Deutsche Börse Group
Annual report  
2022
Excerpt: Report of the  
Supervisory Board

Executive and Supervisory Boards | Report of the Supervisory Board 
Management report  
Financial statements and notes  
Remuneration Report  
Further information 
 
 
Deutsche Börse Group | Annual report 2022
Report of the Supervisory Board 
During the year under review, Deutsche Börse AG’s Supervisory Board discussed the company’s position 
and prospects in depth. We performed the tasks assigned to us by law and the company’s Articles of 
Association and bylaws. We have advised the Executive Board regularly on its management of the 
company and monitored its work. We were involved in all decisions of fundamental importance. Our 
work was impacted again by the Covid-19 pandemic, but above all by Russia’s war of aggression 
against Ukraine. This war is not only an attack on fundamental values, with terrible consequences for 
the people directly and indirectly affected by it. It also poses extreme challenges for our economic and 
financial system.  
 
In 2022, we advised on the continued implementation of the Group’s Compass 2023 strategy and the 
IT strategy 2023+. From the beginning of the war of aggression against Ukraine on 24 February 2022, 
we were also closely involved in the analysis of its effects and potential risks for Deutsche Börse Group. 
Another key area of our work again concerned environmental, social and governance matters (ESG). In 
the Supervisory Board, we looked at the importance of ESG for Deutsche Börse Group as a whole, the 
business opportunities it presents and the progress made in each respective area. ESG is also a core 
component of the remuneration system for the Executive Board, which was revised in 2021. The report 
on its implementation was approved by a large majority at the Annual General Meeting 2022. We 
discussed fundamental strategic options on a regular basis. In an advisory capacity, we were also 
involved in Deutsche Börse Group’s activities to buy and sell companies and parts thereof. The Executive 
Board informed us on an ongoing basis about the impact of the Covid-19 pandemic on Deutsche Börse 
Group. 
 
At our meetings, the Executive Board provided us with comprehensive and timely information in 
accordance with the legal requirements. The high frequency of plenary and committee meetings and 
workshops ensured an intensive exchange of information between the Supervisory Board and the 
Executive Board. In addition, the CEO kept the Chair of the Supervisory Board informed continuously 
and regularly concerning the current developments affecting the company’s business, significant 
transactions, upcoming decisions and the long-term outlook and discussed these issues with him. 
 
We held seven plenary meetings during 2022, including one extraordinary meeting after the Annual 
General Meeting on 18 May 2022 to resolve on the composition of the committees of the Supervisory 
Board. Four workshops were also held on the subjects of ESG (March), corporate governance (March), 
compliance (September) and technology (September) as part of the regular training and professional 
development measures for Supervisory Board members. Despite the travel and social restrictions due to 
the Covid-19 pandemic, which were still in force at the start of the reporting year, all the meetings and 
workshops were able to take place as planned, with appropriate hygiene measures and by enabling 
Supervisory Board members to attend by video or conference call.  
 
Two out of a total of 28 meetings by the Supervisory Board and its committees were held exclusively as 
video or conference calls in the reporting year. 
 
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Deutsche Börse Group | Annual report 2022

Executive and Supervisory Boards | Report of the Supervisory Board 
Management report  
Financial statements and notes  
Remuneration Report  
Further information 
 
 
Deutsche Börse Group | Annual report 2022
The average attendance rate for all Supervisory Board members at the plenary and committee meetings 
was 99 per cent during the year under review. An average of 34 per cent was in the form of virtual 
attendance. 
 
The individual Supervisory Board members attended meetings in person or virtually as follows: 
 
 
 
Topics addressed during plenary meetings of the Supervisory Board 
During the reporting period, we discussed the implementation of our Group strategy Compass 2023 in 
detail. We advised the Executive Board on all relevant aspects of the strategy. For details on the growth 
strategy, please refer to the Our strategy and steering parameters section in the combined management 
report. 
 
