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 2019
A long-standing member of Wacker Chemie AG’s Supervisory Board, Seppel Kraus, retired, stepping down on June 30, 2019. A new Supervisory Board member, Beate Rohrig, was appointed as employee representative at the Executive Board’s request by order of the District Court of Munich dated July 18, 2019.
There were no changes to the composition of Wacker Chemie AG’s Executive Board in 2019.
For details about Executive Board responsibilities, please refer to the Further Information section.
Declaration on Corporate Management
The declaration on corporate management required by Section 315d in combination with Section 289f 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. It also includes: targets for the proportion of women on the Supervisory Board and Executive Board, and in the two levels of management below the Executive Board, as well as deadlines for implementation; statutory minimum quotas to be observed when filling Supervisory Board positions; and information on the company’s diversity strategy.
Non-Financial Statement
The non-financial statement that is to be submitted in accordance with Sections 315b and 315c, and 289b and 289c of the German Commercial Code (HGB) is included in the annual report in the form of a non-financial report for the Group and does not form part of the combined management report. It is also available on the internet, in the online Annual Report for 2019. In addition, it is published in Germany’s Federal Gazette. This non-financial report includes a description of the Group’s business model and details of environmental concerns, social issues and personnel matters, as well as information on respect for human rights, and on combating corruption and bribery. The non-financial Group report was reviewed by the auditors of the consolidated financial statements.
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.