Independent Auditor's Report on the Audit of the Remuneration Report in Accordance with Section 162 (3) AktG
To Beiersdorf Aktiengesellschaft
We have formally audited the Remuneration Report of Beiersdorf Aktiengesellschaft, Hamburg, Germany for the fiscal year from January 1 to December 31, 2022, to ascertain whether the disclosures required under § 162 (1) and (2) Aktiengesetz (German Stock Corporation Act, AktG) were made in the Remuneration Report. In accordance with § 162 (3) AktG, we have not audited the substance of the Remuneration Report.
In our opinion, the attached Remuneration Report makes the disclosures required under § 162 (1) and (2) AktG in all material respects. Our audit opinion does not cover the substance of the Remuneration Report.
Basis of the audit opinion
We conducted our audit of the Remuneration Report in accordance with § 162 (3) AktG, taking into account the IDW Auditing Standard “The Audit of the Remuneration Report in Accordance with § 162 (3) AktG” (IDW PS 870). Our responsibility under this provision and this standard is further described in the section entitled “Auditor’s responsibility” of our report. As auditing practice, we applied the requirements of IDW Quality Assurance Standard “Requirements for Quality Assurance Applicable to German Auditing Practices (IDW QS 1). We have complied with the professional duties under the German Act on the Code of Professional Practice for German Public Auditors (Wirtschaftsprüferordnung) and the Professional Code of Conduct for Auditors/Certified Accountants, including the requirements for independence.
Responsibility of the Executive Board and Supervisory Board
The Executive Board and Supervisory Board are responsible for preparing the Remuneration Report, including the related disclosures, in compliance with the requirements of § 162 AktG. In addition, they are responsible for the internal controls that they deem necessary to enable the preparation of a remuneration report, including the related disclosures, that is free from material misstatements, whether due to fraud or error.
Our aim is to ascertain with reasonable assurance whether the disclosures required in accordance with § 162 (1) and (2) have been made in all material respects and to issue an audit opinion on this in a report.
We planned and conducted our audit in such a way that, by comparing the disclosures made in the Remuneration Report to the disclosures required under § 162 (1) and (2) AktG, we can determine whether the Remuneration Report is formally complete. In accordance with § 162 (3) AktG, we did not audit the completeness of the substance of the individual disclosures or the appropriate presentation of the Remuneration Report.
Hamburg, February 17, 2023
Ernst & Young GmbH
(German Public Auditor)
(German Public Auditor)