As a company, we have established principles for our business activities and associated objectives, as well as principles applying to our general values that extend beyond daily events:
- We think in the long-term in order to equip PATRIZIA for the future, act in a business-oriented manner and secure our development on a long-term basis.
- We are success-driven and make clear decisions, ensuring they are consistently implemented through optimum processes and need-based solutions.
- We work together constructively, reflect on our own actions and give respectful and direct feedback. Through leadership and example, we expect and encourage the conduct required for this.
As required by law, PATRIZIA Immobilien AG operates a dual management system based on a clear separation of duties between the Managing Board in its capacity as the executive body and the Supervisory Board in its capacity as the supervisory body. As a listed German stock corporation, the management of PATRIZIA is primarily governed by the Aktiengesetz (AktG – German Stock Corporation Act). In addition, cooperation between the Managing Board and the Supervisory Board in a spirit of trust and confidence for the good of the Company is closely based on the principles of the German Corporate Governance Code. The currently applicable Declaration of Conformity pursuant to Article 161 AktG (German Stock Corporation Act) can be found here.
Implementation of the Act on Equal Participation of Women and Men in Executive Positions in the Private and Public Sectors
The Act on Equal Participation of Women and Men in Executive Positions in the Private and Public Sectors requires listed companies – like PATRIZIA Immobilien AG – to set out targets for the proportion of women on the Supervisory Board, the Managing Board and in the two managerial levels below the Managing Board, as well as deadlines for achieving these targets (Article 111 (5), Article 76 (4) AktG – German Stock Corporation Act). Respective targets had to be set for the first time until 30 September 2015. In the year under review, the Managing Board and the Supervisory Board of PATRIZIA Immobilien AG updated these targets as planned.
In accordance with Article 111 (5) AktG (German Stock Corporation Act), the Supervisory Board set a target of 0% for the share of women in its own ranks and a respective target of 25% for the Managing Board, both to be achieved by 30 June 2019. At present, the Supervisory Board consists exclusively of male persons, while since April 2017 the Managing Board consists of one female and three male members.
Pursuant to Article 76 (4) AktG (German Stock Corporation Act), the Managing Board of PATRIZIA Immobilien AG set a target of 10% for the share of women in the first management level below the Managing Board, and a target of 30% for the second management level below the Managing Board, both to be achieved by 30 June 2019. At present, the proportion of women in the first management level is 6% and in the second management level 31%.
Perspectively, the Managing Board and the Supervisory Board strive to achieve the statutory target ratio of 30% for both genders at all levels. When filling all positions in the company, but especially members of the Managing Board and executives, the Managing Board and the Supervisory Board attach paramount importance to the best possible skills and qualifications.
The Managing Board and the Supervisory Board have so far not adopted an independent diversity concept in accordance with Article 289f (2) no. 6 HGB (German Commercial Code), with regard to the composition of the authorised body and the Supervisory Board with respect to aspects such as age, gender, educational or professional background. The Managing Board and the Supervisory Board are of the opinion that, in addition to the objectives for the composition of the Managing Board and the Supervisory Board and the measures implemented and desired by the company to promote diversity, an additional diversity concept does not bring any substantial added value. However, in the fiscal year 2018 the Managing Board and Supervisory Board will again examine whether an independent diversity concept is to be prepared.
Augsburg, 30 January 2018
PATRIZIA Immobilien AG
Wolfgang Egger Karim Bohn Anne Kavanagh Klaus Schmitt
CEO CFO CIO COO
The Corporate Governance Report of PATRIZIA Immobilien AG can be found here.