 
 
 
Attendance of Supervisory Board members at meetings in 2022 
 
Meetings in total 
(thereof virtual 
attendance1) 
Attendance at 
plenary meetings 
(thereof virtual 
attendance) 
Attendance at 
committee 
meetings 
(thereof virtual 
attendance) 
Attendance in % 
(thereof virtual 
attendance in %) 
Martin Jetter (Chair) 
14/14 (2)
7/7 (0)
7/7 (2)
100 (14)
Markus Beck (Deputy Chair) 
14/14 (3)
7/7 (2)
7/7 (1)
100 (21)
Katrin Behrens (until 28 Apr 2022) 
4/5 (4)
2/2 (2)
2/3 (2)
80 (100) 
Nadine Brandl 
11/11 (7)
7/7 (4)
4/4 (3)
100 (64)
Karl-Heinz Flöther (until 19 May 2022) 
4/4 (2)
3/3 (2)
1/1 (0)
100 (50)
Andreas Gottschling 
21/21 (7)
7/7 (3)
14/14 (4)
100 (33)
Anja Greenwood 
13/13 (7)
7/7 (4)
6/6 (3)
100 (54)
Oliver Greie (since 29 Apr 2022) 
8/8 (2)
5/5 (2)
3/3 (0)
100 (25)
Shannon A. Johnston (since 18 May 2022) 
7/7 (1)
4/4 (1)
3/3 (0)
100 (14)
Susann Just-Marx 
17/17 (9)
7/7 (5)
10/10 (4)
100 (53)
Achim Karle 
16/16 (4)
7/7 (3)
9/9 (1)
100 (25)
Barbara Lambert 
17/17 (4)
7/7 (3)
10/10 (1)
100 (24)
Michael Rüdiger 
18/18 (5)
7/7 (1)
11/11 (4)
100 (28)
Peter Sack 
13/13 (5)
7/7 (3)
6/6 (2)
100 (38)
Charles Stonehill 
13/13 (2)
7/7 (2)
6/6 (0)
100 (15)
Clara-Christina Streit 
12/12 (7)
7/7 (4)
5/5 (3)
100 (58)
Chong Lee Tan 
9/9 (3)
7/7 (3)
2/2 (0)
100 (33)
Daniel Vollstedt 
15/15 (2)
7/7 (2)
8/8 (0)
100 (13)
Average attendance rate2 
99 (34)
1) Virtual attendance was used in some cases, especially to reduce CO2 emissions from travel as well as to be able to attend meetings despite quarantine requirements in 
place. 
2) Attending workshops is optional for Supervisory Board members. Workshop attendance is therefore not taken into account in the determination of the average 
attendance rate.  
9
Deutsche Börse Group | Annual report 2022

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Deutsche Börse Group | Annual report 2022
The effects and potential risks for Deutsche Börse Group of the war of aggression against Ukraine were 
another focus area of our work. In this context, we discussed the full and proper implementation of the 
international sanctions regime against Russia, and also looked closely at the stability of our trading and 
settlement system at times of high capacity use and market volatility. We also discussed in depth our 
cyber resilience, i.e. the resistance of our IT systems to external interference. 
 
We also dealt with the implementation status of the IT strategy 2023+. It was developed in line with the 
Group strategy Compass 2023, supports its objectives and focuses on the requirements of the business 
areas. A key element of the IT strategy 2023+ is the ongoing development of IT in the business areas, 
in order to support the implementation of the business objectives below the Group strategy. How and to 
what extent cloud technology is to be used going forward and the corresponding expertise play a vital 
role. We also dealt with the topic of information security and followed the preparations for the planned 
introduction of the SAP system S/4HANA. 
 
Another core topic of our Supervisory Board work in the reporting year was the various external 
acquisitions and equity investments to expand and strengthen our business. Deutsche Börse AG 
acquired the fund data manager, Kneip Communication S.A., to strengthen its growth areas of fund 
services and data. We also discussed structural and organisational changes in the Fund Services and 
Securities Services segments following the re-segmentation of our operating activities in the reporting 
year. 
 
An overarching element of our work was again the discussion of different ESG aspects and the progress 
made. The importance of ESG for Deutsche Börse Group and the resulting business opportunities were 
at the forefront of the debate. This entailed gaining an overview of the market for ESG products and its 
main influencing factors, the role of market infrastructure providers for the sustainable transformation of 
the economy, and key ESG product initiatives from Deutsche Börse Group. In addition, we discussed the 
regulatory challenges in ESG reporting. Sustainability targets play an important role in the current 
remuneration system for the Executive Board. We approved the remuneration report on the 
implementation of the Executive Board remuneration system in 2021 as part of the financial statements. 
The remuneration report was approved by a majority of 95.93 per cent of shareholders at the Annual 
General Meeting on 18 May 2022. We also added expertise in sustainability matters to the qualification 
requirements for members of the Executive Board and Supervisory Board. 
 
