Working Group

The working group “Guidelines for Sustainable Management Board Remuneration”, which consisted of representatives from various stakeholder groups, was established in early 2018 and subsequently developed the best practice guidelines.

The working group involved international investors in the drafting process through a meeting in London. It consisted of the following members:

Supervisory board chairs

  • Dr Werner Brandt (ProSiebenSat.1, RWE, Siemens)
  • Dr John Feldmann (Hornbach Holding, Kion)
  • Jürgen Fitschen (Ceconomy, Kühne & Nagel, Vonovia)
  • Dr Jürgen Hambrecht (BASF, Daimler, Fuchs Petrolub)
  • Prof Dr Ulrich Lehner (Deutsche Telekom, E.ON, Henkel, Porsche)
  • Werner Wenning (Bayer, Henkel, Siemens)

Representatives of institutional investors

  • Nicolas Huber (DWS)
  • Henrike Kulmann (Allianz Global Investors)
  • Michael Schmidt (Deka Investment, Head of the DVFA Corporate Governance Committee)
  • Ingo Speich (Union Investment)

Academic representatives

  • Prof Christian Strenger (Deputy Chair of the DVFA Commission for Corporate Governance and Director of the Center for Corporate Governance, HHL Leipzig)
  • Prof Dr Michael Wolff (University of Göttingen)

Corporate governance experts

  • Dr Georg Franzmann (BASF)
  • Hendrik Schmidt (DWS)
  • Dr Stephan Semrau (Bayer)
  • Regine Siepmann (hkp/// group)
  • Dr Michael Viehs (Hermes Investment Management)


  • Dr Hans-Christoph Hirt (CEO Hermes EOS)
  • Michael H. Kramarsch (Managing Partner hkp/// group)