Dear shareholders, guests, the media, banks and the general public, ladies and gentlemen. As Chairman of the Supervisory Board, I hereby open this year's Annual General Meeting, and I will share this meeting in accordance with our articles of association. And on behalf of the Supervisory Board and the Executive Board, I should like to welcome you most quarterly. Let me start with a brief thorough review. The year 2018 was a very successful year for you at Deutsche Borse.
Borse, with its growth, already exceeded its ambitious targets. And the share price went up significantly, although the DAX index declined by a double digit figure. It is particularly pleasing that the reputation of Deutsche Borse with the new appointee CEO, Doctor. Thierry Weimer, has reached a very strong level that's always been so characteristic of this company. Doctor.
Weimer was and has been supported by your new Executive Board with a new composition. And together, they will make sure that this company will implement its strategy in a reliable manner, providing for future liabilities through growth. The Supervisory Board of Deutsche Bank AG last year set the following priorities. First of all, we accompany and supervise the executive board in adjusting the market strategy. Secondly, this was certainly our most important job.
We renewed the executive portion personnel in structural terms. And in particular, we appointed 3 highly respected new members to the executive board. And we also reconvened our work of Supervisory Board with a new composition of members. And thirdly, we advised the Executive Board in detail on matters pertaining to the investigation proceedings against the former CEO, Karsten Keingegetter, in his termination. The decision of the Executive Board not to contest the penalty notice of the land court and Deutsche Bahasa AG as a joint interested party was duly noted and approved.
Ladies and gentlemen, I'm very happy to be able to report that this way, Eurodeutsche Werther has been put again on a sound and sustainable basis, opening vast strategic perspectives for new growth. Mr. Bauma will tell you more about the successes of our growth strategy so far and also our future prospects, and he'll do that in detail. However, first of all, some housekeeping remarks and remarks on the AGM. I determined that the general meeting has been duly convened by way of notification published in the electronic federal business on March 25, with all further and formal notice requirements having been observed.
The supervisor report and the executive report are all in attendance. Doctor. Martin Schmidt, the notes to Republic, my right, so on the left side on the platform. So seen from you on the right hand side. So he will actually record and certify the meeting.
And then we've got notably Berfeld, who can also do the notably product certification. The list of shareholders is presently being created. However, we will inform you of the attendance at the latest before the 1st round of voting. So if you received a number of different tickets, please make sure that you all exchange them into the voting cards so that all of your votes can be considered and counted or counted. The entire AGM is recorded.
There's video and audio recording. And there's an Internet transmission for everybody who's interested until the beginning of the general debate. The shareholders, however, will be able to continue to watch the AGM live on the Internet. It is not permitted to take pictures, make videos or movies or do audio recordings. The only ones who are allowed are the authorized representatives of the press.
The questions answered in the general debate will be taken down in shorthand in order to make sure that they can be properly answered. And after the report by Doctor. Weimar and a brief presentation of the new candidates for the supervisory board. All of the items on the agenda will be discussed in a general debate. In the interest of Experian proceedings at today's general meeting, I would like to ask all the participants who'd like to take the floor with question or comments to please do this in one go and just request the floor once.
So if you want to take the floor, please register with the speakers' table and please present your voting card block. Another request, again, as before, I'd like to ask everybody to focus on the relevant subjects. Other organizational remarks and information can be found in the leaflet that you got at the entrance and you also have some copy in your voting card block. Ladies and gentlemen, we now start with the agenda. Item number 1, as published in the Federal Gazette, covers the adopted and approved annual financial statements and consolidated financial statements as well as the combined management report of Deutsche Borse Akttingesellschaft and the group as of the 31st December 2018 and the explanatory report on disclosures pursuant to Sections 289A, paragraph 1 and 315A, Paragraph 1 of the German Commercial Code as well as the report of the Supervisory Board and the proposal for the appropriation of the unappropriated surplus.
The documents mentioned have been available and published since the convocation of the AGM on the website of the company. They are also accessible here on location at this AGM. So I just take it that everybody is familiar with the content. Ladies and gentlemen, next I should like to give you some information on our activities and work at the Supervisory Board in this past financial year and at the same time also briefly explain the report of the supervisory board that you can read in the documents mentioned before. The report as such is part of the Finance Report 2018.
