Company Governance

Operational structure

Clearstream Banking S.A. (CBL) and Clearstream Banking AG (CBF) are highly integrated into the structure of the Clearstream Group within the Deutsche Börse Group.

CBL and CBF have outsourced major parts of the securities processing and related information technology processing and development to Clearstream Services S.A. (CS). CBF has also outsourced IT development and processing to Deutsche Börse AG. Certain international securities processing operations are also handled by CBL and CBF on a cross-outsourcing basis. In addition, Clearstream Operations Prague (COP) provides securities processing related services intra group.

A certain number of support services are delivered by Clearstream International S.A. (CI) to its subsidiaries. The main support services delivered relate to finance, human resources, internal control and risk management. Internal audit, risk management and strategic analysis are performed at CI level in order to assure an integrated group management.

CBL and CBF use service suppliers such as depositories, cash correspondent banks, communications networks and information vendors to support provision of services to customers.

Governance structure

Clearstream Holding AG (CH)

Clearstream Holding AG (CH) acts as a holding company for the shareholding in CI (and indirectly in all companies of Clearstream group) and as a financial holding company under CRR / German banking act and is being recognised by BaFin as the superordinated company according to § 10a (1) sentence 2 KWG.

The existing two-tier structure, characteristic of a German stock corporation, features a clear separation between the powers of the Supervisory Board, which monitors and advises the Executive Board, and the Executive Board itself, which carries out day-to-day business. The Supervisory Board meets whenever the interests of the Company require so and should meet at least twice per year.

The composition of the Supervisory Board, also know as the Aufsichtsrat, is available here.

The composition of the Executive Board, also known as the Vorstand, is available here.

Clearstream International S.A. (CI)

CI acts as a holding company for the shareholding in CBL and CBF as well as in CS, COP and LuxCSD S.A.

The two-tier structure features a clear separation between the powers of the Supervisory Board, which monitors and advises the Executive Board, and the Executive Board itself, which carries out day-to-day business. The Supervisory Board meets whenever the interests of the Company require so and should meet at least twice per year.

The composition of the Supervisory Board is available here.

The composition of the Executive Board is available here.

Clearstream Banking S.A. (CBL)

The two-tier structure features a clear separation between the powers of the Supervisory Board, which monitors and advises the Executive Board, and the Executive Board itself, which carries out day-to-day business. The Supervisory Board meets whenever the interests of the Company require so and should meet at least twice per year.

The composition of the Supervisory Board is available here.

The composition of the Executive Board is available here.

Clearstream Banking AG (CBF)

The supervisory board of CBF is the supervision body of the company. It is composed of six members. Four representing the shareholders and two members elected by staff.

The existing two-tier structure, characteristic of a German stock corporation, features a clear separation between the powers of the Supervisory Board, which monitors and advises the Executive Board, and the Executive Board itself, which carries out day-to-day business. The Supervisory Board meets whenever the interests of the Company require so and should meet at least twice per year.

The composition of the Supervisory Board, also know as the Aufsichtsrat, is available here.

The composition of the Executive Board, also known as the Vorstand, is available here.

Clearstream Group Committees

Clearstream Group Committees advise Clearstream instances for matters of relevance in the context of integrated Clearstream group functions.

A list of these committees and their missions is available here.