it its duty to support the Management Board with professional commitment. As a subsidiary of Adler Group S.A., ADLER Real Estate AG is directly affected by the comprehensive restructuring measures that the Adler Group is currently undergoing and which are being accompanied by bondholders. In this regard, the Supervisory Board considers itself responsible to the Management Board for providing competent and prudent advice and support in its strategic and operational decisions. 

In addition, at least one Supervisory Board member must have expertise in the field of accounting and at least one other Supervisory Board member must have expertise in the field of auditing, and all Supervisory Board members must be familiar with the real estate sector (cf. § 100 para. 5 AktG). In the assessment of the Supervisory Board, the Supervisory Board meets these requirements. Likewise, the expertise on sustainability issues required by the German Corporate Governance Code is ensured.  

All members of the Supervisory Board are independent of ADLER and the Management Board. The Chairman of the Supervisory Board, Martin Billhardt, is considered independent of Adler Group S.A. – in view of the ownership structure.

The rules of procedure of the Supervisory Board provide for a maximum period of membership of fifteen years and a maximum age limit of seventy-five years. 

According to its rules of procedure, the Supervisory Board is authorised and required by the German Corporate Governance Code to form committees. Against the background that the Supervisory Board of the company consists of three members in accordance with the Articles of Association, however, no committees have been formed. All members of the Supervisory Board regularly deal with the entirety of the tasks assigned to the Supervisory Board within the scope of their activities. Since the Supervisory Board consists of only three members, it also forms the Audit Committee in accordance with § 107 para. 4 sentence 2 of the German Stock Corporation Act (AktG) and thus consists of the Chairman of the Supervisory Board Martin Billhardt, the Deputy Chairman of the Supervisory Board Thilo Schmid and the Supervisory Board member Thomas Zinnöcker. The Chairman of the Supervisory Board is also the Chairman of the Audit Committee. The company thus deviates from a corresponding recommendation of the German Corporate Governance Code. However, this ensures that the chairman of the audit committee is independent of the controlling shareholder. The chairperson has expertise in both accounting and auditing. 

Further details, including information on professional suitability, can be found in the qualification matrix. 

Determination of targets and deadlines for the proportion of women on the Management Board and the Supervisory Board (section 289f (2) no. 4 HGB); diversity concept (section 289f (2) no. 6 HGB)

The Supervisory Board should and would like to ensure the greatest possible diversity of skills and characteristics (diversity) on both the Management Board and the Supervisory Board and also give appropriate consideration to women. In a resolution passed in 2023, the Supervisory Board set the target quota for women on both the Supervisory Board and the Management Board at 0 % by 2028. The goal is still for the Supervisory Board to be composed of at least 30 % women and at least 30 % men in the medium to long term. The goal is also to have at least one woman on the Management Board in the medium to long term. 

In addition to the desired future participation of women in the Supervisory Board and the Management Board, the Supervisory Board is also interested in ensuring diverse compositions in terms of age, educational or professional background in both bodies. 

However, when selecting suitable candidates, the Supervisory Board always gives priority to their professional qualifications. The Supervisory Board always strives to select the most suitable individuals. ADLER Real Estate AG is a subsidiary of Adler Group S.A. The Adler Group is currently undergoing comprehensive restructuring measures supported by bondholders. Monitoring the implementation of the restructuring measures, also on the part of the Supervisory bodies, requires a great deal of detailed knowledge of the internal constitution of the company as well as the complex corporate structure. Moreover, these requirements must be seen in connection with the high demands placed by the legislator on the expertise of the Supervisory Board. Against this backdrop, the Supervisory Board of ADLER Real Estate has decided, also in view of its responsibility to the Company, to select persons when filling vacant Supervisory Board and Management Board mandates who already meet the aforementioned requirements at the time of assuming the mandate and do not first need to be familiarised with them. This group of persons currently does not include any women and does not fulfil any diversity criteria with regard to age or nationality. However, the Supervisory Board is of the opinion that in this particular situation, priority must be given to selecting the most suitable persons.

The current Supervisory Board has only a small age range, but all members of the Supervisory Board are at a stage in terms of their age that optimally combines sustained professional experience and seniority with professional activity, professionalism and commitment. In terms of educational and professional backgrounds, the Supervisory Board is made up of both academic and non-academic professional educations with different career paths, always maintaining the required sector familiarity. Different professional backgrounds, but always directly related to the company’s sector, also exist among the company’s Management Board. 

 

The Management Board 

Berlin, April 2023

Annex to the Corporate Governance Statement pursuant to § 289f HGB FY 2022 of ADLER Real Estate AG 

Qualification matrix Supervisory Board members according to recommendation C.1 of the German Corporate Governance Code (‘Code’)

