Annual Report 2023


The Compensation Report outlines the principles for determining the compensation for the members of the Board of Management and the Supervisory Board of Covestro AG and explains the compensation of the individual members. The Report was prepared by the Board of Management and the Supervisory Board in accordance with the requirements of section 162 of the German Stock Corporation Act (AktG) and complies with the recommendations of the German Corporate Governance Code (GCGC) as amended on April 28, 2022. Relevant information is published on Covestro’s website. Moreover, in terms of content and structure, the report is based on the Compensation Report for the year 2022, which was approved by the Annual General Meeting (AGM) on April 19, 2023 with a majority of 92.96%.

The AGM had approved the compensation system for Board of Management members on April 21, 2022. The Supervisory Board of Covestro AG resolved in December 2022 to propose to the AGM, effective January 1, 2023, to revise the system on one point, namely to introduce the option, similar to the existing rules for short-term variable compensation, to adjust the payout percentage also for long-term variable compensation in cases where there are developments that cannot be foreseen or planned for. The revised compensation system for the Board of Management members was approved by the AGM on April 19, 2023, with a majority of 91.73%; it is available on the company’s website.

AktG/German Stock Corporation Act
Stipulates the legal provisions pertaining to German stock corporations.
GCGC/German Corporate Governance Code
A set of rules on responsible corporate governance drawn up by the Government Commission on the German Corporate Governance Code containing recommendations and suggestions for the management and oversight of publicly traded German companies.

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