The remuneration report outlines the general principles underlying the determination of the total remuneration of the members of the Executive Board of TUI AG, and sets out the structure and level of the remuneration of the Executive Board members. It also comprises the general principles governing, and levels of the remuneration paid to members of the Supervisory Board. This section is in particular based on the recommendations of the German Corporate Governance Code (“GCGC”), the requirements of the German Commercial Code (Handelsgesetzbuch) and the German Stock Corporation Act (Aktiengesetz) and, to the extent practicable, the requirements of the UK Corporate Governance Code (“UK-Code”).
As TUI AG is also listed on the London Stock Exchange, this report refers, wherever appropriate, to the recommendations of the UK-Code. However, matters that are related to the governance or legislation of a German company, and therefore are mandatory law, are disclosed in this report by reference to German governance or legislation.