Germany: 'say on pay' at Siemens and ThyssenKrupp

Reuters reports that Siemens and ThyssenKrupp will be providing shareholders with an advisory 'say on pay' vote on remuneration at their forthcoming annual general meetings. Both companies' supervisory boards are chaired by Gerhard Cromme, the former chairman of the German Corporate Governance Code Commission. The companies' AGM notices - available here (pdf) and here (pdf) - contain further information.

It appears that Siemens and ThyssenKrupp have not waited for shareholders to exercise their right to request such a vote, which was introduced last year by the Gesetz zur Angemessenheit der Vorstandsvergütung (VorstAG, Act on the Appropriateness of Management Board Remuneration, about which see here).