You find a complete report there of Deutsche Group. And I'd just like to focus on the main elements of our work after Supervisory Board. During the year under review, Deutsche Bahasa AG Supervisory Board discussed the company's position and prospects in-depth. Performing the tasks assigned to it by law and the company's articles of association and bylaws, we regularly advised Board on its management of the company, monitored its work and were involved in all fundamental decisions. The 2018 financial year was characterized by important changes in the governing bodies.
2 thirds of the Executive Board were reelected in the financial year and 10 of the 16 members on the Supervisory Board were reappointed. We held 10 plenary meetings during 2018, including 3 extraordinary meetings and 1 constituent meeting. In addition, 5 workshops were held on the issues of technology, strategy, legal, regulatory and compliance issues and on the business performance and strategy of our post trading business, the Clearstream subgroup. At our meetings, the Executive Board provided us with comprehensive and timely information in accordance with the legal requirements. The issues discussed covered the course of business, the company's and the group's position as well as the company's strategy and planning, regularly including the risk situation, risk management and compliance.
The high frequency of plenary and committee meetings both and also the workshops ensured an active exchange of information between the Supervisory Board and the Executive Board. In addition, the CEO, Doctor. Weimer, kept me continuously informed of the current developments affecting the company's business, significant transactions, upcoming decisions and the long term outlook and discussed these with me. The Supervisory Board maintained 8 committees during the reporting period whereby the Chairman's Committee and the Mediation Committee were newly created with the introduction of equal representation of the body. The average attendance ratio of all members of the supervisory members in the meetings at the meetings of the plenary and committees was at very satisfactory 99%.
Dear shareholders, ladies and gentlemen, allow me one preliminary remark, a personal one. As you know, I informed the Executive Board of Deutsche Borse on April 29, 2019, that was last Monday. I informed the Executive Board that at the end or with the end of the next AGM in 2020, I will resign as Chairman of the Supervisory Board and also leave the Supervisory Board as such. You will remember at the last AGM in 2018, I already announced that I would reserve myself the right to prepare a transition of the chair of the supervisory board in the period of office. I think next year will be a suitable point for such a transition.
The executive board is newly aligned and does a very good job. The company is on a growth track with its newly adjusted strategy. So we now have sufficient time to properly structure and manage my succession and make sure that there is an orderly transition. Let me now take a closer look at the main points of work of our Supervisory Board. During the reporting period, we discussed the further strategic orientation of Deutsche Borse Group in great detail and the growth strategy that we call Roadmap 2020.
So the supervisory board was involved early on by the executive board into the strategy, and it also accompanied an advisory function. As part of its implementation, we regularly discuss the new alignment of the business activities and the organizational structure of the group. And there was another focal point of our work in the financial year, which was the very comprehensive and far reaching changes in terms of personnel, both for the Supervisory Board and the Executive Board. It was necessary to appoint new Executive Board members to replace the 2 long serving members of the Executive Board, Geoffrey Tesla and Andreas Preuss, whose contracts had expired. The new appointments were made within the scope of a planned comprehensive restructuring of the company's Executive Board positions.
As a result of the new division of responsibility, the Executive Board was expanded from 5 to 6 members. The 3 new Executive Board members appointed are Doctor. Thomas Borg for Trading and Clearing Doctor. Stefan Leitner for Post Trading and Data and Index Business and Doctor. Christoph Boehm as Chief Information Officer and Chief Operating Officer.
In the context of equal representation, which Deutsche Borse has been subject of since last year, the Supervisory Board also appointed Hauke Starz, Head of Cash Market Business as Director of Labor Relations. The appointments of the new members were made on the basis of a comprehensive list of candidates and following extensive discussions initially within the nomination committee and finally in the Supervisory Board Plenary Meeting. Next to our new CEO, we have thus succeeded in winning 3 highly respected leading personalities for our Executive Board. We strengthened also the Executive Board by external know how. And at the same time, we've made sure that internal know how provides for continuity.
Moreover, we've also rejuvenated the Board. At the same time, we adapted the qualification profile of our Executive Board to the new challenges posed by the accelerated technical change of our time. With its expert knowledge and excellent customer contacts, the executive board members will be leading the way contributing to the success of our company. Last year is already a clear indicator of this.