Name Martin Billhardt Thilo Schmid Thomas Zinnöcker
Duration of affiliation Member of the Supervisory Board since/function  20.03.2020; Chairman 03.02.2014; Vice Chairman 31.08.2022
Diversity Date of birth 01.01.1962 09.03.1965 28.05.1961
Gender male male male
Nationality german  german  german 
Educational background Businessman Computer Science Dipl.-Kaufmann
Committees Member of the Audit Committee pursuant to section 107 (4) AktG Chairman Vice-Chairman Member
Personal suitability Independence according to Code recommendation C.6, C.9  X
Independence according to Code recommendation C.7 X X X
Independence according to Code recommendation C.10 X
Limitation of offices according to Code recommendation C.4 X X X
Expertise and  Expertise pursuant to § 100 para. 5 AktG – Accounting X X X
professional emphases Expertise pursuant to § 100 para. 5 AktG – Audit of financial statements X X X
Business segment and sector confidentiality pursuant to section 100 para. 5 AktG X X X
Sustainability expertise according to Code recommendation C.1 X X
Finance X X X
Distribution and leasing X X X
Mergers & Acquisitions X X X
Sustainability X X
Transformation X X X
Law X X X
Risk and Compliance Management X X X

 

Declaration of Corporate Governance 2021

Declaration pursuant to § 161 of the German Stock Corporation Act (§ 289f para. 2 no. 1HGB)

In December 2021, the Management Board and Supervisory Board of ADLER Real Estate Aktiengesellschaft issued the following declaration pursuant to § 161 of the German Stock Corporation Act (AktG), which was published on the shareholders’ website at https://adler-ag.com/en/investor-relations-3/corporate-governance/declaration-of-compliance/ in the Corporate Governance section:

“Declaration pursuant to § 161 of the German Stock Corporation Act ׀ December 2021

The Management Board and Supervisory Board of ADLER Real Estate Aktiengesellschaft declare pursuant to § 161 of the German Stock Corporation Act:

“Since issuing its last declaration pursuant to § 161 of the German Stock Corporation Act (AktG) in December 2020 and updating it in May 2021, ADLER Real Estate Aktiengesellschaft has complied with the recommendations of the “Government Commission on the German Corporate Governance Code” as amended from time to time, currently dated 16 December 2019 (“Code”), with the following exceptions, and will continue to comply with the recommendations in the future with the following exceptions:

  •  In deviation from Recommendation C.12 of the Code, members of the Supervisory Board may also perform board functions or advisory duties at significant competitors of the Company. The Management Board and Supervisory Board are of the opinion that the experience gained from such activities can be used profitably for ADLER Real Estate AG.
  •  In deviation from recommendations D.2 to D.5 of the Code, the Supervisory Board has not currently formed an audit committee, nomination committee or other committees, as the Supervisory Board currently consists of three members and the formation of committees would thus not lead to any increase in the effectiveness of the work of the Supervisory Board.
  •  In deviation from recommendation G.2, the Supervisory Board does not determine a specific target total remuneration for each individual Executive Board member, but approves the remuneration granted to some Executive Board members by Adler Group S.A. within the framework of Group employment contracts.

ADLER Real Estate Aktiengesellschaft

Berlin, December 2021“

In March 2022, the Management Board and Supervisory Board of ADLER Real Estate Aktiengesellschaft issued the following declaration pursuant to § 161 of the German Stock Corporation Act (AktG), which was published on the shareholders’ website at https://adler-ag.com/en/investor-relations-3/corporate-governance/declaration-of-compliance/ in the “Corporate Governance” section:

Update of the Declaration of Conformity of December 2021 with the German Corporate Governance Code pursuant to section 161 (1) of the German Stock Corporation Act (AktG)

The Management Board and Supervisory Board of ADLER Real Estate AG published their last declara- tion of compliance in December 2021. Due to further deviations from the recommendations of the Ger- man Corporate Governance Code (“Code”) as amended on December 16, 2019, which have occurred in the meantime, it is necessary to update the deviations declared in the Declaration of Compliance of December 2021:

In deviation from Recommendation F.2 of the Code as amended on December 16, 2019, the consoli- dated financial statements and the Group management report for the fiscal year ending December 31, 2021, will not be published within the period recommended by the Code, but within the statutory period. Reason for the deviation is the ongoing audit activities of the auditor of the financial statements and consolidated financial statements.

In deviation from Recommendation F.2 of the Code as amended on December 16, 2019, the interim reports as of March 31, 2022, June 30, 2022 (half-year report) and September 30, 2022, will not be published within the period recommended by the Code, but within the statutory period.

Reason for the deviation is the fact that the parent company, which does not reside in Germany, has provided a corresponding schedule for its economic reporting.

ADLER Real Estate Aktiengesellschaft
Berlin, March 2022

Previous declarations of compliance of the company are provided in the archive.

Information on the remuneration report for the last financial year, including the auditor’s opinion pursuant to section 162 of the German Stock Corporation Act, the applicable remuneration system pursuant to section 87a para. 1 and 2 sentence 1 of the German Stock Corporation Act, and the last remuneration resolution pursuant to section 113 para. 3 of the German Stock Corporation Act (§ 289f para. 2 no. 1a HGB)

This information is publicly available on ADLER Real Estate AG’s website at https://adler-ag.com/en/investor-relations-3/ in the section “Corporate Governance/Remuneration”.

Relevant disclosures on corporate governance practices (§ 289f para. 2 no. 2 HGB)

In our corporate governance, we strictly comply with the legal requirements, the provisions of the Articles of Association of ADLER Real Estate AG and the requirements of the German Corporate Governance Code (GCGC), with which we comply with the exceptions stated in our declaration of compliance of December 2021 and the update of the declaration of compliance of March 2022. Another guideline is the Code of Conduct of the Company and the Adler Group, which is publicly available on ADLER Real Estate AG’s website at https://adler-ag.com/en/investor-relations-3/ in the “Corporate Governance” section.

