Corporate Governance Declaration 2017

 
The recommendations and suggestions contained in the Code have already been a firm element of Pfeiffer Vacuum’s corporate governance for years. Pursuant to § 161 of the German Stock Corporation Act, the Management and Supervisory Boards issued the statement of compliance for the year 2017 on October 26, 2017, amended on January 24, 2018. With the following two exceptions, this reflects compliance with the recommendations of the German Corporate Governance Code Government Commission as amended in February 2017:
 

  • The German Corporate Governance Code recommends that a ceiling is established for the length of time that members may serve on the Supervisory Board (Paragraph 5.4.1). The Supervisory Board does not consider that a particular length of service as a member of the Supervisory Board constitutes a criterion which disqualifies a candidate from re-election to the Supervisory Board, and therefore does not take this criterion into account when selecting candidates.

 

  • The German Corporate Governance Code recommends that variable remuneration components for members of the Management Board should in principle have a multi-year assessment basis which is essentially future-oriented (Paragraph 4.2.3). However, the regulation on variable remuneration, which is applied for Manfred Bender, Dr. Ulrich von Hülsen und Dr. Matthias Wiemer, does not provide for an “essentially future-oriented” assessment basis. This deviation is based on the fact that the provision of the Code was newly created until February 2017 and the contracts were not able to be amended in the meantime. However, an adjustment by the Supervisory Board will be made in the near future.

 
Asslar, January 24, 2018

 
SupervisoryBoard_ManagementBoard

 
Pfeiffer Vacuum Technology AG

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