Significant personnel and structural changes were also made within the Supervisory Board during the year under review. There was a sustainable increase in employee numbers at Deutsche Borse AG and its group entities in Germany. Hence, the supervisory board has consisted of an equal number of shareholder representatives and employee representatives in accordance with the rules of the Mittbistemungsgesetz, the German Co Determination Act, since the elections held at the General Meeting on 16th May 2018. The corresponding election of employee representatives was concluded on 15th August 2018. And prior to this and effective until the end of the AGM, 6 employee representatives had been appointed to the Supervisory Board on a provisional basis by order of the court.
And as you will be well aware, the Annual General Meeting also resolved to extend the Supervisory Board from 12 to 16 members, thus reflecting its equal representation, but also company's growth and the more stringent regulatory requirements of the Supervisory Board's monitoring function. As regards the shareholders side, you, ladies and gentlemen and shareholders, elected 3 out of 8 members newly to this advisory board. That's Martin Yetter, Barbara Lambert and Professor Doctor. Joachim Nagel. This means we've invited new know how and skills into the supervisory board in order to be best prepared for the current strategic and technological challenges.
Professor Achleitner was up for reelection last year for only a 1 year term of office. The remaining four members of the shareholder side were elected for a full term of office or reelected rather. In the second half of the year, the investigation proceedings against the former CEO, Carsten Kengate, required our attention once again. These proceedings were initiated by the public prosecutor's office in Frankfurt due to an alleged violation of the insider trading ban and an alleged failure to disclose an ad hoc announcement. In December 2018, those proceedings were closed.
Against Deutsche Borse as secondary participant, a fine was issued and the Executive Board of Deutsche Borse AG before, after consulting with the supervisory board had decided to not act against this fine ruled by the Frankfurt Court. This decision by the executive board, we took note of and approved after discussion with the executive board and within the supervisory board and after weighing the pros and cons regarding the well-being of the company and also after comprehensive consultation within the supervisory board. What also played a role in this was that the continuation of those proceedings most likely would have led to massive costs and considerable effort and time to be invested reputation of the company. Nevertheless, the company remains convinced and thoroughly convinced that those allegations were unfounded. This is also supported by the results of comprehensive analyses carried out by several independent external experts.
This means that those proceedings are now finished and finalized, and the burden that it meant to your Deutsche Borse is also over once and for all. For the remuneration program for Mr. Kengate, we have made provisions of a high single digit million amount. In our payments to Mr. Kengata, we follow the principle that we pay out to him those remuneration elements to which he is entitled on the basis of his employment contract.
The long term remuneration components are to be evaluated and paid out at the points of time laid down in the contract. We do not intend to reach an agreement about an early final payment. Another key issue of our supervisory board work in 2018 was to address the Deutsche Borse Group's preparations for the pending exit of the United Kingdom from the European Union, Brexit that is, and also the resulting opportunities but also risks to our business. This is a topic that we'll continue to monitor very closely, and I shall return to the topic later in my speech. The legal and regulatory requirements for our business model, which is strongly regulated by now all across the group, are constantly increasing.
That is why we and the supervisory board regularly look at the efficiency, the appropriateness and the effectiveness of our internal control systems and functions and also maintain regular exchange on this with the respective supervisory authorities and have the executive board report us on this. Let us now address the reappointments or new appointments to the Supervisory Board today. Under Agenda Item 5 of today's general meeting, we are proposing to you 2 new candidates to be elected as shareholder representatives. For personal reasons, the Supervisory Board member, Professor Achleitner, was only available for the 1st year of the current term of office. Also, Richard Berlient shall be leaving the Supervisory Board with the end of today's AGM.
That is why the Supervisory Board of Deutsche Borse AG, upon the recommendation of the nomination committee, proposes 2 new candidates as shareholder representatives for the supervisory body of the group. The term of office envisaged for those 2 candidates is supposed to last until the end of the term of office of the current Supervisory Board. That would be 2021. As successor to Richard Burley and the Supervisory Board proposes the Capital Market expert Charles Stonehill. Mr.
Stonehill has more than 30 years of experience in the areas of Investment Banking, Capital Markets and Energy Markets. He held various leading positions with JPMorgan, Morgan Stanley and Credit Suisse First Boston as well as Lazare. The successor to Anne Christine Achleutte is to be Clara Christina Strite. She started her professional career with McKinsey, where she spent more than 20 years up until 2014 consulting especially banks, exchanges, insurances and supervisory authorities. At present, she is a member to a number of German and international supervisory bodies.
