The remuneration report describes the principles of the remuneration system for members of the Management Board of Vonovia SE and explains the structure, as well as the amount, of the income received by each Management Board member. Furthermore, the remuneration report contains information on the principles and the amount of remuneration for the members of the Supervisory Board. The total remuneration received by each Management Board member, including the names of the members, in accordance with IFRS is shown in the Notes to the consolidated financial statements.
The remuneration report takes account of the applicable regulations of the German Commercial Code (HGB), the German Accounting Standards (DRS 17), the laws on disclosure and appropriateness of Management Board remuneration (VorstAG, VorstOG) as well as the principles of the German Corporate Governance Code (GCGC).
In the 2020 fiscal year, the Supervisory Board of Vonovia SE approved at its meeting held on December 15, 2020, a revamped remuneration system for the members of the Management Board, which includes the implementation of the new statutory and regulatory requirements. The Supervisory Board will present this remuneration system to the Annual General Meeting in May 2021.