Spiegel-Employees

In 1974, SPIEGEL publisher Augstein gave half of his company to his employees, who hold their shares in the limited partnership Beteiligungsgesellschaft für SPIEGEL-Mitarbeiter mbH & Co.

After his death, their share in the SPIEGEL Group increased again by 0.5 per cent. This was Augstein's testamentary wish. Today, the company is majority-owned by the workforce. However, the Mitarbeiter KG does not include all employees. Anyone who has worked at Spiegel-Verlag for at least three years can become a shareholder. Employees of the subsidiary Spiegel TV cannot become shareholders of the employee limited partnership. Currently, more than 800 people are entitled to vote.

Since 1974, employees have been electing representatives every three years who have a say in important decisions made by the publishing house. In addition, SPIEGEL-Mitarbeiter KG and thus the staff are entitled to half of the profits of the SPIEGEL Group.

In 1989, publisher Augstein tried to exchange the shares of Mitarbeiter KG for a pension model, but this was rejected by the employees. With Augstein's death, the employee limited partnership and the publishing house Gruner + Jahr have a contractually agreed right of first refusal to purchase 0.5 per cent of Rudolf Augstein's shares, which they exercised in 2002. This increases the share of the Mitarbeiter KG to 50.5 per cent.

The staff are thus also ‘silent partners’ in the company. Every three years, the employees elect the five managing directors of the Mitarbeiter KG, who participate in the shareholders' meeting of the SPIEGEL Group as representatives of the majority shareholder. Two of the managing directors are elected by the editors, one by the documentary film-makers and archive employees. The publishing house employees elect the remaining two managing directors.

In 2015, Thomas Hass, managing director of the Mitarbeiter-KG, will become managing director of the SPIEGEL Group. Johannes Varvakis will take his place on the management board of the Mitarbeiter-KG, and Thomas Riedel will take over the position of spokesperson.