Praxis der Aufsichtsratsvergütung in börsennotierten Unternehmen: Status Quo und Herausforderungen (Practice of Director Compensation in Listed Firms: Status Quo and Challenges)
Zeitschrift für Führung & Organisation, August 2011
HHL Research Paper Series in Corporate Governance No. 3, April 2011
12 Pages Posted: 10 Apr 2011 Last revised: 4 Dec 2012
Date Written: April 8, 2011
We analyze director compensation in German listed firms for the time period 2005 to 2009. Our sample covers all listed companies in the German Prime Standard of the Frankfurt Stock Exchange, specifically firms with shares listed in the indices of DAX, MDAX, SDAX and TecDAX. The aim of the analysis is twofold. First, we give a detailed overview about the level and structure of the director compensation in Germany. Second, we derive recommendations for adequate compensation policies, since our empirical results suggest that current compensation practices offer only limited incentives for directors.
Note: Downloadable document is in German.
Keywords: Director Compensation, Remuneration, Incentives, Corporate Governance
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