Remuneration register
The remuneration register is an electronic directory on the Internet in which the remuneration reports of the listed stock corporations in the Prime Standard of the Frankfurt Stock Exchange can be looked up. The remuneration reports have been published continuously in the remuneration register since the 2006 financial year.
Legal bases
On the basis of the law on the disclosure of management board remuneration (Management Board Remuneration Disclosure Act - VorstOG) of August 3, 2005, listed stock corporations are in accordance with Section 285, sentence 1, no. 9 of the German Commercial Code (HGB) is required to disclose individualized management board remuneration in the notes to the annual financial statements, with initial effect on the 2006 financial year. Only the so-called. "Opting-out clause" according to Section 286 (5) of the German Commercial Code enables companies to opt out of transparency for a maximum of five years. This takes effect if three quarters of the shareholders represented at the Annual General Meeting agree not to disclose the Executive Board compensation individually.
With the Act on the Appropriateness of Management Board Remuneration (VorstAG) of July 31, 2009, the rules for structuring Management Board remuneration were made even stricter. The VorstAG brings with it new scope for management remuneration, but also some new obligations and liability risks. Each individual member of the Supervisory Board is now liable for the appropriateness of the Management Board remuneration. This may no longer exceed the "usual remuneration" for no particular reason. At this point, the assessment bases should include the industry standard of manager salaries (horizontal comparison) and the specific wage and salary structure of the company concerned (vertical comparison). The supervisory board of listed stock corporations must also ensure that the total remuneration of a member of the management board is in reasonable proportion to his or her tasks, performance and the situation of the company and that they do not exceed the usual remuneration without special reasons. The remuneration must also be geared towards sustainable corporate development.
Research opportunities
The remuneration register offers the possibility to compare remuneration reports from the same industry with one another (horizontal comparison). The research options include:
- Access by index (DAX, MDAX, SDAX, TECDAX, GEX, CDAX)
- Alphabetical sorting of companies
- Names of the boards of directors and supervisory boards
- Fiscal year
As soon as a new remuneration report is published in the electronic Federal Gazette as part of the annual financial statements , it is added to the register. The users of the remuneration register immediately receive a message by email with a direct link to the new hires (information service).
See also
literature
- Christian Bosse: Management Board Compensation Manual
Bundesanzeiger Verlag, ISBN 978-3-89817-838-9
Bundesanzeiger Verlag, ISBN 978-3-8462-0121-3
Web links
- The remuneration register
- Management Board Compensation Disclosure Act ( BGBl. 2005 I p. 2267 )
