The Supervisory Board pays attention to diversity in the composition of the Managing Board (diversity concept for the Managing Board). Diversity among the Managing Board’s members serves to ensure the Company’s success over the long term. The Supervisory Board takes account of a number of aspects in the composition of the Managing Board, including the following:
- Members of the Managing Board should have long-standing management experience.
- Members of the Managing Board should have an international background (i.e. individuals with experience gained outside Germany due to current or past activities and/or non-German citizenship).
- As many different educational and professional backgrounds as possible should be represented in the Managing Board as a whole.
- In addition to the legally required qualifications, the Managing Board as a whole should have members with knowledge of branding, supply chain matters and sales.
- The Managing Board as a whole should have a balance of ages among its members in the interest of long-term succession planning.
- The Supervisory Board is pursuing the target of having at least one woman sitting on the Managing Board by no later than December 31, 2021.
- Members of the Managing Board shall as a rule not be older than 60 at the time of their appointment.
Decisions on the specific composition of the Managing Board shall be made by the Supervisory Board in the interest of the Company with regards to the circumstances of the individual case. Except for the target ratio of women on the Management Board, the aforementioned targets for filling the Managing Board were met or exceeded throughout the reporting period.
Pursuant to Sec. 111 (5) AktG [“Aktiengesetz”: German Stock Corporation Act], the Supervisory Board of HUGO BOSS AG set the target of having at least one woman sitting on the Managing Board of the Company by no later than December 31, 2021.
The GCGC stipulates that the Managing Board must consider diversity when filling management positions in the Company and specifically that women must be adequately represented. The Managing Board is committed to this objective. It already monitors the diversity of the workforce and will continue to do so in future. HUGO BOSS, however, also continues to be committed to the core principle of hiring solely based on applicants’ qualifications, even if this might result in a decrease in the proportion of women employed. Furthermore and pursuant to Sec. 76 (4) AktG, the Managing Board has set a target gender quota of at least 30% women in the first management level and 35% in the second management level below the Managing Board to be achieved by December 31, 2021. As of December 31, 2020, the proportion of women in the first management level was 25%, and hence on the prior year level (December 31, 2019: 25%). The target at the second management level was again clearly exceeded by December 31, 2020, with a proportion of women of 43% (December 31, 2019: 48%).
Jointly with the Managing Board, the Supervisory Board conducts long-term succession planning for the Managing Board. In this context, the Supervisory Board considers the target for the proportion of women on the Managing Board and the criteria set out in the diversity concept for the Managing Board’s composition as well as the requirements of the German Stock Corporation Act (Aktiengesetz) and the GCGC. Respecting the concrete qualification requirements and the above-mentioned criteria, the Personnel Committee prepares an ideal profile, on the basis of which it compiles a shortlist of available candidates. Interviews are then conducted with these candidates. Afterwards, a proposal is submitted to the Supervisory Board for approval. When developing the profile of requirements and selecting candidates, the Supervisory Board is supported, if necessary, by external consultants.