Process for determining remuneration
In accordance with the “Appropriateness of Executive Board Remuneration Act” (VorstAG) and according to Section 1 (3) of the rules of procedure of the Supervisory Board of Symrise AG, the full Supervisory Board meeting advises and determines the remuneration system for the Executive Board and regularly monitors its implementation. It does this upon request of the Personnel Committee. The current remuneration system was last approved by a majority of the shareholders at the 2015 Annual General Meeting. If changes are made to the remuneration system, it must be put to a vote at the annual shareholder meeting.
Our remuneration system fulfills all of the recommendations of the German Corporate Governance Code in its version from February 7, 2017.
The system and amount of the Executive Board’s remuneration are regularly reviewed by the Supervisory Board at its first meeting of the year with the support of the Personnel Committee. The last review occurred in March 2019. In the process, the Personnel Committee is guided by external benchmarking, which is prepared as needed and on a topic-specific basis (for example regarding the design of a long-term incentive program).
There is no personal relationship between Symrise and the professional consulting company. Commissioning is done in each individual case by the Supervisory Board. In 2019, the Swiss financial research firm Obermatt advised the Supervisory Board on the review of the renumeration-relevant Symrise peer group and made recommendation to expand it.