Press releases – 2016

 

Nov 25 2016
08:43

Study by PwC and Goethe University Frankfurt reveals: In Dax and MDax-listed companies, bonuses are decoupled from corporate success after payout

Long-term remuneration could have a more lasting effect

Frankfurt. To date, the bonuses paid out to executive board members in Germany have not been sufficiently linked to long-term corporate success. This is the conclusion reached in the new “Remuneration Report” by consultants PwC in cooperation with Goethe University Frankfurt. Whilst about 60 percent of overall remuneration for Dax and MDax board members is indeed made up of performance-related payments – of which in turn more than half are long-term – most of these payments, which are known as Long Term Incentives (LTIs), are in cash rather than based on share plans. That means: Bonuses are automatically decoupled from business development the moment they are paid out.

“When compared at international level, Germany can thus be classed as a special case. In our view, it would be more advantageous if long-term bonuses were awarded in the shape of shares in the respective company and the board members were also bound by means of corresponding clauses actually to keep these securities for a longer period of time, if necessary even beyond their term of office. This would ensure that it is in board members’ vested interest really to work towards the company’s long-term success”, says Remo Schmid, co-author of the report and partner at PwC in Germany responsible for remuneration issues.

CEOs earn almost twice as much as their board colleagues

For the report, PwC and Goethe University Frankfurt examined remuneration structures in Dax and MDax companies. The analysis shows that developments in executive board remuneration in 2015 differed in comparison to the previous year: On average, a Dax CEO earned € 5.6 million, a plus of a good 3 percent. Other board members earned € 2.9 million, which equates to a minus of 2 percent. CEOs in MDax companies earned € 2.5 million on average, whilst their board colleagues were paid € 1.3 million. In other words: On the Dax, the barometer for blue chip companies, top managers are paid more than twice as much as their counterparts in medium-sized enterprises on the MDax. What’s more: The average CEO earns on average almost double the salary of a “normal” board member.

Women are still greatly underrepresented

According to the analysis, the percentage of women amongst top-level executives is rising at an astoundingly slow pace. At the end of 2015, a good 91 percent of all board positions in Dax companies were still occupied by men – whilst in MDax firms it was even 96 percent. The picture is far better, though still not good, in regulatory bodies: In Dax companies, 26 percent of all supervisory board members were female compared to 18 percent in MDax firms. “In many enterprises, cultural change in this respect would be highly desirable”, says Professor Dr. Hans-Joachim Böcking, co-author of the report and professor at Goethe University Frankfurt. Still: “At least as far as the basic salary of executive and supervisory board members is concerned, no gender-specific differences were detected either in Dax or MDax companies”, says Böcking.

A chairman on the supervisory board of a Dax company received an average total remuneration in 2015 of € 311,000. Deputies earned € 230,000, other supervisory board members € 127,500. Pay scales in MDax firms were far lower. Here companies considered their main overseer to be worth an average of € 183,500, the deputy was paid € 121,500 and the other members received € 75,000. Worth noting: Whilst the fixed remuneration for supervisory board members increased on average by about 12 percent in Dax and MDax companies, variable remuneration is still on the decline: in 2014, four out of ten Dax companies still made some form of variable payment. In 2015 it was only three out of ten.

 

About PwC:

In PwC’s view, its task is to build trust in society and solve important problems. 223.468 employees in 157 countries contribute to these goals by providing high-quality, sector-specific auditing, tax and corporate consulting services. The PwC brand name refers to the PwC network and/or one or several of the legally independent member firms. For further information please see: www.pwc.com/structure.

 

 

Nov 18 2016
13:32

German Research Foundation funds film studies project by early career researchers for the first time

New Research Training Group at Goethe University Frankfurt: “Configurations of Film”

FRANKFURT. The first Research Training Group ever with a focus on film studies will be established in the course of the coming year at Goethe University Frankfurt. This was announced by the German Research Foundation on the 14th of November. In the framework of the RTG with the title “Configurations of Film”, twelve doctoral researchers and two post-docs will examine from 2017 onwards how film culture is changing in the context of advancing digitalisation in various areas.