Other key areas of our Supervisory Board’s work were the decisions taken in the reporting period on the 
future composition of the Executive Board and the changes in the members of the Supervisory Board. 
 
We again ensured continuity in the composition of the Executive Board in the reporting year. We 
renewed the appointment of Heike Eckert, responsible for Governance, People & Culture, until 30 June 
2028. Please refer to the Personnel matters section for details. 
 
At the Annual General Meeting of Deutsche Börse AG held on 18 May 2022, which again had to be 
held online due to the Covid-19 pandemic, Shannon A. Johnston was elected to the Supervisory Board 
of Deutsche Börse AG. The composition of the Supervisory Board committees was also adjusted 
afterwards. Please refer to the Personnel matters section for details. 
 
 
 
10
Deutsche Börse Group | Annual report 2022

Executive and Supervisory Boards | Report of the Supervisory Board 
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Deutsche Börse Group | Annual report 2022
In the year under review, we again had regular and intensive discussions concerning ongoing 
proceedings by the Public Prosecutor’s Office in Cologne regarding the conception and settlement 
implementation of security transactions by market participants over the dividend date (cum-ex affair). In 
the opinion of the Public Prosecutor’s Office, these market participants used such transactions to make 
unjustified tax refund claims. In this context, the Supervisory Board also dealt with investigations into 
such transactions by the exchange regulator in Hesse. 
 
Other important litigation and legal proceedings concerning Deutsche Börse Group were also an 
important aspect of our work on the Supervisory Board. The efficiency, suitability and effectiveness of 
the internal control systems and the handling of findings by internal control functions as well as external 
auditors and regulatory authorities were another important area of our work. 
 
In addition, the Supervisory Board Chair held meetings with institutional investors and proxy advisers in 
November and December 2022 to discuss current governance topics affecting the Supervisory Board. 
These meetings focused on the work of the Supervisory Board in the reporting year and the personnel 
decisions taken for the Supervisory Board and Executive Board, a possible increase in Executive Board 
remuneration and plans for holding the upcoming Annual General Meeting in a virtual format. The 
Supervisory Board Chair summarised his dialogue with investors in the plenary meetings and the 
meetings of the Nomination Committee. 
 
Our plenary meetings and workshops during the reporting period focused particularly on the following 
issues: 
 
At our ordinary meeting on 9 February 2022, the Executive Board reported in a regular cycle on the 
status of the cross divisional client relationship management. We also discussed the preliminary results 
for the 2021 financial year and the Executive Board’s dividend proposal for the 2021. Following a 
detailed examination, we set the amount of the variable remuneration payable to the Executive Board for 
the financial year 2021. We also adopted the 2021 corporate governance statement. The proposal by 
the Executive Board to hold the Annual General Meeting in 2022 again in a virtual format was also 
approved. The Executive Board informed us in detail about succession planning for the senior 
management level and about gender diversity and the creation of a global talent pool for upper and 
middle management. Furthermore, the Executive Board reported on the current status of ongoing 
proceedings regarding security transactions by market participants over the dividend date (cum-ex affair) 
and the status of investigations by the exchange regulator in Hesse into such transactions.  
 
In a workshop held on 3 March 2022, we dealt with the rights and obligations of the Supervisory Board 
and Executive Board. 
 
At the ordinary meeting on 4 March 2022, the Executive Board informed us about the potential effects 
and risks of the war of aggression begun by Russia against Ukraine on 24 February 2022, and the steps 
taken in response by Deutsche Börse Group up to that point. We discussed the financial statements of 
Deutsche Börse AG for 2021, the consolidated financial statements for 2021 and the 2021 
remuneration report in the presence of the external auditors. We approved the annual and consolidated 
financial statements for 2021 and the 2021 remuneration report, having carried out our own detailed 
examination, in line with the recommendation by the Audit Committee, which had previously carried out 
an in-depth preparatory examination of the documents. The meeting also gave us the opportunity to 
discuss matters with the auditors without the presence of the Executive Board. We adopted the report of 
the Supervisory Board for 2021 and the agenda for the 2022 Annual General Meeting. The Executive 
Board informed us of the personnel situation in Deutsche Börse Group. 
 
