Management and Supervision

In compliance with the German Stock Corporation Act (AktG), Wacker Chemie AG has a two-tier management system, comprising an Executive Board and Supervisory Board. The Executive Board has four members.

Wacker Chemie AG is the parent company and thus determines the Group’s strategy, overall management, resource allocation, funding, and communications with key target groups (especially with the capital market and shareholders).

Executive Board and Supervisory Board in 2017

At its meeting of December 7, 2017, the Supervisory Board of Wacker Chemie AG confirmed the re-appointments of president and CEO Dr. Rudolf Staudigl and Executive Board member Dr. Christian Hartel. Dr. Rudolf Staudigl’s contract was renewed for a further three years (until September 30, 2021) and that of Dr. Christian Hartel for five years (until October 31, 2023). Effective January 1, 2017, Manfred Köppl was elected as the new deputy chairman of the Supervisory Board. Hansgeorg Schuster joined the Supervisory Board on January 1, 2017, but then left it due to the sale on March 14, 2017 of shares in Siltronic AG. At the Executive Board’s request, Barbara Kraller was appointed to the Supervisory Board by order of the District Court of Munich on April 24, 2017.

Declaration on Corporate Management

The declaration on corporate management required by Sections 289f and 315d of the German Commercial Code (HGB) is included in the corporate governance report. This declaration, which does not form part of the combined management report, is also available online. It contains the Executive and Supervisory Boards’ work procedures, the declaration of conformity pursuant to Section 161 of the German Stock Corporation Act (AktG), and information on key corporate management practices. www.wacker.com/corporate-governance

Non-Financial Statement

The non-financial statement that is to be submitted in accordance with Sections 315b, 315c and 289b–c of the German Commercial Code (HGB) is included in the annual report in the form of a non-financial report for the Group. It forms part of the combined management report and is also available on the internet and in the online version of our Annual Report 2017. It has also been published in the Federal Gazette. This non-financial report includes a description of the Group’s business model as well as details of environmental concerns, social issues and personnel matters as well as information on respect for human rights and on combating corruption and bribery. In compliance with the revised International Standard on Assurance Engagements (ISAE) 3000 (Revised): “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information,” the non-financial report for the Group was reviewed by KPMG AG, Wirtschaftsprüfungsgesellschaft, the auditors of the consolidated financial statements. Content provided in the non-financial report for the Group has been removed from the Group management report in order to avoid repetition.

Executive Board and Supervisory Board Compensation

Executive Board compensation contains both fixed and variable components. The main features of the compensation system for the Executive Board and Supervisory Board are described in the compensation report, which is included in the corporate governance report. The compensation report also forms part of the combined management report.