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The Institutional Remuneration Ordinance contains minimum supervisory requirements for the remuneration systems of financial services institutions, which are intended to prevent harmful incentives to take disproportionately high risks. These are therefore regulations to safeguard financial market stability.
MainSky Asset Management AG is obliged to have an adequate remuneration system. The company is therefore subject to the general requirements of the Institute's remuneration regulation. The special requirements for the internal remuneration system according to §§ 5,6 and 8 Institutsvergütungsverordnung are not applicable, as MainSky Asset Management AG is one of the small institutions due to its size, total assets and type of business activities.
The remuneration systems are geared to the achievement of corporate objectives. The Company's business model requires that all members of the Executive Board and employees think and act in the long term in the interests of customers and thus also in their own interests. The appropriateness of the remuneration systems is reviewed annually and adjusted if necessary. The structure of the remuneration systems is in line with the corporate strategy and the planned figures.
The employees of MainSky Asset Management AG receive a fixed basic remuneration in line with the market and their function, in addition some employees receive a target or performance-oriented variable remuneration. Guaranteed variable compensation and contractually fixed severance claims are not provided for in the context of service or employment contracts. Due to the installed remuneration system, there is no significant dependency of employees on variable remuneration.
In addition, a sales employee hired as of January 1, 2018, will receive performance-related variable remuneration. The variable component could significantly exceed the fixed component in the event of corresponding sales success. This regulation is on the one hand customary in the industry and on the other hand compatible with the business objectives of MainSky Asset Management AG. It does not provide an incentive to take additional risks.
The Supervisory Board is responsible for the remuneration system of the Executive Board. The remuneration which the Management Board receives for its activities at MainSky Asset Management AG is specified in the employment contract. The remuneration of the Executive Board members consists of a fixed salary and an additional annual bonus. The amount of the bonus depends on the annual result from ordinary business activities of MainSky Asset Management AG. Due to the installed remuneration system, there is no significant dependence of the Management Board members on variable remuneration.
In the area of the controlling units, the compensation system does not provide any incentives that conflict with the monitoring function of this unit; in these areas, compensation is predominantly fixed.
As of December 31, 2019, the staff of MainSky Asset Management AG consisted of three board members and three permanent employees. Personnel expenses (salaries, remuneration of the Executive Board as well as social security and pension costs) amounted to EUR 767,046.62 in fiscal year 2019, including EUR 88,077.28 variable compensation for five beneficiaries. With this 11.7% ratio of variable compensation components, there is no significant dependence of employees on variable compensation
We are a member of the Verband unabhängiger Vermögensverwalter Deutschland e.V. (Association of Independent Asset Managers in Germany) and according to its statutes are obliged to participate in dispute settlement proceedings of the VuV-Ombudsstelle.
For pecuniary disputes arising from financial service contracts, the arbitration board of the Verband unabhängiger Vermögensverwalter Deutschland e.V. (VuV) is responsible:
60596 Frankfurt am Main