Schaeffler Annual General Meeting approves dividend and new remuneration system

Schaeffler AG’s virtual Annual General Meeting approved a dividend of 45 eurocents per non-voting common share. The payout ratio was around 43 percent, which is within the target corridor of 30 to 50 percent based on the consolidated earnings attributable to shareholders before special items.

“The proposed dividend is the result of careful balancing of interests. In our view, it is fair and appropriate to let shareholders participate in the success of the past year. Our capital base and very solid liquidity allow us to do this,” said Klaus Rosenfeld, CEO of Schaeffler AG.

The Annual General Meeting approved a new Executive Board remuneration system which the company’s Supervisory Board had adopted with retroactive effect as from January 1, 2020. Schaeffler is thus implementing the changed regulatory requirements for executive board remuneration in accordance with the law on the implementation of the second shareholder rights directive (ARUG II)

“The new remuneration system is clear and transparent. In addition to their fixed base remuneration, the board members receive variable short and long-term remuneration components. Thus, alongside amending the pension plan, one of our key aims was to tie this variable part of our managing directors’ remuneration to achieving specified sustainability targets. I also see the obligation to purchase and hold shares as an important step in making the Schaeffler Group even more capital market-oriented,” said Family Shareholder and Chairman of the Supervisory Board Georg F. W. Schaeffler.