Item 5: KPMG, Berlin, is proposed as auditor for the current financial year. The ratio of non-audit/audit fees slightly exceeds our guidelines and in addition we note that KPMG has audited the Company since more than 30 years (no exact starting date provided by the Company) which significantly exceeds our maximum acceptable term of office of 10 years or 20 years in cases where an audit tender has taken place after the initial
engagement period. We therefore recommend opposing the re-election of KPMG as auditor.
Item 6.4: We recommend opposing the re-election of Prof. Köcher due to our concerns over their aggregate time commitments.
Item 7: We recommend opposing the revised remuneration system for Management Board members as we consider the potential maximum amounts as excessive.