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DAX Board Pay Rises Despite Profit Declines

The latest study shows that larger variable packages for long-term targets are driving pay growth even as profits dip, widening inequality within firms.

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verschiedene Wolkenkratzer mit Glas- und Stahlfassaden in Frankfurt am Main.
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Overview

  • On average, DAX board compensation rose by 3 percent to €3.76 million in 2024, according to the July report from DSW and TU Munich.
  • Two CEOs — Volkswagen’s Oliver Blume and Adidas’s Bjørn Gulden — each earned more than €10 million despite falling corporate profits.
  • Only 32 percent of pay is fixed, with 25.4 percent linked to short-term goals and 42.7 percent to long-term performance targets.
  • DAX boards earn on average 41 times the pay of a typical employee, with disparities ranging from 95 times at Adidas to 18 times at Sartorius and a 24 percent gender pay gap.
  • German executives still trail their European and U.S. peers, ranking fifth in the Euro Stoxx 50 and well below average compensation in the Dow Jones.