Contemporary film culture is often referred to as the “post-cinematographic era”. Professor Vinzenz Hediger, scholar and film expert at the University who will also be the RTG’s speaker, remarks: “Film has expanded its reach more and more beyond public screenings in the cinema. With the proliferation of digital platforms, new forms are developing and new patterns of cinematic experience emerge.” At the same time, film serves increasingly as a creative template in theatre, fine arts and music. Hediger says: “As films circulate ever more widely, they affect other art forms and have a growing impact on other areas of life, including interpersonal communication. This increasing presence of filmic images and formats in all areas of life also constitutes a growing societal challenge.”

The “Configurations of Film” RTG of the German Research Foundation wants to take on this challenge by investigating the current transformations of film and their impact on other art forms and areas of life from an interdisciplinary perspective. The RTG combines an emphasis on historical research with systematic and comparative perspectives; in addition, the programme will use digital methods for film analysis and data mining on the internet, with which, for example, the proliferation of new film formats via platforms such as YouTube or Vimeo can be tracked.

The Research Training Group will build on successful cooperation between Goethe University Frankfurt and the German Film Institute (Deutsches Filminstitut), which together run the Masters degree programme in “Film Culture: Archiving, Programming, Presentation”, and profit from links to other cultural institutions in the Rhine-Main region. The RTG also builds on the interdisciplinary Masters degree programme in “Aesthetics”, which is unique to Frankfurt and in which all the disciplines participating in the RTG are also involved.

Twelve doctoral researchers and two post-docs, who can apply for a German Research Foundation scholarship in the framework of the Research Training Group, will start with their research in 2017. They will be supervised and mentored by 15 researchers from six universities: Goethe University Frankfurt, Offenbach University of Art and Design, Johannes Gutenberg University Mainz, the University of Mannheim and Philipps University Marburg. Alongside film studies and media studies, the disciplines involved include theatre studies, philosophy, musicology, literary studies and sociology. The RTG has an international focus and cooperates with the film studies programmes at Yale University (New Haven, USA) and Concordia University (Montreal, Canada). Funding amounts to about € 3.3 million for the first phase from 2017 to 2022.

In the spirit of the “citizen’s university”, the study programme will include a series of public lectures and events, for example at b3, the Biennale of the Moving Image, and at the cinema of the German Film Museum (Deutsches Filmmuseum), in the framework of which the RTG’s themes and research questions will be discussed in public and address a broader audience.

Further information: Professor Dr. Vinzenz Hediger, Department of Drama, Film and Media Studies, Westend Campus, Tel.: +49(0)69-798-32079, Email: hediger@tfm.uni-frankfurt.de

 

Nov 15 2016
14:31

ABCE1 splits the ribosome by means of a rotational motion after protein synthesis

Structure of “Iron Hammer” protein complex solved

FRANKFURT. Translation of the genetic code in proteins is a central process in life and takes place in the ribosome, a giant molecule consisting of two subunits. This is where long chains of amino acids are formed like on an assembly line. An interdisciplinary research group from Goethe University Frankfurt, the EMBL in Heidelberg, and the Gene Center of the University of Munich (LMU) has now succeeded in solving the structure of a central player in this process bound to the small ribosomal subunit: the protein containing a unique iron-sulphur domain with the nickname “Iron Hammer” splits the two subunits of the ribosome when a protein chain is completed so that production of a new protein can begin.

The two subunits of the ribosome have to be actively split once the protein chain is complete otherwise errors occur in mRNA translation: research ignored this fact for a long time. Central player in this “ribosome recycling” process is the essential and highly dynamic metalloenzyme ABCE1. The iron-sulphur domain of ABCE1, known as the “Iron Hammer”, rotates and presses the ribosomal subunits apart like a lever.

To uncover this, the research group led by Professor Robert Tampé at the Institute of Biochemistry at Goethe University Frankfurt isolated a complex of the small ribosomal subunit with ABCE1 (post-splitting complex) by means of an innovative preparation method. This complex was chemically fixed and cut into pieces, while the original distance information was preserved.

At the EMBL in Heidelberg, the researchers used highly advanced mass spectrometry to analyse these small fragments and relate them to each other revealing their original distances on nanometre scale. The group in Munich then examined the reconstructed complex with a high-resolution cryogenic electron microscope and was able to reconstruct a 3D model of the post-splitting complex with tightly bound ABCE1 from a vast collection of single-particle images.

Professor Robert Tampé summarizes the significance of these results: “We have forced the rebellious and aggressive multi-domain enzyme ABCE1 into a new, unexpected state on the ribosome and used the combined expertise of three institutes to enrich textbook knowledge for coming generations of students.”

