The Executive Board of Deutsche EuroShop AG is the Group’s management body. The Executive Board is bound to observe the interests of the Company and aims to increase its enterprise value in the long term.
Our members of the Executive Board:
The Executive Board of Deutsche EuroShop AG manages the Company in accordance with the provisions of German company law and with its rules of procedure. The Executive Board’s duties, responsibilities and business procedures are laid down in its rules of procedure and in its schedule of responsibilities. The chief management duties of the Executive Board are the management of the Group and the determination of its strategic orientation, planning, and the establishment, implementation and monitoring of risk management.
The diversity concept of the Supervisory Board for the Executive Board which originated in 2015 was given concrete shape and expanded in April 2017. It proposes that the Executive Board should consist of members of both sexes with a proportion of women of at least 30%. The composition of the Executive Board should be geared towards the needs of a listed company with a small staff base. This should take into account the requirements of accounting with high capital investment as well as the largely national activities in longterm investment in retail properties. The members of the Executive Board are expected to have knowledge and experience in the application of accounting principles and internal control procedures according to German and/or international accounting standards, in the retail trade as well as in the management of shopping centers, in equity and debt financing, capital market, corporate governance, corporate and personnel management, corporate acquisitions and mergers, and in the purchase and sale of real estate. The focal points of knowledge and experience should complement each other.
The upper age limit for members of the Executive Board is 60.
As of 31 December 2019, the Executive Board of Deutsche EuroShop AG comprised two members.
Born 8 March 1967
First appointment: 2015
Appointed until: 31 December 2021
Wilhelm Wellner joined Deutsche EuroShop in 2015, initially as a member of the Executive Board, and took on his present position as CEO on 1 July 2015. He is also a managing director and director at various companies in the Deutsche EuroShop Group.
Born 10 December 1964
First appointment: 2005
Appointed until: 30 September 2022
Olaf Borkers joined Deutsche EuroShop AG in 2005 as a member of the Executive Board. He is also a Managing Director and Director at various companies in the Deutsche EuroShop Group, and is responsible for ESG issues (environmental social governance) on the Executive Board.
Together with the Executive Board, the Supervisory Board ensures long-term succession planning. The Supervisory Board devotes particular attention to the deferred end of the terms of office of the two Executive Board members in combination with their respective experience and areas of expertise. Discussions and negotiations for potentially extending terms of office begin at least one year before the end of the current term of office, so that internal and external successors can be appointed.
The remuneration of the Executive Board amounted to €1,352 thousand, which broke down as follows:
In 2019, the Executive Board was in receipt of payments totalling €1,240 thousand:
Ancillary benefits include the provision of a car for business and private use. Pension expenses for Mr Wellner comprise a defined contribution pension plan amounting to €50 thousand p. a. which was granted to him until the age of 62. The pension commitment will terminate prematurely if Mr Wellner does not accept an extension to his work on the Executive Board offered to him by the Company and in the event of incapacity for work or death.
No advances or loans were granted to members of the Executive Board. The Company has not entered into any commitments or contingent liabilities in favour of these persons.
The outgoing CEO, Claus-Matthias Böge, is to receive a total of €1,712 thousand under the Long-Term Incentive 2010, which covered the period to 30 June 2015. From 2016, this amount was paid at the start of each year in five equal instalments, finishing in 2020.
Status: 31 December 2019
Source: Finacial Report 2019, page 81-82; 24-25