Skip to main content


The governance framework applicable to FMS Wertmanagement is derived from its Charter. The governing bodies of FMS Wertmanagement are the Supervisory Board and the Executive Board.


In its capacity as the legal regulator overseeing FMS Wertmanagement, German Federal Agency for Financial Market Stabilization (FMSA) has comprehensive information, controlling, audit and instruction rights. It approves revisions of its wind-up plan and is integrated into decisions of strategic importance in respect of its business activities. FMS Wertmanagement regularly reports to FMSA on its current activities and submits its annual financial statements and management report as well as the audit report to it. According the FMSA Reorganisation Act the Federal Republic of Germany – Finance Agency (Finance Agency) gets entrusted with maintenance of the FMSA. The administration of the Financial Market Stabilisation Fund (FMS or SoFFin) was assumed by the Finance Agency.

Pursuant to the German Stabilization Fund Act (StFG), FMS-WM is subject to certain provisions of the German Banking Act (KWG), the German Securities Trading Act (WpHG) and the German Money Laundering Act (GWG). In particular, FMS-WM is subject to banking supervision by the German Federal Financial Supervisory Authority (BaFin).

Supervisory Board

The Supervisory Board fulfils its task as the corporate body of FMS Wertmanagement charged with supervising the organisation in accordance with applicable laws and FMS Wertmanagement's Charter. Aside from carrying out the resultant rights and duties, the Supervisory Board also advises the company's Executive Board on matters of particular strategic importance. FMSA employees not entitled to vote generally also participate in the meetings of the Supervisory Board in their capacity as the representatives of the legal regulator and as the statutory agents of the owner. This facilitates the smooth flow of information between the owner, the legal regulator and FMS Wertmanagement. The Supervisory Board consists of at least three and up to a maximum of eight members. It is tasked with advising the Executive Board of FMS Wertmanagement and monitoring its management activities. It is also responsible for

  • decisions pertaining to the wind-up plan and deviations therefrom,
  • the resolution on the annual wind-up report,
  • appointing and dismissing the members of the Executive Board,
  • issuing the Rules of Procedure for the Executive Board,
  • appointing the auditor of the financial statements and adopting the annual financial statement,
  • adopting the final accounts.

Furthermore in matters of particular significance under the Executive Board’s purview, the Supervisory Board may reserve decision-making authority for itself on a case-by-case basis or in general. This shall not affect the authority of the Executive Board to represent FMS Wertmanagement externally to legal effect.

Members of the Supervisory Board

  • Dr. Michael Kemmer (Chairman)
  • Dr. Tammo Diemer (Deputy Chairman)
    Co-Chief Executive Officer at Federal Republic of Germany - Finance Agency
  • Dr. Axel Berger
    Auditor and Tax Consultant
  • Dr. Frank Czichowski
  • Birgit Dietl-Benzin
    Member of the Executive Board at DekaBank
  • Sandra Gransberger
    Executive Director at ATHELIOS Vermögensatelier SE
  • Dr. Diana Kapsa
    Head of Credit Risk Methodology at UBS Group

Quick Contact

FMS Wertmanagement AöR
Prinzregentenstrasse 56
D-80538 München

Tel: +49 (0) 89 / 9547627 - 0
E-Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

FMS Wertmanagement Service GmbH
Konrad-Zuse-Strasse 1

85716 Unterschleissheim

Tel: +49 (0) 89 / 540 24 - 0

E-Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.