Diversity concept for the Board of Management
The Supervisory Board hereby lays down the following diversity concept for the composition of the Board of Management (section 289f(2), no. 6 German Commercial Code):
The Supervisory Board must also take diversity into account when considering who would be the best persons to appoint to the Board of Management as a body. The Supervisory Board understands diversity, as an assessment criterion, to mean in particular different yet complementary specialist profiles and professional and general experience, also in the international domain, with both genders being appropriately represented. The Supervisory Board will also take the following aspects into account in this regard, in particular:
- Members of the Board of Management should have many years of management experience.
- Members of the Board of Management should if possible have experience based on different training and professional backgrounds.
- The Board of Management as a whole should have technical expertise, especially knowledge of and experience in the manufacture and sale of vehicles and engines of any kind as well as other technical products, and experience in the international domain.
- The Board of Management as a whole should have many years of experience in research and development, production, sales, finance and human resources management, as well as law and compliance.
- The Supervisory Board has resolved a minimum target quota for women of 11.1% to be met by December 31, 2021.
- There should be a sufficient range of ages among the members of the Board of Management.
The Supervisory Board will decide which person is to be appointed to a specific Board of Management position in the interest of the company and after having assessed all the facts of the individual case.
Diversity concept for the Supervisory Board
In view of the Company's specific situation, its purpose, its size and the extent of its international activities, the Supervisory Board of Volkswagen AG strives to archieve a composition that takes the Company's ownership structure and the following aspects into account:
- At least three members of the Supervisory Board should be persons who embody the criterion of internationality to a particularly high degree.
- At least four shareholder representative members of the Supervisory Board should be persons without potential conflicts of interest, particularly conflicts of interest that could arise from an advisory or board position at customers, suppliers, lenders, or other third parties.
- In addition, at least four of the shareholder representatives must be persons who are independent as defined in number 5.4.2 of the German Corporate Governance Code.
- At least three of the seats on the Supervisory Board should be held by people who make a special contribution to the diversity of the Board.
- Furthermore, proposals for elections should not normally include persons who will have reached the age of 75 on the date of the election or who will have been members of the Supervisory Board for more than 15 years on the date of election.
More infomation can be found in the current Corporate Governance Report under the headline "Objectives for the composition of the Supervisory Board and Board of Management as well as senior executive positions".