In December 2024, the Managing Board and Supervisory Board of HUGO BOSS issued the following declaration prescribed by Sec. 161 AktG:
“Declaration of compliance
Declaration of the Managing Board and Supervisory Board of HUGO BOSS AG pursuant to section 161 AktG (German Stock Corporation Act)
HUGO BOSS AG, Metzingen, Securities ID A1PHFF, International Securities ID DE000A1PHFF7
The Managing Board and Supervisory Board of HUGO BOSS AG herewith declare pursuant to section 161 para. 1 sentence 1 AktG (German Stock Corporation Act) that since the Compliance Declaration of December 2023, the recommendations of the Government Commission “German Corporate Governance Code” in the version of April 28, 2022 – published in the Federal Gazette on June 27, 2022 – (“GCGC 2022”) have been and will be complied with except for:
- Deviating from the recommendation in G.11 sentence 2 GCGC 2022, employment contracts with the members of the Managing Board in part did not provide for the possibility to withhold or reclaim variable compensation in justified cases. Following a contract update with effect from 1 April 2024, all employment contracts with the members of the Managing Board now provide for the possibility to withhold or reclaim variable compensation as required by G.11 sentence 2 DCKG 2022. The recommendation of the DCKG 2022 has therefore been and will be complied with from that point on.
Metzingen, December 2024“