Respect for shareholders’ interests, long-term value creation, openness and transparency in corporate communication and corporate control geared to the aforementioned parameters are self-evident guide- lines of our corporate governance. Against this background, the Executive Board and the Supervisory Board work closely together in the interest of the company while maintaining a strict separation of personnel (“dual management system”). The provision of an appropriate risk management system and ensuring compliance are also a matter of course for us. Furthermore, the Executive Board and the Supervisory Board are of the opinion that the consideration of non-financial aspects such as employee and social concerns, but also environmental concerns, must be essential components of responsible corporate management and corporate governance and work together towards these goals. In this context, the company has been publishing its non-financial reporting since the 2017 financial year (https://adler- ag.com/en/sustainability/nonfinancial_reports-3/). Since the 2020 financial year, this has been part of the Adler Group’s sustainability reporting, https://ir.adler-group.com/websites/adler-group/English/4000/sustainability-report.html.

The Supervisory Board shall discuss with the Executive Board, where necessary, long-term succession planning, taking into account the professional potential of future candidates in conjunction with the requirements of diversity and variety.

The supervisory board regularly assesses its activities with regard to the effectiveness of the fulfilment of its tasks. Due to the small size of the board, it is possible for the supervisory board to enter into direct exchange on this matter at all times. The supervisory board does this at regular intervals. It specifically reviews its working methods with regard to the planning and conduct of meetings, the efficient flow of information between the supervisory board and the executive board, the timely and targeted addressing of issues relevant to the company, and the appropriate performance of its duties as a supervisory body with a supporting function. The supervisory board also makes use of an external service provider to evaluate its activities, if necessary.

Description of the working methods of the Executive Board and the Supervisory Board as well as the composition and working methods of their committees (§ 289f para. 2 no. 3 HGB)

The Executive Board shall manage the business of the Company, where applicable jointly, in accord- ance with the statutory provisions and, in addition, in accordance with the Articles of Association of the Company, the rules of procedure for the Executive Board issued by the Supervisory Board, the contracts of the Executive Board, and, where applicable, the schedule of responsibilities and the resolutions of the Executive Board. The rules of procedure regulate, among other things, the adoption of resolutions by the Executive Board and reporting to the Supervisory Board and determine – together with the Articles of Association – which measures and transactions of the company require the approval of the Supervisory Board.

The rules of procedure of the Management Board of ADLER Real Estate Aktiengesellschaft set an age limit of sixty-seven for the Management Board.

Resolutions are passed either at Board meetings, by telephone conference or by written procedure. During the reporting period, regular Board meetings were held in accordance with the provisions of the Articles of Association. The Executive Board is in continuous exchange about the management of the company’s business. Without prejudice to the responsibility for the proper management of one’s own business area, each member of the Executive Board is responsible for the entire business of the company as soon as the Executive Board consists of several persons.

The Supervisory Board, consisting of the Chairman of the Supervisory Board, the Deputy Chairman of the Supervisory Board and one other member of the Supervisory Board, carries out its activities in ac- cordance with the statutory provisions, the Articles of Association and its Rules of Procedure. The members of the Supervisory Board are not bound by orders or instructions. The Supervisory Board appoints, advises and supervises the Executive Board and is directly involved in decisions of fundamental entre- preneurial importance in accordance with its rules of procedure and the rules of procedure of the Executive Board. It must determine certain types of transactions for which the Executive Board requires the approval of the Supervisory Board. The Chairman of the Supervisory Board maintains regular contact with the Executive Board and discusses the strategy, business development and risk management of the company with the Executive Board. In addition, the Supervisory Board keeps itself continuously informed about the course of business through regular meetings and individual discussions. It adopts its resolutions in the course of its Supervisory Board meetings, by telephone conference or by written circulation procedure.

The Executive Board reports to the Supervisory Board in the joint Supervisory Board meetings on the basis of written Executive Board reports. The main topics of discussion at the Supervisory Board meetings are the course of business, the situation and profitability of the company as well as the planned business policy and other fundamental questions of corporate governance, such as risk management and compliance. In addition, the Supervisory Board is regularly informed by the Executive Board by means of written quarterly reports about the course and situation of business, the profitability of the company as well as the intended business policy and other fundamental questions of corporate planning.

The supervisory board has set concrete goals for its composition and developed a competence profile for the entire board. According to this, the supervisory board should be composed in such a way that it combines all the necessary knowledge, skills and professional experience in such a way that it can properly fulfil its statutory duties, in particular the supervision and advice of the executive board. Integrity, professionalism, willingness to perform and familiarity with the sector must go hand in hand with special expertise relevant to the business activities of ADLER Real Estate AG. In order to achieve this objective, the Supervisory Board, also supported by the Company, takes part in appropriate training measures.

Particularly against the backdrop of extraordinary events, the Supervisory Board always considers it its duty to support the Executive Board with professional commitment. The ongoing consolidation of the Adler Group and its effects on the ADLER Real Estate AG subgroup, as well as external factors such as the ongoing pandemic, once again presented ADLER Real Estate AG with challenges in 2021 that had to be met jointly. Last but not least, the allegations made against the Adler Group in October 2021 by the short-seller Viceroy, to which the Adler Group responded by commissioning a special audit by KPMG Forensic, also had a direct impact on the work of the Supervisory Board, which, together with the Management Board, set itself the task of refuting the allegations made and safeguarding ADLER Real Estate AG’s reputation on the capital market.

