During the period of the nonÂcompetition clause, other employment income and pension payments will be credited against this compensation. The second management level comprises all managers of Merck KGaA who report to managers with a direct reporting line to the Executive Board of Merck KGaA or the global executive group. Unlike management board members of stock corporations, they are not merely employed members of a corporate board. In fiscal 2019, these amounted to ⬠13,448 thousand (2018: ⬠13,763 thousand). Of this total $1,659,482 was received as a salary, $4,609,200 was received as a bonus, $4,500,763 was received in stock options, $11,425,398 was awarded as stock and $375,485 came from other types of compensation. Each Executive Board member promptly informs the other members of any important actions or operations in his or her respective business area. The German Stock Corporation Act prescribes that the Supervisory Board of a publicly listed company must have at least one member who has professional expertise in accounting or auditing. First management level of Merck KGaA below the Executive Board: 21% of positions held by women, Second management level of Merck KGaA below the Executive Board: 26% of positions held by women. Case numbers enable anonymous, two-way communication.
Executive directors typically act as senior managers of organizations and businesses. In their late career (20 years and higher), employees earn an average total compensation of $230,000. Learn how to enable cookies. * The management report for Merck KGaA has been combined with the Group management report and published in the 2019 Merck Annual Report as well as in the annual financial statements of Merck KGaA. The adoption of the annual financial statements is not the responsibility of the Supervisory Board, but of the General Meeting. The diversity policy to strategically steer the topics of diversity and inclusion at Merck thus focuses on the following key criteria: Our Group-wide diversity policy encompasses both voluntary as well as legally defined objectives that we continuously and sustainably work to achieve. The Personnel Committee meets at least twice a year. These meetings regularly include the Chairman of the Executive Board as well as the CEO Healthcare, the CEO Life Science, and the CEO Performance Materials.
The recommendations of the Code in the version dated February 7, 2017, the intent and meaning of which are applied, were complied with in the period between the last Declaration of Conformity issued on February 22, 2019, with two exceptions.
The members of the Insider Committee are appointed by the Executive Board; at least two members work in Group Legal & Compliance. Seven Supervisory Board members are university graduates and hold doctorates. To further increase the transparency of the Executive Board compensation system, the performance corridor for the key performance indicators used in the Merck Long-Term Incentive Plan will subsequently be disclosed. This is available effective April 14, 2020, as an online version on our website at www.merckgroup.com/en/cr-report/2019. Effective fiscal year 2018, the Personnel Committee abolished one-time payments to members of the Executive Board as part of performance-related compensation. In addition, the Finance Committee is concerned with the net assets, financial position, results of operations, and liquidity of Merck, as well as accounting, internal auditing, risk management, and compliance issues. Based on a corporate culture that places the fundamental company values â courage, achievement, responsibility, respect, integrity, and transparency â at the center of our entrepreneurial actions, the Code of Conduct (www.merckgroup.com/company/responsibility/en/regulations-and-guidelines/code-of-conduct.pdf) helps those involved in the business process to implement the values when dealing with one another on a daily basis. The members of the Board of Partners of E. Merck KG and of the Supervisory Board may be convened to a joint meeting if so agreed by the chairpersons of the two boards. Unlike an AG, their executive authority is not conferred by the Supervisory Board, but rather by their status as general partners. This authority likewise belongs to E. Merck KG (article 13 (3) sentence 1 and (4) sentence 1 of the Articles of Association). The members of the Board of Partners may convene a joint meeting with the Supervisory Board of Merck KGaA if so agreed by the chairpersons of the two boards. Moreover, the introduction of the Share Ownership Guideline takes into account the widespread practice of share ownership among management and executive board members in international peer comparisons. And you start collecting pension after 5 years.”, “after 1 year of working there.
However, an audit committee does exist in the form of the Finance Committee of the Board of Partners of E. Merck KG, which to a large extent exercises the duties described in section 5.3.2 of the Code. In our company, unlike publicly listed German stock corporations, it is not the Supervisory Board, but the Board of Partners of E. Merck KG that decides on the amount and composition of compensation received by our Executive Board members. The average salary for Executive Director at companies like Merck & Co. Inc. in the United States is $243,469 as of September 25, 2020, but the range typically falls between $222,434 and $266,793.
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