Germany's Dax companies have reserved billions for the retirement of their top managers. According to a dpa analysis of the annual reports, the pension obligations for former members of the Executive Board already totaled just under 3.5 billion euros at the end of 2020 - and the trend is rising. The front runner is the VW Group, whose former board members are entitled to a pension of 396 million euros, followed by Daimler with 362 million euros. If you add the entitlements already acquired by the currently active board members of the 30 companies listed on the Dax, this adds up to a further 430 million euros.
The total is actually higher, as not all companies provide information on old-age provision for their top employees, according to Linde and Munich Re.
The old-age provision is also partly shown according to different accounting methods.
"An ever larger part of the remuneration has been shifted to old-age provision," criticizes Marc Tüngler, managing director of the DSW shareholders' association and member of the government commission on the German Corporate Governance Code.
“This contributes to the lack of transparency, as the actual amount of the remuneration can no longer be traced.
There is nothing against cutting off this braid. "