New Study

“Executive Compensation as a Challenge for Investors 2020”

Background of the Study

In collaboration with the hkp/// group and the DIRK – German Investor Relations Association, the team at the professorship analyzed the proxy voting guidelines on executive compensation of the most significant investors involved in DAX30 companies. Given the implementation of the second European Shareholder Rights Directive (ARUG II), these guidelines carry particular weight. The study analyzed the voting guidelines of the 40 most important DAX30 investors.

The Key Findings of the Study at a Glance:

• Compared to the first edition of the study from 2018, the current analysis shows a positive development in the detail of voting guidelines on executive compensation among nearly a quarter of the top investors in DAX companies.


• With the exception of Barclays Bank, each of the top 40 investors now has its own proxy guidelines with general requirements for executive compensation. In 2018, one in ten investors had not published any guidelines at all.


• 90% of investors have released new and updated proxy guidelines since the end of 2018, with half of them providing new voting guidelines in 2020.


• An overall assessment shows that some proxy guidelines have significantly improved in terms of information content and applicability compared to 2018. However, there is still a lack of information in many cases that would allow for the derivation of specific design aspects.


• Only eleven of the 40 top investors analyzed received good to very good ratings. In 16 cases, the lowest rating had to be given.


• Noteworthy are the German investors Deka Investment and Union Investment, whose guidelines received the highest ratings. Detailed expectations are explained for almost every criterion, which can be directly translated into the design of an executive compensation system without extensive interpretation. In 2018, both were still rated with a D or C.


• The guidelines of BlackRock have also gained in detail, which is why a better overall rating was given compared to 2018.

Further Information:

A link to the study flyer can be found here.


Press coverage:

• Handelsblatt from 25.08.2020 (PDF)


• Finance-Magazin from 25.08.2020

Press Release (PDF)



The study can be ordered here.