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Deutsche Börse Group | Annual report 2022

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Deutsche Börse Group | Annual report 2022
An ESG workshop was held on 4 March 2022, as well, in which we took a wide-ranging look at the 
topic of sustainability, its importance for Deutsche Börse Group and the regulatory requirements for ESG 
reporting. 
 
At our ordinary meeting on 18 May 2022, we discussed the upcoming Annual General Meeting with 
the Executive Board. This was the last meeting attended by shareholder representative Karl-Heinz Flöther 
and the first for employee representative Oliver Greie. 
 
The extraordinary meeting held after the close of the Annual General Meeting on 18 May 2022 was 
also attended by Shannon A. Johnston, the new shareholder representative on the Supervisory Board. 
We adopted changes to the composition of the Supervisory Board committees. For details, see 
Supervisory Board committees in the Corporate governance statement included in the combined 
management report. 
 
In the ordinary meeting on 21 June 2022, the Executive Board again reported on the risk situation 
following the Russian war of aggression against Ukraine. We discussed the status of ongoing 
proceedings regarding security transactions by market participants over the dividend date (cum-ex 
affairs). In addition, we looked in detail at succession planning for the Executive Board and resolved to 
carry out the annual effectiveness review, which was supported by an external service provider in the 
reporting year. 
 
In a compliance workshop on 28 September 2022, we dealt with the avoidance of money-laundering 
and the process for handling mandates and avoiding conflicts of interest. 
 
In another workshop on 29 September 2022 about technology topics, we received information about 
how and to what extent cloud technology should be used in future, and on the implementation status of 
the IT strategy 2023+. 
 
In the ordinary meeting on 29 September 2022, we renewed the Executive Board appointment of 
Heike Eckert until 30 June 2028. The status of ongoing proceedings regarding security transactions by 
market participants over the dividend date (cum-ex affair) was again discussed by the Supervisory 
Board. We reviewed the description of the tasks and requirements for the Executive Board and 
Supervisory Board including the competence profile in light of legislative changes and the German 
Corporate Governance Code, which was revised in the reporting year, and approved an amended 
version. For the same reason, we approved an updated version of the bylaws for the Supervisory Board. 
We also dealt with this year’s effectiveness review. 
 
In the ordinary meeting on 7 December 2022, we adopted the budget for 2023 and set the Executive 
Board targets for the 2023 financial year. The Executive Board informed us about the results of the 
employee survey, the implementation status of the personnel strategy and the revisions that had been 
made to the strategy for 2023. We gained an impression of the performance of recently acquired 
companies and of the equity investments in the context of Deutsche Börse Group’s corporate venturing 
activities. We discussed and adopted the results of our annual effectiveness review in accordance with 
section D.12 of the German Corporate Governance Code, the annual suitability assessment of the 
Supervisory Board and the Executive Board, as well as the upcoming year’s training plan for the 
Supervisory Board. Furthermore, we adopted the declaration of conformity in accordance with section 
161 of the Aktiengesetz (AktG, German Stock Corporation Act) for the 2022 financial year, which can be 
viewed at www.deutsche-boerse.com > Investor Relations > Corporate Governance > Declaration of 
conformity. 
 
12
Deutsche Börse Group | Annual report 2022

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Further information 
 
 
Deutsche Börse Group | Annual report 2022
The Supervisory Board meetings all took place at the company’s headquarters in the reporting year. 
Martin Jetter, the Supervisory Board Chair, presented the agenda before each meeting and informed the 
Supervisory Board about current matters. At the end of each meeting, the Supervisory Board members 
talked openly and extensively among themselves, without Executive Board members, about the meeting 
itself and general topics. A similar discussion also took place at the Supervisory Board meeting on 9 
March 2023 in which we approved the annual and consolidated financial statements for 2022, and 
which was also attended by the auditors. From 2021 onwards, the members of the Audit Committee 
have had regular talks with the external auditors without the Executive Board members. 
 
