DAX Supervisory Board Pay Hits Record High in 2023

A shift to fixed compensation and increased pay levels mark significant changes for Germany's top corporate overseers.

Supervisory board members of DAX-listed companies received a total of €123.7 million in 2023, up 5.4% from the previous year.
Volkswagen's supervisory board was the most expensive, with total compensation rising 42% to €7.5 million, followed by Deutsche Bank and Mercedes-Benz.
Alexander Wynaendts of Deutsche Bank was the highest-paid chair, earning €929,167, followed by Michael Diekmann of Allianz and Hans Dieter Pötsch of Volkswagen.
A 2023 reform introduced fixed compensation for all DAX supervisory board members, addressing shareholder concerns about variable pay structures during crises.
The average annual pay for supervisory board chairs was €421,000, over three times the €127,000 average for regular members.