In addition, at least one supervisory board member must have expertise in the field of accounting and at least one other supervisory board member must have expertise in the field of auditing, and all supervisory board members must be familiar with the real estate sector (cf. § 100 para. 5 AktG). In the opinion of the Supervisory Board, the Supervisory Board meets these requirements.

All members of the Supervisory Board are independent of ADLER and the Executive Board. The Chairman of the Supervisory Board, Martin Billhardt, is considered independent of Adler Group S.A. – in view of the ownership structure.

The rules of procedure of the Supervisory Board provide for a maximum period of membership of fifteen years and a maximum age limit of seventy-five years.

According to its rules of procedure, the Supervisory Board is authorised to form committees. Against the background that the Supervisory Board of the company consists of three members in accordance with the Articles of Association, no committees have been formed. All members of the Supervisory Board regularly deal with all the tasks assigned to the Supervisory Board as part of their work.

Setting targets and deadlines for the proportion of women on the Executive Board and the Supervisory Board (§ 289f para. 2 no. 4 HGB)

The Supervisory Board should and would like to ensure the greatest possible diversity of skills and characteristics (diversity) on both the Executive Board and the Supervisory Board and also give appropriate consideration to women. In a resolution passed in 2018, the Supervisory Board set the target quota for women on both the Supervisory Board and the Executive Board at 0 % until 2023. However, the goal is that in the medium to long term, the Supervisory Board will be composed of at least 30 % women and at least 30 % men. The goal is also to have at least one woman on the Executive Board, which currently consists of three members, in the medium to long term. However, when selecting suitable candidates, the Supervisory Board always gives priority to their professional qualifications. The Supervisory Board always strives to select the most suitable personalities.

Diversity concept (§ 289f para. 2 no. 6 HGB)

In addition to the desired future participation of women on the Supervisory Board and the Executive Board, the Supervisory Board is also interested in ensuring diverse compositions in terms of age, educational and professional background, always prioritising professional qualifications. Thus, although the Supervisory Board currently has only a small age range, all members of the Supervisory Board are in a phase with regard to their age that optimally combines sustainable professional experience and seniority with professional activity, professionalism and commitment. In terms of educational and professional background, the Supervisory Board is made up of both academic and non-academic professional edu- cations with different career paths, while always maintaining the necessary sector familiarity. Different professional backgrounds, but in all cases directly related to the company’s sector, are also found on the company’s Executive Board, which also has a wide age range among its members.

The Management Board
Berlin, April 2022

Declaration of Corporate Governance 2020 - german version

Erklärung zur Unternehmensführung gemäß § 289f HGB

 

  1. Erklärung gem. § 161 Aktiengesetz

Vorstand und Aufsichtsrat der ADLER Real Estate Aktiengesellschaft haben im Dezember 2020 gemäß § 161 AktG folgende Erklärung abgegeben, die auf der Webseite der Gesellschafter unter https://adler-ag.com/investor-relations/corporate-governance/entsprechenserklaerung/ in der Rubrik Corporate Governance veröffentlicht wurde:

„Erklärung gemäß § 161 Aktiengesetz

Vorstand und Aufsichtsrat der ADLER Real Estate Aktiengesellschaft erklären gemäß § 161 AktG: 

Die ADLER Real Estate Aktiengesellschaft hat seit Abgabe der letzten Erklärung nach § 161 AktG im Dezember 2019 und der Aktualisierung im Dezember 2020 den Empfehlungen der „Regierungskommission Deutscher Corporate Governance Kodex“ in der jeweils gültigen Fassung, derzeit vom 16. Dezember 2019 („Kodex“), mit folgenden Ausnahmen entsprochen und wird den Empfehlungen mit folgenden Ausnahmen auch in Zukunft entsprechen:

