STADA: Clarification of the media's incorrect presentation of the remuneration for the STADA Chairman of the Executive Board
09/10/2015 . Press Release
Bad Vilbel, September 10, 2015 – During a press briefing that took place today in Frankfurt am Main on the growth strategy of the STADA Group, there were discussions, among other things, about the amount of remuneration for the STADA Chairman of the Executive Board Hartmut Retzlaff, which has been repeatedly misrepresented in the media in the months since the Annual General Meeting 2015.
Notwithstanding the clear presentation in the Annual Report 2014 and an interview with Handelsblatt on August 4, 2015 in which Hartmut Retzlaff clarified the amount of his remuneration, articles in the press have appeared since then which again mention the incorrect, significantly too high remuneration. In financial year 2014, the actual compensation for Hartmut Retzlaff including his variable remuneration amounted to Euro 3.356 million. The fixed remuneration thereby amounted to two million Euro plus fringe benefits of Euro 142,000, the one-year variable remuneration of Euro 408,000 and the contractually agreed performance-related progress payment on long-term goals in the amount of Euro 806,000.
At the end of March 2015, the Group, in its Annual Report for financial year 2014, disclosed salaries and payments for all three STADA Executive Board members using a model table in accordance with the requirements of the German Corporate Governance Code. Due to this new method of presentation, financial contributions were reported for the Executive Board members in financial year 2014 from contractually agreed long-term goals which had already been paid out in financial years 2010 to 2013.
With a view to the time pressure which the media today faces, STADA is aware that in daily editorial work, figures are often used from sources that cannot always be checked. In light of the situation presented above, STADA asks that you get in touch with the Media Relations department insofar as there are questions related to Executive Board remuneration.