Remuneration for Klöckner & Co SE Management Board members is determined by the Supervisory Board and corresponds with the tasks and performance of the Management Board members and with the position of the Company. Apart from the tasks of the individual Management Board members, criteria for the adequacy of the remuneration include individual performance and the economic position of the Company as well as the customary remuneration amounts with regard to their peer group and the remuneration structure that applies in the Company.
The remuneration structure promotes a sustainable company development. It consists of four components: a fixed base remuneration per annum, a variable annual bonus, a variable three-year bonus and a virtual stock-option program with a medium-term to long-term focus. The Supervisory Board has agreed a cap for extraordinary developments.
The Company’s 2011 Annual General Meeting resolved to approve the remuneration system for members of the Management Board, with the approval of more than 89% of the votes.
Please refer to the remuneration report on page 51 et seq. of the current annual report for additional information about remuneration for Management Board and Supervisory Board members.