Schaeffler AG
Schaeffler AG: Schaeffler Annual General Meeting approves dividend and new remuneration system
DGAP-News: Schaeffler AG
/ Key word(s): AGM/EGM
Schaeffler Annual General Meeting approves dividend and new remuneration system
– Virtual annual general meeting met with great interest – Dividend distribution of 45 eurocents per preferred share
“The proposed dividend is the result of careful balancing of interests. In our view, it is fair and appropriate to let shareholders participate in the success of the past year. Our capital base and very solid liquidity allow us to do this,” said Klaus Rosenfeld, CEO of Schaeffler AG.
The Annual General Meeting approved a new Executive Board remuneration system which the company’s Supervisory Board had adopted with retroactive effect as from January 1, 2020. Schaeffler is thus implementing the changed regulatory requirements for executive board remuneration in accordance with the law on the implementation of the second shareholder rights directive (ARUG II) – faster than required by law. The Executive Board remuneration is based on the principles of coupling performance and remuneration, value creation and free cash flow. The variable remuneration is focused on long-term and sustainable corporate value development. The new remuneration system also strengthens the capital market orientation and synchronization of interests of the shareholders with the Executive Board. Further more a new share purchase and holding obligation has been added, according to which the board members have to buy non-voting common shares in Schaeffler AG in a predetermined amount and period and must hold them until the end of their tenure. In order to do justice to the growing importance of sustainability as part of the corporate strategy, sustainability goals are also included in the variable remuneration. In addition, the performance criteria were redesigned and the pension plan of the board members changed to a contribution-based system. “The new remuneration system is clear and transparent. In addition to their fixed base remuneration, the board members receive variable short and long-term remuneration components. Thus, alongside amending the pension plan, one of our key aims was to tie this variable part of our managing directors’ remuneration to achieving specified sustainability targets. I also see the obligation to purchase and hold shares as an important step in making the Schaeffler Group even more capital market-oriented,” said Family Shareholder and Chairman of the Supervisory Board Georg F. W. Schaeffler.
About Schaeffler Contacts
08.05.2020 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Schaeffler AG |
Industriestr. 1-3 | |
91074 Herzogenaurach | |
Germany | |
Phone: | 09132 – 82 0 |
E-mail: | ir@schaeffler.com |
Internet: | www.schaeffler.com |
ISIN: | DE000SHA0159 |
WKN: | SHA015 |
Indices: | SDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange |
EQS News ID: | 1039771 |
End of News | DGAP News Service |