FRANKFURT (Reuters) - Deutsche Boerse (DB1Gn.DE) said on Thursday it was capping the annual pay packages of its board members at 9.5 million euros ($11.3 million) each, effective from 2017, as it strives to move on from a months-long insider trading crisis.
The cap affects all aspects of remuneration - fixed pay, bonuses and pensions. The decision was made at a meeting of the German exchange operator’s supervisory board.
Joachim Faber, chairman of the board, said the plan was aimed at “preventing possible and unwanted extremes”, while at the same time remaining competitive.
Investors have complained about excessive pay at Deutsche Boerse while shareholders are left footing the bill for a 10.5 million euro settlement over allegations of insider trading.
Shareholders have also been angry about a failed merger attempt with London Stock Exchange (LSE.L), which also cost them tens of millions of euros in M&A advisory fees.
Reporting by Tom Sims; Editing by Georgina Prodhan and Mark Potter