Value-oriented management

Value ori­en­ta­tion as­pects are con­sid­ered in all areas of the com­pany.

The re­mu­ner­a­tion model for Group man­age­ment as a whole in­volves a re­mu­ner­a­tion por­tion that is de­pen­dent on the com­pany’s per­for­mance and which is cal­cu­lated on the basis of four equally weighted key fig­ures – in­clud­ing the value-ori­ented key fig­ure "re­turn on in­vested cap­i­tal". In ad­di­tion to the salary, there is an an­nual op­tion plan for the Group Ex­ec­u­tive Board and other man­age­ment mem­bers. Al­lot­ments under the op­tion plan are also linked to a tar­get fig­ure for re­turn on in­vested cap­i­tal. De­tails can be found in the Re­mu­ner­a­tion Re­port.

In­vest­ments in prop­erty, plant and equip­ment above a cer­tain amount are ap­proved only if strict cri­te­ria are met. In this con­text, it is manda­tory that an in­vest­ment re­turn be achieved that ex­ceeds the cost of cap­i­tal plus a pre­mium.

In the in­ter­ests of value-ori­ented man­age­ment, im­por­tant pro­jects are tracked over the long term fol­low­ing pro­ject com­ple­tion, and the achieve­ment of ob­jec­tives is eval­u­ated an­nu­ally by the Group Ex­ec­u­tive Board.