Management

Management Compensation

This page provides information about Executive Board and Supervisory Board compensation.

Executive Board compensation

Compensation for the Aurubis AG Executive Board is oriented toward long-term corporate development and is aligned with shareholder interests as well as the recommendations and suggestions of the current version of the German Corporate Governance Code. The individual compensation of each Executive Board member is provided in the Annual Report.

The compensation system for the Aurubis AG Executive Board ensures that compensation reflects the Group’s comprehensive business activity, the operative business environment, and the business results achieved. It was recently adjusted in accordance with the Act Implementing the Second Shareholders' Rights Directive (ARUG II) and the German Corporate Governance Code and approved by the participants of the Annual General Meeting 2023. The individual compensation of each member is provided in the Annual Report.

The following overview summarizes the compensation system components:

Fundamentals of the compensation system

 

   

2023 compensation system

Fixed compensation

 Basic compensation Fixed annual basic compensation that is paid out monthly in equal installments
  Pension plans            
  • Entitlement to the company pension plan in the form of a pension commitment, financed through a liability insurance policy
  • Defined contribution company pension plan in the form of a capital commitment
  Fringe benefits Fringe benefits in the form of benefits in kind, which primarily consist of insurance premiums and company car use and are assessed according to tax guidelines

Variable compensation

Variable compensation for one year

(20–25 %)
  • Type: annual bonus
  • Performance criteria:
    • Operating EBT (70 %)
    • Individual performance of the Executive Board member (20 %)
    • ESG targets (10 %)
  • Payout:
    • In full in cash upon expiry of the fiscal year
  • Cap: 150 % of the target amount
  • No discretionary special bonus agreed
 

Variable compensation for several years

(30–35 %)

Typ: Performance Share Plan

  • Type: performance share plan
  • Performance period: 4 years
  • Performance criterion:
    • Operating ROCE (50 %)
    • Relative total shareholder return (TSR) vs. MDAX (50 %)
  • Cap: 200 % of the target amount
  • Payout: in cash at the end of the 4-year performance period
Maximum compensation
pursuant to Section 87a of the German Stock Corporation Act (AktG)
 
  • Chairman: € 3,300,000
  • Regular member of the Executive Board: € 2,300,000
Malus & Clawback   Possibility of a partial or full reduction (malus) or reclamation (clawback) of the variable
compensation (variable compensation for one year and several years) in the event of a compliance offense or errors in the consolidated financial statements
Premature termination of Executive Board contract   In the event of premature termination of an Executive Board contract without good cause, a severance payment will be made within the scope of the compensation system. Such payment is limited to two years’ total annual compensation and does not provide compensation for any period longer than the remaining term of the employment contract
Compensation system

The compensation system at Aurubis is made up of fixed compensation components (basic compensation, pension plans, and fringe benefits) and variable compensation components (annual bonus and performance cash plan). Moreover, the compensation system also includes arrangements for additional compensation-related legal transactions (e.g., commitments when an Executive Board member steps down).

The compensation for the Aurubis AG Executive Board members was approved at the Annual General Meeting on February 16, 2023.

Compensation systems of past years are available in the archive. 

Compensation system archive
2021

The 2021 compensation system was approved at the Annual General Meeting on February 11, 2022.

2017

The 2017 compensation system was approved at the Annual General Meeting on March 1, 2018.
Compensation Reports

The current Compensation Report is available here:

Compensation systems of past years are available in the archive. 

Compensation Report archive

Compensation Report 2021/22 including Auditor’s Report
Compensation for the Supervisory Board

Aurubis AG Supervisory Board members receive fixed compensation for their membership. The structure and level of Supervisory Board compensation is decided by the attendees of the Annual General Meeting and are outlined in the Articles of Association.  The individual compensation of each Supervisory Board member is provided in the Annual Report. 

Compensation structure

Supervisory Board compensation includes fixed compensation as well as compensation for membership in committees. Furthermore, Supervisory Board members receive an attendance fee in the amount of € 1,000 for each meeting of the Supervisory Board or of its committees they attend.

Compensation components Supervisory Board Chairman Deputy Chairman of the Supervisory Board Ordentliches Mitglied des Aufsichtsrats
Fixed compensation € 225,000  € 150,000  € 75,000 
Attendance fees  

1,000 

  
  Committee chairman   Committee member    
Committee membership - Audit Committee  30,000  15,000     
Committee membership - Personnel Committee 30,000 15,000     
Committee membership - other committees 15,000 7,500    
Compensation limit for committee membership 50,000 
Compensation arrangement

The compensation for the Aurubis AG Supervisory Board members was approved at the Annual General Meeting 2021 and is governed by Section 12 of Aurubis AG’s Articles of Association.

Compensation Reports

Compensation systems of past years are available in the archive.

Compensation Report archive