D&O group insurance

A group insurance policy for directors and officers is available to members of the Management Board and the Supervisory Board. As a continuing insurance, the policy does not include a deductible, the recommendations of the German Corporate Governance Code notwithstanding. The company was of the opinion that at the time of signing the employment contracts with the members of the Management Board, a deductible was still largely unusual internationally. We additionally feared at the time that due to the liability risks linked with a deductible we would not have been able to attract especially qualified persons for the Management Board and the Supervisory Board. Furthermore, the group insurance policy is a policy for a variety of executive officers, and it would have been inappropriate to differentiate between members of the Supervisory Board and the Management Board and other executive officers. However, the company will comply with the legal provisions and introduce a deductible in the directors and officers group insurance policy in a timely manner.

My Annual Report