Committee work 
The Supervisory Board had seven permanent committees in the reporting year. The committees are 
responsible primarily for preparing the decisions to be taken by, and topics to be discussed in, the 
plenary meetings. Additionally, the Supervisory Board has delegated individual decision-making powers 
to the committees, to the extent that this is legally permissible. The individual committee chairs reported 
in detail to the plenary meetings on the work performed by their committees. The Chair of the 
Supervisory Board chairs the Nomination Committee, the Strategy and Sustainability Committee, the 
Chairman’s Committee and the Mediation Committee. Details on the members and duties of the 
Supervisory Board committees in 2022 can be found in the Corporate governance statement section of 
the combined management report. The committees focused on the following key issues: 
 
Audit Committee (six meetings during the reporting period) 
 Financial topics, particularly capital management 
 Financial reporting: examination, in the presence of the auditors, of the annual financial statements of 
Deutsche Börse AG and of the consolidated financial statements, including the financial reporting 
process, of the integrated combined management report, the remuneration report, and the audit 
report, as well as of the half-yearly financial report and the quarterly statements 
 Statutory auditors: obtaining the statement of independence from the external auditors and monitoring 
the external auditors’ independence; issuing the engagement letter to the external auditors for the audit 
of the annual and consolidated financial statements and the integrated combined management report; 
issuing the engagement letter for the audit of the form and contents of the remuneration report; 
agreeing the external auditors’ fee; defining and discussing the focus areas of the audit; discussing 
non-audit services rendered by the external auditors; evaluating the quality of the audit and preparing 
the Supervisory Board’s proposal to the Annual General Meeting on the election of the auditors 
 Internal control systems: discussion of questions relating to risk management, compliance and capital 
market compliance, and the internal control and audit system; discussion of the methods and systems 
used and their efficiency, adequacy and effectiveness 
 Deutsche Börse AG’s dividend and the Group’s budget 
 Discussion and formal adoption of the Audit Committee’s tasks for the coming year 
 Preparation of the Supervisory Board’s resolution on the corporate governance statement in 
accordance with section 289f of the Handelsgesetzbuch (HGB, German Commercial Code) and the 
declaration of conformity in accordance with section 161 AktG 
 Measures to close internal and external audit findings 
 Management of outsourcing  
 Management of regulatory changes, in particular the German Supply Chain Due Diligence Act (Gesetz 
über die unternehmerischen Sorgfaltspflichten in Lieferketten, LkSG) and its implementation 
 Dealing with material litigation and legal proceedings involving Deutsche Börse Group  
 Dealing with the tax positions of Deutsche Börse AG and other tax issues  
 Report on specific compliance audits 
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Deutsche Börse Group | Annual report 2022
 Dealing with compliance-related topics such as the whistle-blowing system, the prevention of money 
laundering and the sanctions framework of Deutsche Börse Group 
 Dealing with ESG reporting and potential ESG risks 
 Dealing with the status of the SAP roadmap 
 
Nomination Committee (five meetings during the reporting period) 
 Executive Board remuneration: target achievement of Executive Board members; determination of the 
variable remuneration for Executive Board members for 2021; preliminary discussion of individual 
target achievement by members of the Executive Board for 2022; preparing the adoption for the 
Supervisory Board of individual targets for members of the Executive Board for 2023 
 Personnel matters: discussion of succession planning for the Executive Board and subordinate 
management levels, also taking gender aspects into account; preparing a recommendation to the 
plenary session on the reappointment of Heike Eckert; dealing with external memberships, executive 
and supervisory board mandates of Theodor Weimer, Thomas Book and Stephan Leithner 
 Candidate search and selection by the shareholder representatives of a successor to Karl-Heinz Flöther 
for the Supervisory Board seat  
 Discussion of the competence profile for the Supervisory Board, the suitability assessment and the 
updated side letter on the suitability assessment policy  
 Updating the job description and qualification requirements for the Executive Board and Supervisory 
Board in view of legislative changes and the revision of the German Corporate Governance Code in the 
reporting year  
 Dealing with the suitability assessment for the Executive Board and Supervisory Board, including the 
qualification matrix for the Supervisory Board 
 Dealing with the training plan for the Executive Board and Supervisory Board for 2023 
 Discussion of the results of the annual staff survey 
 Report by the Chair of the Supervisory Board on the corporate governance roadshow 
 
