Comparative study by TUM and DSW for 2021
In 2021 Managing Board members of companies listed on the German stock index DAX earned an average of 24 percent more than they did in the previous year, according to the results of an annual comparative study conducted by the Technical University of Munich (TUM) and German investor protection advocate Deutsche Schutzvereinigung für Wertpapierbesitz (DSW).
The study put the average annual compensation of Managing Board members at 3.9 million euros or 53 times the average earnings of their employees. Average income had dropped for Managing Board members in the three consecutive previous years.
Heading the list of top earners is Linde with an average compensation of 8.8 million euros. Second place went to Qiagen and third place to Deutsche Bank. The three companies with the sharpest increase in compensation were Adidas, Covestro and MTU, where compensation increased by as much as 190 percent compared to last year. The most substantial drop was determined for Managing Board members of Delivery Hero, at minus 11 percent.