Expert Corporate Governance Service (ECGS)
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Beiersdorf April 17th, 2019

Item 2: Management and Supervisory Board are proposing an unchanged dividend of EUR 0.70 per share which corresponds to a payout ratio of 21.81% per share (EPS: EUR 3.21). The dividend is covered by earnings and free cash flow and can thus be provided by the Company. However, we note that the dividend has not been increased for the ninth consecutive year, while at the same time EPS increased by 94.54% in the period from 2009 until 2018. We urge the Company to establish a sustainable long-term dividend policy, thereby taking into account its strategic objectives, in particular with regard to possible acquisitions. In line with our guidelines we recommend opposition.

Items 6b, 6c, 6e and 6f: We recommend to oppose the (re-)election of four Supervisory Board members due to our concerns over the insufficient independent representation on the Board.

Beiersdorf AG

Beiersdorf manufactures and distributes consumer goods. Co. operates in two business segments: consumer, which is Co.'s main business that focuses on the skin and body care markets, with products including NIVEA's Deodorant Invisible for Black & White, NIVEA Deodorant Stress Protect, NIVEA In-Shower Body Lotion, NIVEA Cellular Anti-Age face care, and Eucerin's VOLUME-FILLER; and tesa, which develops, produces, and markets self-adhesive products and system solutions for industry, craft businesses, and consumers. In the electrical industry, the tesa business segment's adhesive systems are used in mobile devices such as smartphones, tablet personal computers, and MP3 players.


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