Risk Committee (four meetings during the reporting period) 
 Discussion about the quarterly compliance and risk management reports 
 Ongoing enhancements to Group-wide compliance and risk management and the harmonisation of 
internal control systems 
 Operational risk, information security and business continuity management 
 Risk management in the Eurex subgroup and at ECC AG and Crypto Finance AG 
 Dealing with upcoming regulatory requirements 
 Discussion of outstanding audit findings and plan of action to address them 
 Discussion of the risk appetite of Deutsche Börse Group for 2023 
 Discussion of the availability of key systems and mitigation measures 
 Dealing with specific risk situations, particularly concerning the geopolitical situation and mitigation 
measures 
 
 
 
14
Deutsche Börse Group | Annual report 2022

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Financial statements and notes  
Remuneration Report  
Further information 
 
 
Deutsche Börse Group | Annual report 2022
Strategy and Sustainability Committee (two meetings during the reporting period) 
 Discussion of the situation and strategy of EEX and 360T and the cash market 
 Update on ESG strategy, activities and priorities 
 Discussion of how, and to what extent, to make further use of cloud technology 
 
Technology Committee (four meetings during the reporting period) 
 Debate on information security, IT risk management and cyber resilience in the face of various 
scenarios 
 Dealing with digitalisation initiatives at the Clearstream subgroup  
 Discussion of IT support for the structural and organisational changes in the Clearstream subgroup, 
and for the growth strategy in the Eurex subgroup 
 Follow-up on the SAP roadmap and the planned relocation to a new data centre 
 
Chairman’s Committee (no meeting during the reporting period) 
 The Chairman’s Committee convenes on the initiative of the Chair of the Supervisory Board; it deals 
with time-sensitive affairs and prepares the corresponding Supervisory Board plenary meetings. There 
was no need for the Chairman’s Committee to hold a meeting during the year under review. 
 
Mediation Committee (no meetings during the reporting period) 
 The Mediation Committee is set up by law. Pursuant to section 31(3) MitbestG, it submits proposals 
to the Supervisory Board for the appointment or dismissal of Executive Board members when a two-
thirds majority has not been reached. The Mediation Committee only convenes as required. There was 
no need for the Mediation Committee to hold a meeting during the year under review. 
 
Audit of the annual and consolidated financial statements 
PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, based in Frankfurt am Main, (PwC) 
audited the annual financial statements of Deutsche Börse AG, the consolidated financial statements and 
the integrated combined management report for the financial year ended 31 December 2022, together 
with the accounting system, and issued an unqualified audit opinion. The condensed financial 
statements and interim management report contained in the half-yearly financial report for the first six 
months of 2022 were reviewed by PwC. The documents relating to the financial statements and the 
reports by PwC were submitted to us for inspection and examination in good time. The auditors 
responsible were Marc Billeb and Dr Michael Rönnberg. The auditors attended the relevant meetings of 
the Audit Committee and the meeting of the full Supervisory Board to discuss the financial statements – 
in all cases, also without the Executive Board members, they reported on the key results of their audit. 
In particular, they explained the net assets, financial position and result of operations of the company 
and the Group and were available to provide further information. They had regular exchanges with the 
Chair of the Supervisory Board and the Chair of the Audit and Risk Committee, also outside the 
meetings. The audit of the annual and consolidated financial statements and the combined management 
report and non-financial declaration did not give rise to any objections. No facts were identified in the 
course of the audit that would indicate an inaccuracy in the declaration of conformity pursuant to section 
161 AktG declared by the Executive Board and Supervisory Board, for which an obligation of the auditor 
to inform the Chair of the Audit Committee had been agreed. There were also no objections about the 
non-mandatory review of the form and contents of the remuneration report. The Supervisory Board 
discussed the services provided by PwC in addition to their statutory auditing services on a regular basis. 
There were no grounds for suspecting that the auditors’ independence might be impaired. 
 