  • Abweichend von der Empfehlung C.12 des Kodex dürfen Aufsichtsratsmitglieder Organfunktionen oder Beratungsaufgaben auch bei wesentlichen Wettbewerbern des Unternehmens ausüben. Vorstand und Aufsichtsrat sind der Auffassung, dass die Erfahrungen aus der Praxis solcher Tätigkeiten gewinnbringend für die ADLER Real Estate AG genutzt werden können.
  • Abweichend von den Empfehlungen D.2 bis D.5 des Kodex hat der Aufsichtsrat zurzeit keinen Prüfungsausschuss, Nominierungsausschuss oder andere Ausschüsse gebildet, da der Aufsichtsrat derzeit aus drei Mitgliedern besteht und die Bildung von Ausschüssen damit zu keiner Erhöhung der Wirksamkeit der Arbeit des Aufsichtsrats führen würde. 
  • Abweichend von der Empfehlung G.1 des Kodex enthält das Vergütungssystem noch keine Aufteilung der Maximalvergütung für jedes einzelne Vorstandsmitglied, da die Überarbeitung des bestehenden Vergütungssystems derzeit noch nicht abgeschlossen ist.
  • Abweichend von der Empfehlung G.4 des Kodex wird zur Beurteilung der Üblichkeit der Vorstandsvergütung noch kein Vergleich zur Vergütung des oberen Führungskreises und der Belegschaft insgesamt durchgeführt, da dies angesichts der Mitarbeiterzahl und –struktur der Gesellschaft nach Einschätzung des Aufsichtsrats nur von geringer Aussagekraft wäre.
  • Abweichend von der Empfehlung G.6 des Kodex übersteigt der Anteil der variablen Vergütung, die sich aus dem Erreichen langfristig orientierter Ziele ergibt, nicht den Anteil der variablen Vergütung, die sich aus dem Erreichen kurzfristig orientierter Ziele ergibt. Einer der Anstellungsverträge stammt noch aus der Zeit vor der Geltung des aktuellen Kodex, bei dem anderen Anstellungsvertrag wird auf diese Weise der Dauer des Anstellungszeitraums besser Rechnung getragen.
  • Abweichend von der Empfehlung G.10 des Kodex sind die variablen Vergütungsbeiträge nicht in allen Anstellungsverträgen überwiegend aktienbasiert, sondern beziehen auch eine Vielzahl anderer, nicht-aktienbasierter Parameter mit ein; außerdem kann das betreffende Vorstandsmitglied vor Ablauf von vier Jahren jeweils in Form von jährlichen Teilbeträgen über die variable Vergütung verfügen. Der Aufsichtsrat ist der Ansicht, dass ein derart differenzierter Ansatz besser geeignet ist, die Vergütung auf eine nachhaltige Entwicklung auszurichten. Eine Teilauszahlung vor Ablauf von vier Jahren erhöht nach Einschätzung des Aufsichtsrats zudem die Motivation der Vorstandsmitglieder und ist damit im Unternehmensinteresse der Gesellschaft. In dem anderen Anstellungsvertrag kann das betreffende Vorstandsmitglied vor Ablauf von vier Jahren über die langfristig variablen Gewährungsbeträge verfügen. Da der entsprechende Zeitraum nur geringfügig unterhalb des Zeitraums von vier Jahren liegt, hält der Aufsichtsrat diese Abweichung für vertretbar.

ADLER Real Estate Aktiengesellschaft

Berlin, im Dezember 2020“

 

Frühere Entsprechenserklärungen des Unternehmens sind im Archiv bereitgestellt.

  1. Relevante Angaben zur Unternehmensführung

Wir richten uns in unserer Unternehmensführung strikt nach den gesetzlichen Anforderungen, nach den Satzungsbestimmungen der ADLER Real Estate AG sowie nach den Vorgaben des Deutschen Corporate Governance Kodex (DCGK), dem wir mit den in unserer Entsprechenserklärung vom Dezember 2020 angegebenen Ausnahmen entsprechen. Eine weitere Leitlinie stellt der Code of Conduct des Unternehmens dar.

Die Achtung der Aktionärsinteressen, eine langfristige Wertschöpfung sowie Offenheit und Transparenz der Unternehmenskommunikation und eine auf die vorgenannten Parameter ausgerichtete Unternehmenskontrolle sind selbstverständliche Leitlinien unserer Unternehmensführung. Unter Einhaltung einer strikten personellen Trennung („Duales Führungssystem“) arbeiten Vorstand und Aufsichtsrat vor diesem Hintergrund im Interesse des Unternehmens eng zusammen. Die Bereitstellung eines angemessenen Risiko Management Systems sowie die Sicherstellung von Compliance sind uns darüber hinaus ein selbstverständliches Anliegen. Vorstand und Aufsichtsrat sind darüber hinaus der Auffassung, dass auch die Beachtung von nichtfinanziellen Aspekten wie Arbeitnehmer- und Sozialbelangen, aber auch Umweltbelange wesentliche Bestandteile einer verantwortungsvollen Unternehmensführung und Corporate Governance sein müssen und wirken gemeinsam auf diese Ziele hin. In diesem Zusammenhang veröffentlicht die Gesellschaft seit dem Geschäftsjahr 2017 die Nichtfinanzielle Berichterstattung, www.adler-ag.com/nachhaltigkeit/nichtfinanzielle_berichterstattung. 

Der Aufsichtsrat erörtert mit dem Vorstand, soweit erforderlich, eine langfristige Nachfolgeplanung unter Berücksichtigung des fachlichen Potenzials künftiger Kandidatinnen und Kandidaten in Verbindung mit den Ansprüchen an Diversität und Vielfalt. 

Der Aufsichtsrat unterzieht seine Tätigkeit einer regelmäßigen Beurteilung hinsichtlich der Wirksamkeit der Erfüllung seiner Aufgaben. Aufgrund der geringen Gremiengröße ist es dem Aufsichtsrat möglich, hierzu stets in unmittelbaren Austausch zu treten. Dies unternimmt der Aufsichtsrat in regelmäßigen Abständen. Er überprüft hierbei konkret seine Arbeitsweise im Hinblick auf Planung und Durchführung der Sitzungen, auf einen effizienten Informationsfluss zwischen Aufsichtsrat und Vorstand, auf die rechtzeitige und zielorientiere Adressierung unternehmensrelevanter Themen sowie auf die angemessene Wahrnehmung der Aufgaben als Aufsichtsorgan mit unterstützender Funktion. Der Aufsichtsrat bedient sich bei der Evaluierung seiner Tätigkeit bei Bedarf auch eines externen Dienstleisters. 

