Paul Achleitner replaced
New highest earner among DAX supervisory boards
November 23, 2023, 11:22 a.m
Listen to article
This audio version was artificially generated. More info | Send feedback
The controllers of the DAX companies earned more than ever last year, a total of 17.4 percent more than the previous year. The head of the supervisory board of a car manufacturer moves to the top of the ranking. He collects one and a half times as much as the chief inspectors on average.
A DAX supervisory board chairman earns an average of 393,000 euros a year for his work. In total, more than 117 million euros went to the DAX controllers last year, as the German Association for the Protection of Securities Ownership (DSW) calculated from the annual reports. This means a whopping increase of 17.4 percent compared to the previous year.
However, the total also rose to this unprecedented level due to the new index composition; the list of DAX companies changes from year to year. In 2022, Daimler Truck, among others, moved into the leading index.
The average salaries of chief inspectors rose by 7.7 percent. At the top of the top earners is a new face: Norbert Reithofer from BMW, with an unchanged 610,000 euros, who has replaced ex-Deutsche Bank chief controller Paul Achleitner. The BMW supervisory board chairman is followed by Jim Hagemann Snabe from Siemens with 602,000 euros and Kurt Bock from BASF with 550,000 euros, whose remuneration was also roughly at the previous year’s level.
Supervisory board members without a managerial position earned an average of 117,000 euros, an increase of 4.4 percent. According to the DSW, the inspectors’ work has become more demanding due to new regulations and the global crises. “With a view to the MDAX and SDAX, there will probably be an upward salary adjustment if we want to continue to attract the best minds to the supervisory bodies in the future,” says Managing Director Marc Tüngler, himself chairman of the supervisory board at Freenet.
Deutsche Bank pays the most overall
In the MDAX, the average remuneration is significantly below the DAX at 212,000 euros for the chairman (plus 4 percent) and 68,000 euros for full members (plus 2.7 percent). In the SDAX, a supervisory board chairman receives an average of 134,000 euros (plus 6.7 percent), the other members receive 50,000 euros (plus 3.9 percent).
According to the DSW analysis, Deutsche Bank once again paid the highest total compensation: a total of around 6.8 million euros for its 20 supervisory board members (plus 4.8 percent). The Mercedes-Benz Group received around 6.5 million euros (plus 3.9 percent) and BMW around 5.5 million euros (plus 0.3 percent).