https://www.boersen-zeitung.de/personen/sap-will-aufsichtsratschef-deutlich-mehr-bezahlen
SAP proposed base salary of 600,000 Euros
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What's new?
The week we got laid off in 2017, "SAP chairman defends executive pay system":
https://www.reuters.com/article/idUSKBN186158/
Nothing has changed, and nothing will change.
Based on the comparisons, the earth is flat and consists only of Germany.
Translation:
SAP wants to pay the chairman of the supervisory board significantly more
The search for succession for the outgoing Chairman of the Supervisory Board Hasso Plattner was tougher than expected for SAP. At least the group wants to remove financial hurdles. The position is to be remunerated much better in the future.
The Walldorf software group SAP wants to increase the remuneration for the chairman of the supervisory board. The amendment is to be held by the Annual General Meeting on the 15th. May decide. As explained in the invitation to the appointment, the remuneration of the Chairman of the Supervisory Board is to be "adjusted to the increased requirements for this role". The chief supervisor is to receive a significantly higher fixed salary in the future, for which additional payments for membership in committees would be omitted.
SAP proposes an annual basic remuneration of 600,000 euros for the Chairman of the Supervisory Board. As in 2023, there should be a fixed sum of 220,000 euros for the deputies. The presiding role would be significantly enhanced financially with the new regulation: The outgoing chairman of the supervisory board Hasso Plattner received a fixed remuneration of 275,000 euros for 2023, in addition to 155,000 euros for participation in various committees. In total, Plattner thus came to a total remuneration of 430,000 euros. In the previous year, it was 439,000 euros.
SAP draws international comparison
SAP explains in the AGM invitation that the current remuneration of the Chairman of the Supervisory Board in the financial year 2023 was "reviewed with the support of an independent external compensation expert and, in particular, subjected to an international comparison with European and US listed companies." This review showed that the current remuneration should be adjusted.
As justification for the increase, it is said that the workload for the chairman of the supervisory board has increased "significantly in recent years due to constantly growing requirements and responsibilities". In addition, the market and business environment has become more complex and demanding. SAP must also place "partly high demands" on the qualification and expertise of its chairman of the supervisory board. However, suitable candidates have apparently been able to earn more elsewhere so far: The current remuneration "no longer does justice to market practice in a market comparison - especially compared to listed European, US and other Dax-40 companies," the invitation says.
Siemens and Mercedes are already paying more
In fact, other large Dax groups are already remunerating the position better: The Chairman of the Supervisory Board of Siemens, Jim Hagemann Snabe, received in the financial year 2023 (per 30. September) according to the remuneration report, a total remuneration of 602,000 euros. The Chairman of the Supervisory Board of the Mercedes-Benz Group, Bernd Pischetsrieder, came up with 600,000 euros. At BASF, Chairman of the Supervisory Board Kurt Bock was due to a total remuneration of 550,000 euros for 2023, Bayer paid the Chairman of the Supervisory Board, Norbert Winkeljohann, a total of 509,000 euros. SAP argues in the AGM invitation: "An attractive increase in remuneration is essential in order to be competitive and to be able to win suitable candidates for the chairmanship of the supervisory board of SAP SE."
Last year, SAP had initially introduced former Deloitte CEO Punit Renjen as the designated successor to Hasso Plattner. The ideas about what the role of the
Chairman of the Supervisory Board, but apparently diverged. In February, in any case, the former Nokia boss Pekka Ala-Pietilä was presented as a new candidate for the Plattner succession, Renjen will leave the committee at the Annual General Meeting after only one year. Ala-Pietilä is initially to be elected for a two-year term.
https://x.com/sap/status/1780936399094460926?s=46
Article is gated and in German. Anyone care to share what was written? Thanks
EAT THE RICH
This company is completely tone def. I hope employees will vote with their feet and actively look for opportunities to leave this sinking ship.
Well! I’d probably want a significant salary increase too! Can you imagine having to supervise this executive board? This bunch of toddlers require a lot of babysitting and diaper-changing!