As a matter of principle, we approve share buybacks if there is no more profitable investment opportunity for the funds required for this and provided that a (special) dividend does not appear more sensible.

We reject share buybacks if these are to be performed shortly after capital increases and at a higher share price.

In addition, we reject buyback prices that exceed the market price by more than 10%. Equally, we reject buyback volumes in excess of 10% of the share capital.

The same applies to cases in which buybacks take place more than 18 months after they were approved. Where buybacks are made to service stock option plans, we require a majority resolution by the shareholders.

The terms and conditions of share buybacks must be the same for all investors.

If a request is made to approve a combination of a capital increase and a share buyback, the reasons for this must be presented transparently in the agenda.