Remuneration of the Supervisory Board
The remuneration of the Supervisory Board is determined by the shareholders at the Annual General Meeting and is regulated in Article 13 of the Articles of Association of Vonovia.
The current Supervisory Board remuneration system is based on the resolution passed by the Annual General Meeting on June 9, 2013.
Each member of the Supervisory Board receives annual fixed basic remuneration of € 100,000. The Chairman of the Supervisory Board receives double this amount and a Deputy Chairman receives one-and-a-half times this amount.
The members of the Audit Committee receive additional annual fixed remuneration of € 40,000; the Audit Committee Chairman receives double this amount. Supervisory Board members who are members of one or more other Supervisory Board committees that have acted at least once a year receive additional annual remuneration of € 20,000 per committee; in the case of the Committee Chairman € 40,000.
The sum total of all aforementioned remuneration plus remuneration for membership of Supervisory Boards and comparable supervisory bodies of Group companies must not exceed an amount of € 300,000 per calendar year and Supervisory Board member.
The company reimburses the Supervisory Board members for appropriate expenses incurred due to the exercising of their office. VAT is reimbursed by the company to the extent that the Supervisory Board members are eligible to separately invoice VAT and have exercised such right.
The remuneration of the Supervisory Board of Vonovia breaks down as follows for each member – on a pro rata basis according to the length of service on the Supervisory Board:
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Fixed remuneration |
Remuneration for committee work |
Total remuneration |
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in € |
2018 |
2019 |
2018 |
2019 |
2018 |
2019 |
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Supervisory Board members in office as of December 31, 2019 |
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Jürgen Fitschen 3, 6 (since May 9, 2018) Chairman since May 9, 2018 |
133,333 |
200,000 |
|
60,000 |
133,333 |
260,000 |
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Prof. Dr. Edgar Ernst 1 (since June 18, 2013) Deputy Chairman since May 9, 2018 |
170,833 |
150,000 |
105,000 |
80,000 |
275,833 |
230,000 |
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Burkhard Ulrich Drescher 2 (since December 12, 2014) |
100,000 |
100,000 |
40,000 |
40,000 |
140,000 |
140,000 |
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Vitus Eckert 2 (since May 9, 2018) |
66,667 |
100,000 |
26,667 |
40,000 |
93,334 |
140,000 |
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Dr. Florian Funck 2 (since August 21, 2014) |
100,000 |
100,000 |
40,000 |
40,000 |
140,000 |
140,000 |
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Dr. Ute Geipel-Faber 6 (since November 1, 2015) |
100,000 |
100,000 |
20,000 |
20,000 |
120,000 |
120,000 |
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Daniel Just 6 (since June 2, 2015) |
100,000 |
100,000 |
20,000 |
20,000 |
120,000 |
120,000 |
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Hildegard Müller 4 (since June 18, 2013) |
100,000 |
100,000 |
20,000 |
20,000 |
120,000 |
120,000 |
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Prof. Dr. Klaus Rauscher 4 (since August 1, 2008) |
120,833 |
100,000 |
20,000 |
20,000 |
140,833 |
120,000 |
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Dr. Ariane Reinhart 4 (since May 13, 2016) |
100,000 |
100,000 |
20,000 |
20,000 |
120,000 |
120,000 |
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Clara-Christina Streit 4, 5 (since June 18, 2013) |
100,000 |
100,000 |
60,000 |
60,000 |
160,000 |
160,000 |
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Christian Ulbrich 6 (since August 21, 2014) |
100,000 |
100,000 |
20,000 |
20,000 |
120,000 |
120,000 |
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Former Supervisory Board members |
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Hendrik Jellema 2 (until May 9, 2018) |
41,667 |
– |
16,667 |
– |
58,334 |
– |
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Total |
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1,741,667 |
1,790,000 |
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All remuneration is payable after the expiry of each fiscal year. Supervisory Board members who are Supervisory Board members or members of a committee of the Supervisory Board for only part of a fiscal year receive corresponding pro rata remuneration rounded up to the full month.
Furthermore, Vonovia has taken out a liability insurance (D&O insurance) for the members of the Supervisory Board. Vonovia follows the statutory requirements, which provide for a deductible of 10% of any claim up to an amount of one-and-a-half times the fixed annual remuneration for all claims in one fiscal year.