Krones AG will return to MDAX index by mid-December
As a result of its periodic review of the DAX, MDAX, SDAX and TecDAX indices, Deutsche Börse AG announced on 5th December 2023 that Krones AG shares are to be promoted from the SDAX to the MDAX index with effect from 18th December 2023. Three months ago Krones AG had to leave the DAX index family altogether lacking a basic criterion for the index membership.
In September, Krones hit the headlines when it was expelled from the MDax due to non-compliance with behavioral rules. The company did not comply with a corporate governance rule, which states, among other things, that the chairman of the audit committee should be independent of the company and the board. Since May 2023, this position at Krones has been held by former Chief Financial Officer Norbert Broger.
As a consequence the company appointed a new chairman for the audit committee. By rectifying the formal defect Krones AG paved its way back to the DAX indices.
DAX, MDAX, SDAX, and TecDAX bring together the largest companies (based on free float market capitalisation) in the regulated market of the Frankfurt Stock Exchange that meet all the basic criteria described in the rulebook. The indices are reviewed every three months.
