Remuneration Report

The remuneration report explains the structure and amount of the remuneration paid to current and former members of the Executive Board and the Supervisory Board of Beiersdorf AG in fiscal year 2023. It was prepared in accordance with the statutory provisions of § 162 Aktiengesetz (German Stock Corporation Act, AktG) as amended by the Gesetz zur Umsetzung der zweiten Aktionärsrechterichtlinie (German Act on the Implementation of the Second Shareholders’ Rights Directive, ARUG II) and also contains additional information on Executive Board and Supervisory Board remuneration for added clarity and transparency. The auditor has examined whether the remuneration report contains the information required in accordance with § 162 (1) and (2) AktG. The auditor’s report is included in this remuneration report.

On April 13, 2023, the Annual General Meeting approved the remuneration report for fiscal year 2022, which was prepared and audited in accordance with § 162 AktG, with a majority of approximately 76% of the votes cast. Following the 2023 Annual General Meeting, the Executive Board and Supervisory Board have again given very careful consideration to the comments made to the company by investors with regard to the remuneration system and the 2022 Remuneration Report. Wherever the Supervisory Board and Executive Board deemed it reasonable and appropriate, they have been taken into account in the preparation of this remuneration report. In addition, the remuneration system is to be aligned with the further development of the business strategy. Therefore, it was decided to make changes to the Executive Board remuneration system starting from the 2025 fiscal year and to submit the new system to the 2025 Annual General Meeting for approval. The revision of the remuneration system has already begun.