Declaration on corporate governance
maxingvest GmbH & Co. KGaA was formed in July 2023 by a change of legal form of maxingvest ag. In June 2017, the Supervisory Board of maxingvest ag in accordance with section 111 (5) of the German Stock Corporation Act (AktG) set a target for the proportion of women on the Supervisory Board of 25% and on the Management Board of 0%. The deadline for achieving these targets was 30 June 2022. In June 2017, the Management Board of maxingvest ag in accordance with section 76 (4) AktG set a target for the proportion of women at management level 1 (department heads) of 0% and at management level 2 (division or group managers) of 50%. The deadline for achieving these targets was 30 June 2021.
The target values defined for the first two management levels were achieved by the deadline. The target value for the Management Board was also achieved. In contrast, the target value for the Supervisory Board was not fully achieved. The reason for this was the withdrawal of a female Supervisory Board member of the employees’ representatives whose male replacement had already been determined with the election of the substitute member in 2019. The proportion of women on the Supervisory Board was therefore 18.75%.
Against the background of the current composition of the corporate bodies and appointment periods, the Supervisory Board decided in June 2022 to continue the above-mentioned target for the Supervisory Board. The deadline set for achieving this was two years (i.e. by 30 June 2024). The obligation to set a target value for the proportion of women on the Management Board in accordance with section 111 (5) AktG is not applicable to the legal form of a Kommanditgesellschaft auf Aktien (partnership limited by shares) as in this case, unlike a stock corporation, the Supervisory Board is not responsible for appointing the Management. Nonetheless, diversity and representation of both genders will continue to be the goal for the Management of maxingvest GmbH & Co. KGaA.
In June 2021, the Management Board of maxingvest ag resolved on the basis of human resources planning to continue the above-mentioned target values for management levels 1 and 2 and set a four-year period for achieving them (i.e. by 30 June 2025). In the case of a Kommanditgesellschaft auf Aktien, the general partner is responsible for setting these target values and deadlines. The resolution of the Management Board was confirmed by the general partner, that is, maxingvest Geschäftsführungs GmbH in August 2023 as a precautionary measure.
As a pure holding company, only a narrowly limited number of positions at management level 1 are available to be filled. Due to the long periods of employment, the age structure and the low fluctuation, changes at this level are also rare. The target value resolved in June 2021 does explicitly not express the intention to permanently leave the proportion of women at the status quo, but merely represents the situation expected in June 2021 for the period ending on 30 June 2025.
The Management and the Supervisory Board seek an appropriate participation of women in case of staff changes.