 
 
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Further information 
 
 
Deutsche Börse Group | Annual report 2022
The Audit Committee discussed the financial statement documents and the reports by PwC in detail with 
the auditors and examined them carefully itself. It is satisfied that the reports meet the statutory 
requirements under sections 317 and 321 HGB, in particular. The committee reported to the 
Supervisory Board on its examination and recommended that it approve the annual financial statements 
and consolidated financial statements. 
 
Our own examination – during a plenary meeting – of the 2022 annual financial statements, 
consolidated financial statements and the integrated combined management report did not lead to any 
objections. We therefore approved the result of the audit. We approved the annual financial statements 
prepared by the Executive Board and the consolidated financial statements at our meeting on 9 March 
2023, in line with the Audit Committee’s recommendation. As a result, the annual financial statements 
of Deutsche Börse AG have been adopted. The Audit Committee discussed the Executive Board’s 
proposal for the appropriation of the unappropriated surplus (Bilanzgewinn) in detail with the Executive 
Board. The discussion covered the company’s liquidity, its financial planning and shareholders’ interests. 
Following this discussion and its own examination, the Audit Committee concurred with the Executive 
Board’s proposal for the use of appropriation of the unappropriated surplus. After examining this 
ourselves, the plenary meeting of the Supervisory Board also approved the Executive Board’s proposal. 
 
Personnel matters 
The following personnel changes were made to the Supervisory Board during the reporting period: 
 
In line with the Articles of Association the Supervisory Board consists of sixteen members. The 
shareholder representative, Shannon A. Johnston, was one of eight members newly elected to the 
Supervisory Board. Shannon A. Johnston succeeds Karl-Heinz Flöther, who resigned his seat after ten 
years on Deutsche Börse AG’s Supervisory Board at the close of the Annual General Meeting on 18 May 
2022. Shannon A. Johnston was given a detailed introduction to Supervisory Board work at the 
beginning of her term of office. 
 
On the side of the employee representatives, Oliver Greie was appointed to the Supervisory Board by the 
local district court as of 29 April 2022. He succeeds Katrin Behrens, who resigned before the end of her 
term of office as of 28 April 2022 and left the Supervisory Board at her own request. 
 
No personnel changes were made with regard to the Executive Board in 2022.  
 
The Supervisory Board took important decisions on the future composition of the Executive Board and 
renewed the terms of office of Heike Eckert until 30 June 2028. 
 
Dealing with conflicts of interest 
In order to rule out in advance even the impression that their personal interests might affect their work 
and decisions in the Supervisory Board, all Supervisory Board members shall disclose conflicts of 
interests to the Chair of the Supervisory Board without delay, particularly those that may result from 
acting as a consultant to or serving on the corporate bodies of clients, suppliers, lenders or other 
business partners. As a precaution, one Supervisory Board member did not take part in discussions and 
decisions on the subject of cum-ex in order to avoid a potential conflict of interest. In relation to another 
potential conflict of interest, one Supervisory Board member also did not take part in Supervisory Board 
discussions about a strategic option as a precautionary measure. 
 
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Executive and Supervisory Boards | Report of the Supervisory Board 
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Financial statements and notes  
Remuneration Report  
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Deutsche Börse Group | Annual report 2022
The Supervisory Board would like to thank the Executive Board and all employees for their great 
commitment and good work in 2022, which the geopolitical situation, as well as the ongoing Covid-19 
pandemic made particularly challenging. 
 
Frankfurt am Main, 9 March 2023 
for the Supervisory Board 
 
 
 
Martin Jetter 
Chair of the Supervisory Board 
17
Deutsche Börse Group | Annual report 2022

Acknowledgement
Published by
Deutsche Börse AG
60485 Frankfurt/Main
Germany
www.deutsche-boerse.com
Concept and layout
Deutsche Börse AG, Frankfurt/Main
Kirchhoff Consult AG, Hamburg
Cover
Deutsche Börse AG, Frankfurt am Main
Publication date
16 March 2023
The German version of this report is legally binding.  
The company cannot be held responsible for any 
misunder-­standing or misinterpretation arising from 
this translation. 
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Deutsche Börse Group | Annual report 2022
Executive and Supervisory Boards
Management report 
Financial statements and notes
Remuneration Report
Further information | Acknowledgement | Contact | Registered trademarks