Русская версияGermany's top managers profited from their companies' record
earnings in 2007, bringing in 2.92 miilion euros ($4.2
million) on average, according to DSW, a German
private-investors' association.
That's an increase of some 7.8 percent from the year earlier, the
association said.
Board members of companies listed on Germany's
DAX stock exchange took home an average 4.7 million.
US wins the stock-option race
But while German managers have reached a pay level equal to or
above that of their international counterparts, US managers still
beat Germans handily when it comes to stock options, the report
said.
Bildunterschrift:
Großansicht des Bildes mit der Bildunterschrift:
Ackermann was once more Germany's top-earning manager
Germany's biggest single earner was once again Deutsche Bank head
Josef Ackermann. According to DSW, his paycheck was just shy of 14
million euros in 2007.
In second place was Daimler CEO Dieter Zetsche with 10 million
euros, followed by Linde board chairman Wolfgang Reitzle, with 8.1
million. Postbank CEO Wolfgang Klein was the lowest earning head of
a DAX-listed company. He took home just 1.5 million euros.
Higher profits boosted pay
The managers of listed companies, who are more likely to have a
performance-based pay component, benefitted particularly
from rising profits among German concerns. Profits were up nearly
18 percent in 2007, the DSW said.
Bildunterschrift:
Großansicht des Bildes mit der Bildunterschrift:
Daimler's Dieter Zetsche took second place
In international comparisons, Germany did well. The
average pay for the board chairman of a DAX-listed company was
above that of his French (2.3 million euro), Swiss (2.99 million)
and even American (3.03 million) counterparts.
But the picture changed when stock options were added to the
mix. In Switzerland, pay was increased agian by half -- to an
average of 6 million euros -- when stock options were included.
The DSW said that except for in a very few cases, they didn't find
evidence of excess pay for mangers, and argued that stronger
regulatory laws are not needed.
(Deutsche Welle)
more info >>
<< Back