German Corporate Governance Code

B. Appointments to the Management Board

Principle 9 The Supervisory Board determines, within legal and statutory provisions, the number of Management Board members, the required qualifications as well as the appointment of suitable candidates to individual positions. The Supervisory Board defines the target percentage representation of female Management Board members.
Recommendations:
B.1 When appointing Management Board members, the Supervisory Board shall take diversity into account.
B.2 Together with the Management Board, the Supervisory Board shall ensure that there is long-term succession planning. The approach shall be described in the Corporate Governance Statement.
B.3 The first-time appointment of Management Board members shall be for a period of not more than three years.
B.4 Any re-appointment prior to one year before the end of an appointment period at the same time as termination of the current appointment shall only happen if special circumstances apply.
B.5 An age limit shall be specified for members of the Management Board and disclosed in the Corporate Governance Statement.