Publication: Kristin Kiosze-Becker, Alessandro Ori, Milan Gerovac, André Heuer, Elina Nürenberg-Goloub, Umar Jan Rashid, Thomas Becker, Roland Beckmann, Martin Beck & Robert Tampé (2016): Structure of the Ribosome Post-Recycling Complex Probed by Chemical Cross-Linking and Mass Spectrometry. Nature Communications, doi: 10.1038/NCOMMS13248

Further information: Professor Dr. Robert Tampé, Institute of Biochemistry, Riedberg Campus, Tel.: +49(0)69-798-29475, tampe@em.uni-frankfurt.de.

 

Nov 11 2016
12:22

Goethe University Frankfurt develops OECD test with the freshwater mudsnail

Which chemicals are hazardous to reproduction?

FRANKFURT. Regulatory authorities around the world can in future instruct manufacturers of chemicals and drugs to check their products for harmful effects on reproduction by means of a new test with molluscs. After over 10 years of funding by the German Environment Agency in Dessau, a project coordinated by Goethe University Frankfurt has now resulted in an OECD guideline (Organisation for Economic Co-operation and Development) for global chemical testing. The test analyses in the laboratorythe long-term effects of chemicals on reproduction in freshwater mudsnails (Potamopyrgus antipodarum).

“Although this tiny creature is not an indigenous snail species, as what is known as a “model organism” its biological answers are also transferable to other molluscs, regardless of whether they stem from Europe, Asia or America”, explains Professor Jörg Oehlmann, coordinator of the test development team and head of the Department of Aquatic Ecotoxicology at Goethe University Frankfurt. Potamopyrgus is a water dweller and was introduced to Europe in the mid 19th century on board ships from New Zealand. However, this alien species is meanwhile part of the normal landscape in many of Europe’s watercourses.

New chemicals which have not yet been approved and harm the mudsnail in OECD Test No. 242 in the laboratory would have the same effect on it and related species in the wild. Since molluscs, after insects and crustaceans, are the second most species-rich group in the animal kingdom, the loss of these organisms would be fatal for biodiversity and thus also for the correct functioning of the ecosystems. The development of the “snail test” therefore constitutes an important contribution to keeping our watercourses clean and healthy, since substances which show a toxic effect in this test for the snail can in future be identified and controlled prior to market introduction.

In addition, the new snail test closes an existing gap in the environmental risk assessment of chemicals, since standardized tests with invertebrates to date focussed mainly on arthropods (insects and crustaceans). Snails had, however, in the past proven to be extraordinarily sensitive to a large number of harmful substances, including tributyltin compounds and other environmental chemicals which influence the hormone system.

The work coordinated by Goethe University Frankfurt on the development and standardization of the snail test took place over a period of more than 10 years. Test conditions for the snails with regard to water and feedstuff quality, temperature, concentration and numerous other parameters were optimized in the framework of an extensive research programme. In the last six years, four final validation studies with six test substances were carried out in 16 laboratories in Europe and the USA which showed that the test protocol developed is robust and the test generates reproducible results, independent of in which laboratory it is implemented.

For the test, female mudsnails are exposed to a concentration range of chemicals in ambient water. The organisms remain with the test substance in their test beakers for 28 days, after which the number of embryo amongst all surviving females is counted. “It’s a process which is easy to use and also suitable for everyday use by water authorities”, says Oehlmann.

In their home country of New Zealand, both male and female mudsnails are found. In Europe, however, populations are composed solely of females which reproduce parthenogenetically. This makes using the test and analysing the results easier, all the more so since the tiny snail makes only modest demands on the laboratory. “The animal’s small size has another advantage: in comparison to many other test procedures, this test can be miniaturized and doesn’t take up much space”, explains Oehlmann. That makes it possible to test a larger number of chemicals.

Further information: Prof. Dr. Jörg Oehlmann, Department of Aquatic Ecotoxicology, Riedberg Campus, Tel.: +49(0)69-798-42142, oehlman@bio.uni-frankfurt.de

OECD guideline 242 for the testing of chemicals: http://dx.doi.org/10.1787/9789264264311-en.