  1. Arbeitsweise von Vorstand und Aufsichtsrat sowie Zusammensetzung und Arbeitsweise ihrer Ausschüsse

Der Vorstand führt die Geschäfte der Gesellschaft in gegebenenfalls gemeinsamer Verantwortung nach den gesetzlichen Vorschriften und darüber hinaus nach Maßgabe der Satzung der Gesellschaft, der vom Aufsichtsrat erlassenen Geschäftsordnung für den Vorstand, der Vorstandsverträge, gegebenenfalls des Geschäftsverteilungsplans sowie der Vorstandsbeschlüsse. Die Geschäftsordnung regelt u. a. die Beschlussfassung durch den Vorstand und die Berichterstattung an den Aufsichtsrat und legt – zusammen mit der Satzung – fest, welche Maßnahmen und Geschäfte der Gesellschaft der Zustimmung des Aufsichtsrats bedürfen.

Die Geschäftsordnung des Vorstands der ADLER Real Estate Aktiengesellschaft legt für den Vorstand eine Altersgrenze von siebenundsechzig Jahren fest. 

Beschlüsse werden entweder im Rahmen der Vorstandssitzungen, per Telefonkonferenz oder im schriftlichen Verfahren gefasst. Im Berichtszeitraum fanden regelmäßig Vorstandssitzungen gem. Satzungsbestimmungen statt. Der Vorstand befindet sich über die Führung der Geschäfte der Gesellschaft in kontinuierlichem Austausch. Unbeschadet der Verantwortlichkeit der ordnungsgemäßen Führung des eigenen Geschäftsbereiches ist jeder Vorstand für die gesamten Geschäfte der Gesellschaft verantwortlich, sobald der Vorstand aus mehreren Personen besteht.

Der aus dem Aufsichtsratsvorsitzenden, dem stellvertretenden Aufsichtsratsvorsitzenden sowie einem weiteren Aufsichtsratsmitglied bestehende Aufsichtsrat übt seine Tätigkeit nach Maßgabe der gesetzlichen Bestimmungen, der Satzung und seiner Geschäftsordnung aus. Die Aufsichtsratsmitglieder sind dabei an Aufträge und Weisungen nicht gebunden. Der Aufsichtsrat bestellt, berät und überwacht den Vorstand und ist gemäß seiner Geschäftsordnung und der Geschäftsordnung des Vorstandes in Entscheidungen von grundlegender unternehmerischer Bedeutung unmittelbar eingebunden. Er hat bestimmte Arten von Geschäften zu bestimmen, für die der Vorstand der Zustimmung des Aufsichtsrats bedarf. Der Aufsichtsratsvorsitzende hält mit dem Vorstand regelmäßigen Kontakt und berät mit diesem die Strategie, die Geschäftsentwicklung und das Risikomanagement des Unternehmens. Darüber hinaus hält sich der Aufsichtsrat im Rahmen regelmäßiger Sitzungen als auch Einzelgesprächen fortlaufend informiert über den Gang der Geschäfte. Er fasst seine Beschlüsse im Verlauf seiner Aufsichtsratssitzungen, per Telefonkonferenz oder im schriftlichen Umlaufverfahren.

Der Vorstand berichtet dem Aufsichtsrat in den gemeinsamen Aufsichtsratssitzungen auf der Grundlage von schriftlichen Vorstandsberichten. Schwerpunkte der Beratungen in den Aufsichtsratssitzungen bilden der Gang der Geschäfte, die Lage und die Rentabilität der Gesellschaft sowie die beabsichtigte Geschäftspolitik und andere grundsätzliche Fragen der Unternehmensführung, so zu Risikomanagement und Compliance. Darüber hinaus lässt sich der Aufsichtsrat vom Vorstand regelmäßig mittels schriftlicher Quartalsberichte über den Gang und die Lage der Geschäfte, die Rentabilität der Gesellschaft sowie über die beabsichtigte Geschäftspolitik und andere grundsätzliche Fragen der Unternehmensplanung unterrichten.

Der Aufsichtsrat hat für seine Zusammensetzung konkrete Ziele benannt und ein Kompetenzprofil für das Gesamtgremium erarbeitet. Danach soll der Aufsichtsrat sich so zusammensetzen, dass er in seiner Gesamtheit alle erforderlichen Kenntnisse, Fähigkeiten und fachliche Erfahrungen so auf sich vereint, dass er seine gesetzlichen Aufgaben, insbesondere die Überwachung und Beratung des Vorstands, ordnungsgemäß erfüllen kann. Integrität, Professionalität, Leistungsbereitschaft und Sektorvertrautheit müssen dabei Hand in Hand gehen mit speziellen Fachkenntnissen, die für die Geschäftstätigkeit von ADLER relevant sind. Zur Erreichung dieser Zielsetzung nimmt der Aufsichtsrat, auch unterstützt durch die Gesellschaft, entsprechende Fortbildungsmaßnahmen wahr. Vor allem vor dem Hintergrund außergewöhnlicher Ereignisse betrachtet es der Aufsichtsrat stets als seine Pflicht, den Vorstand mit professionellem Engagement zu unterstützen. So stellte im Jahr 2020 nicht nur Covid-19, sondern vor allem auch der Ende 2019 in Angriff genommene Zusammenschluss mit der ADO Properties S.A. und im weiteren Verlauf der Consus Real Estate AG ADLER vor Herausforderungen, denen es rasch, konstruktiv und positiv zu begegnen galt.    