 

 

Nov 11 2016
12:20

Invention by Professor Horst Schmidt-Böcking (Goethe University Frankfurt) and his colleague Dr. Gerhard Luther (Saarland University) is the basis for a novel marine pumped storage system developed by the Fraunhofer Institute for Wind Energy and Energy System Technology (IWES)

Energy storage system of tomorrow tested for the first time in Lake Constance

FRANKFURT/KASSEL/SAARBRÜCKEN. How can the enormous amounts of electricity generated through offshore wind power be temporarily stored on site? Until now there was no answer to this question. After several years’ research work, the StEnSea project (Stored Energy in the Sea) funded by the Federal Ministry for Economic Affairs and Energy is now entering the test phase. In the framework of this project, IWES, the Fraunhofer institute in Kassel specialized in energy system technology, is now developing to application level the “marine egg” invented by two physics professors at Goethe University Frankfurt and Saarland University in Saarbrücken.

A model on the scale of 1:10 with a diameter of about three meters was brought to the ferry terminal in Constance on 8.11.2016 and lowered on 9.11.2016 to a depth of 100 meters about 200 meters from the shore in Überlingen. It will now be tested for four weeks: “Pumped storage power plants installed on the seabed can use the high water pressure in very deep water to store electrical energy with the aid of hollow spheres”, explains Horst Schmidt-Böcking, emeritus professor at Goethe University Frankfurt. To store energy water is pumped out of the sphere using an electric pump and to generate power water flows through a turbine into the empty sphere and produces electrical energy via a generator. Together with his colleague Dr. Gerhard Luther from Saarland University, Professor Schmidt-Böcking filed a patent for their principle for offshore energy storage in 2011, just a few days before the Fukushima disaster.

The two inventors remember: “The rapid practical realization of our idea is actually thanks to a newspaper article in the FAZ. Georg Küffner, the technology editor, presented our idea for energy storage to the general public - as chance would have it on the 1st of April 2011. Lots of readers doubtlessly thought at first that it was an April Fool hoax, but experts at Hochtief Solutions AG in Frankfurt immediately recognized the idea’s hidden possibilities. Within a couple of weeks we were able to set up a consortium for an initial feasibility study with Hochtief’s specialists for concrete structures and the experts in marine power and energy storage at IWES in Kassel, the Fraunhofer Institute for Wind Energy and Energy System Technology”, recall Schmidt-Böcking and Luther.

Once the concept’s feasibility had been proven, the Federal Ministry for Economic Affairs and Energy subsequently funded the StEnSea project so that the innovative pumped storage system could be further developed and tested on a model scale. It is now entering the test phase. Project Manager Matthias Puchta from Fraunhofer IWES summarizes the project’s successes to date: “On the basis of our preliminary study, we carried out a detailed systems analysis with a design, construction and logistics concept for the pressure tank, developed a turbine-pump unit, examined how to connect the sphere to the electricity grid, calculated profitability and drew up a roadmap for the system’s technical implementation.”

He continues: “The four-week model trials on the scale of 1:10 are starting now in Lake Constance. We will run various tests to check all the details concerning design, installation, configuration of the drivetrain and the electrical system, operation and control, condition monitoring as well as dynamic modeling and simulation of the system as a whole.”

IWES Head of Division Jochen Bard, who has been involved in marine power research for many years at both national and international level, explains: “With the results from the model trials, we want first of all to look more closely at suitable sites for a demonstration project in Europe. We are aiming at a sphere diameter of 30 meters for the demonstration-scale system. At the moment that’s the most practical size in terms of engineering. What’s already certain is that the system can only be used economically in the sea at depths of about 600-800 meters upwards. Storage capacity with the same volume increases linearly with the depth of the water and at 700 meters is about 20 megawatt hours (MWh) for a 30 m sphere.”

He continues: “There is great potential for the use of marine pumped storage systems in coastal areas, in particular near the coast in highly populated regions too, for example in Norway (Norwegian Trench). But Spain, the USA and Japan also have great potential. With a storage capacity of 20 MWh per sphere and standard technology available today, we can envisage a total electricity storage capacity of 893.000 MWh worldwide. This would make an important and inexpensive contribution to compensating fluctuations in electricity generation from wind and solar power.”

Media contact: Uwe Krengel, Tel. +49(0)561-7294-319 (or -345); email: uwe.krengel@iwes.fraunhofer.de

Further information: Dr. Horst Schmidt-Böcking, Tel. +49(0)69-798-47002 or +49(0)6174-934097; email: hsb@atom.uni-frankfurt.de