Daneben muss mindestens ein Aufsichtsratsmitglied über Sachverstand auf den Gebieten der Rechnungslegung oder Abschlussprüfung verfügen, und alle Aufsichtsratsmitglieder müssen mit dem Immobiliensektor vertraut sein (§ 100 (5) AktG). Nach Einschätzung des Aufsichtsrats erfüllt der Aufsichtsrat diese Anforderungen.

Alle Mitglieder des Aufsichtsrats sind unabhängig von ADLER und dem Vorstand. Der Vorsitzende des Aufsichtsrats, Martin Billhardt, gilt – mit Blick auf die Eigentümerstruktur – als unabhängig von der Adler Group S.A.

Die Geschäftsordnung des Aufsichtsrats sieht eine Höchstdauer der Zugehörigkeit von fünfzehn Jahren sowie eine Altershöchstgrenze von fünfundsiebzig Jahren vor. 

Der Aufsichtsrat ist gemäß seiner Geschäftsordnung befugt, Ausschüsse zu bilden. Vor dem Hintergrund, dass der Aufsichtsrat der Gesellschaft satzungsgemäß aus drei Mitglieder besteht, sind jedoch keine Ausschüsse gebildet worden. Sämtliche Mitglieder des Aufsichtsrats befassen sich im Rahmen ihrer Tätigkeit regelmäßig mit der Gesamtheit der an den Aufsichtsrat herangetragenen Aufgaben. 

  1. Festlegung des Anteils von Frauen im Vorstand und im Aufsichtsrat

Der Aufsichtsrat soll und möchte sowohl im Vorstand als auch im Aufsichtsrat eine möglichst hohe Vielfalt von Fähigkeiten und Eigenschaften (Diversität) gewährleisten und auch Frauen angemessen berücksichtigen. Mit Beschluss aus dem Jahre 2018 hat der Aufsichtsrat die Zielquote für Frauen sowohl im Aufsichtsrat als auch im Vorstand bis zum Jahr 2023 auf 0 % festgelegt. Ziel ist jedoch, dass sich der Aufsichtsrat mittel- bis langfristig zu mindestens 30 % aus Frauen und zu mindestens zu 30 % aus Männern zusammensetzt. Ziel ist darüber hinaus, dass der zurzeit zweiköpfige Vorstand mittel- bis langfristig mit mindestens einer Frau besetzt ist. Priorität hat für den Aufsichtsrat jedoch bei der Auswahl von geeigneten Kandidaten und Kandidatinnen stets deren fachliche Qualifikation. Der Aufsichtsrat ist immer bestrebt, die am besten geeigneten Persönlichkeiten auszuwählen.

  1. Diversitätskonzept

Neben einer erwünschten zukünftigen Beteiligung von Frauen in Aufsichtsrat und Vorstand ist dem Aufsichtsrat auch daran gelegen, bezüglich Alter, Bildungs- oder Berufshintergrund nach Möglichkeit diverse Besetzungen in beiden Gremien zu gewährleisten, stets unter Priorisierung der fachlichen Qualifikation. So verfügt der Aufsichtsrat zurzeit zwar nur über eine geringe Altersspanne, jedoch befinden sich alle Mitglieder des Aufsichtsrats bezüglich ihres Lebensalters in einer Phase, die nachhaltige Berufserfahrung und Seniorität optimal mit beruflicher Aktivität, Professionalität und Einsatzbereitschaft verbindet. Bezüglich des Bildungs- und Berufshintergrundes finden sich beim Aufsichtsrat sowohl akademische als auch nicht akademische Berufsausbildungen mit unterschiedlichem beruflichem Werdegang, wobei stets die erforderliche Sektorvertrautheit gewahrt ist. Ein unterschiedlicher beruflicher Hintergrund, jedoch in beiden Fällen mit direktem Bezug zum Sektor des Unternehmens, besteht auch beim Vorstand der Gesellschaft, der darüber hinaus einen deutlichen Altersunterschied zwischen den Mitgliedern des Vorstands aufweist. 

 

Der Vorstand

Berlin, im Dezember 2020

Declaration of Corporate Governance 2019

1. Declaration in conformity with section 161 of the German Stock Corporation Act

In accordance with the statutory provisions of § 161 of the German Stock Corporation Act and in compliance with the Corporate Governance Code in its currently applicable version dated February 7, 2017 the Executive Board and Supervisory Board issued the following declaration in December 2019:

“The Management and Supervisory Boards of ADLER Real Estate Aktiengesellschaft declare the following pursuant to § 161 of the German Stock Corporation Act:

ADLER Real Estate AG has since its last declaration in conformity with § 161 of the German Stock Corporation Act complied with the Recommendations of the Governmental Commission Deutscher Corporate Governance Kodex in its valid form at any one time, currently dating from February 7, 2017 (“Code”) and will also comply with the recommendations in the future with the following exceptions:

  • At variance with Section 3.8 (3) of the Code, no deductible has been stipulated with respect to the D&O insurance agreement concluded for the Supervisory Board. The Supervisory and Management Boards are of the opinion that concluding a deductible agreement would not improve incentive and performance at Adler Real Estate AG.
  • In deviation from Section 4.2.1 of the Code, ADLER Real Estate AG has appointed neither a Chairman nor a Speaker of the Management Board. This is due to the fact that Management Board members Tomas de Vargas Machuca and Maximilian Rienecker have acted in a dual leadership function (co-CEOs) since their appointment as members of the company’s Management Board. The Supervisory Board believes that the function of neither a Chairman nor a Speaker of the Management Board is compatible with the idea of dual leadership (co-CEOs) because a function of this nature would put focus on one of the members.
  • At variance with Section 5.3 of the Code, the Supervisory Board has currently not formed any committees (Section 5.3.1). No audit committee has been set up (Section 5.3.2). The duties of the audit committee are carried out by all the members of the Supervisory Board (Section 5.3.2). The Supervisory Board currently consists of the minimum number of three members prescribed by the Corporation Act. The number of Supervisory Board members is not suited to form an audit or other committees.
  • At variance with Section 5.3.3 of the Code, the Supervisory Board has not formed a nomination committee. The entire Supervisory Board nominates suitable candidates for the consideration of the shareholders at the General Meeting. The number of members of the Supervisory Board is not suited to establish a nomination committee.
  • At variance with Section 5.4.2 of the Code, Supervisory Board members may also carry out board functions or advisory duties for other major competitors of the Company. The Executive and Supervisory Boards are of the opinion that the experience gained from such activities can be used profitably for ADLER Real Estate AG.

 

ADLER Real Estate Aktiengesellschaft

Berlin, December 2019”

 

Earlier Company declarations are provided in the archive.

 2. Corporate Governance Report

a) Relevant information on corporate governance

In our corporate governance we act strictly in accordance with the legal requirements, the statute of ADLER Real Estate AG and the German Corporate Governance Code (DCGK), with which we comply, with the exceptions stated in our Declaration of Compliance from December 2019. Further guidance may be found in the company’s Code of Conduct.

Respect for shareholders’ interests, long-term value creation, openness and transparency of corporate communications together with a management system based on the afore-mentioned parameters, are self-evident guidelines of our corporate governance. In this context, while maintaining a strict separation of members (“dual management system“), the Executive and Supervisory Boards work closely together in the interests of the company. The provision of an adequate risk management system and ensuring compliance are an obvious concern for us.

b) Role of the Executive and Supervisory Boards together with the composition and role of their committees

The Executive Board manages the Company with shared responsibility, where the case may be, in accordance with the law and furthermore according to the Articles of Association, the code of procedure laid down by the Supervisory Board for the Executive Board, the Executive Board contracts and where appropriate the Business Allocation Plan and the Executive Board resolutions. These rules govern the Executive Board resolutions and the reporting system to the Supervisory Board determining, together with the statutes, which company measures and business transactions require the approval of the Supervisory Board.

Decisions are taken either in the context of Executive Board meetings, telephone conferences or in writing. During the reporting period there are regular board meetings held in accordance with statutory provisions. The Executive Board is in continuous contact over the management of the Company. The Executive Board is responsible for the overall business of the Company. As soon as the Executive Board consists of more than one person, this responsibility is irrespective of the management of his or her own particular division.

The chairman, deputy chairman and other members of the Supervisory Board carry out duties in accordance with legal regulations, Articles of Association and the Rules of Procedure. The Supervisory Board appoints, advises and monitors the Executive Board and is directly involved in decisions of fundamental importance to the company, in accordance with its Rules of Procedure and those of the Executive Board. It determines certain types of transactions for which the Executive Board requires the approval of the Supervisory Board. The chairman of the Supervisory Board maintains regular contact with the Executive Board and advises upon the strategy, business development and risk management of the company. In addition, the Supervisory Board is continuously informed about the progress of the business via regular meetings and individual discussions. Resolutions are adopted during Supervisory Board meetings, in telephone conferences or in writing.

The Executive Board reports to the Supervisory Board in the joint Supervisory Board meetings on the basis of written reports. The main topics of discussion in the Supervisory Board meetings constitute the direction of business, the position and profitability of the company together with the intended business policy and other core issues of corporate governance such as risk management and compliance. During the reporting period a total of six meetings were held in which all Supervisory Board members participated. In addition, the Supervisory Board is informed by the Executive Board on a regular basis by means of written quarterly reports on the progress and status of the business, the profitability of the company, the intended business policy and other core issues of corporate governance.

he Supervisory Board members are not bound by orders or instructions. A sufficient number of independent members also meets the requirements of § 100 (5) of the German Stock Corporations Act and has expertise in the areas of accounting or auditing.

In accordance with its Rules of Procedure, the Supervisory Board is authorised to set up committees. In view of the fact that the Supervisory Board of the company consists of a statutory three members, no committees have been formed. Within the scope of their activity, all members of the Supervisory Board manage the entirety of their duties with all issues relating to them being discussed and decided by the entire Supervisory Board.

c) Determining the proportion of women on the Executive Board and the Supervisory Board

With reference to the size of the board, the Supervisory Board has set a minimum target of 0% for the proportion of women on the Executive Board and the Supervisory Board.

With regard to new Supervisory and Executive Board positions to be filled, the Supervisory Board will always take into consideration the applicable requirements of the Code in its selection of suitable candidates. However, the Supervisory Board will give priority to candidates with relevant professional qualifications. The Supervisory Board is always keen to select the most appropriate candidates.”

 

The Management Board
Berlin, December 2019