Both candidates will present themselves to you after Mr. Weimar's report personally. On behalf of the entire Supervisory Board, I would like to thank Anne Christian Achleitinen and Richard Berlient most cordially for their long years of highly valuable work and their always constructive contributions to the Supervisory Board of Deutsche Borse. Professor Achleitner was able to provide important input given her excellent academic and practical know how regarding young companies to what Deutsche Borse is doing in this field. And Richard Berlian certainly is one of the most knowledgeable individuals regarding the global finance infrastructure business.
And with his very exceptional width of know how, he's now been supporting Deutsche Borse for 13 years now with valuable advice. Both supervisory board members had a lot of experience in many other supervisory bodies and therefore were invaluable assets to us and they shall be missed dearly. We thank them very much. Let me now say a few words regarding the annual and consolidated financial statements. KPMG AG audited the annual financial statements of Deutsche Borse AG, the consolidated financial statements and the combined management report for the financial year ended 31 December 2018.
Together with the accounting system, and they have issued an unqualified audit opinion. The condensed financial statements and the interim management report contained in the half yearly financial report for the 1st 6 months of 2018 were reviewed by KPMG. The Audit Committee discussed the financial statements, documents and the reports by KPMG in detail with the auditors and examined them very carefully itself. It is satisfied that reports meet the statutory requirements. The committee reported this to the supervisory board and recommended that it approved the annual financial statements and the consolidated financial statements.
Our own examination of the 2018 annual financial statements, the consolidated financial statements and the combined management report, including the combined non financial statement in the plenary meeting in 2018, did not lead to any objections and with us concurred with the results of the audits performed by the auditors. We approved the annual financial statements prepared by the Executive Board as well as the consolidated financial statements at our meeting on 8 March 2019, which was in line with the Audit Committee's recommendation. As a result, the annual financial statements of Deutsche Borse AG have been adopted. You can also read there, if you wish, the corporate governance report of Deutsche Borse AG, which also includes the combined corporate governance statement. You'll also find there the declaration of compliance with the recommendations of the German Corporate Governance Code as well as a detailed report on the remuneration of Executive and Supervisory Board.
Members. Ladies and gentlemen, Deutsche Borse is a special company. As a listed company, it is 1st and foremost to fulfill its duty to you, dear shareholders. But given your investment into this company, all of you are at the same time making very valuable contributions to the well-being of Germany as a financial location and to Europe as an economic location. What is it that makes Deutsche Borse so special?
The short answer would be exchanges ensure fair markets, markets for equities, bonds, derivatives, currencies and energy contracts, to mention just some of the most important products. Exchanges organize markets, which in turn provide signals for orientation of the entire national economy. They are the lighthouses of market economy. And it is all the more important that they themselves remain stable and make a mark in the rapid technological development taking place in our day and age. And that is something that Deutsche Borse has succeeded in doing in an example in a way, especially so in the years after the financial crisis of 2,008, but also at times when we were under much public criticism.
Deutsche Borse, ladies and gentlemen, has been and remains reliable. And as you know, Deutsche Borse does a lot more than just organizing markets. The longer answer to the question the risk management of its customers who are active in the market, not of the risk management of its customers who are active in the market, not just does it ensure fair but also stable markets. And also it serves as a custodian for securities and supplies and services necessary for it. And it does so on the basis of the latest highly developed technologies.
Exchanges thus are not just providers infrastructure for our financial markets. They are also technology companies. And with this, they are very important in setting the pace of technological change that we are in the midst of. Everybody speaks of digitalization. And Deutsche Borse has already digitalized their offer back in the '90s with changing over to fully electronic trading.
At present, the world of exchanges is facing similar challenges. Blockchain, cloud computing and artificial intelligence are the buzzwords here that you're all well aware of. With its corporate strategy, Deutsche Borse has been driving this development forward for many years now. And since the most recent adjustment of its strategy, it does so with new emphasis and a stronger focus. Brexit will give an even larger responsibility to Deutsche Borse than before.
The by far largest hub for global financial markets in Europe, London that is, after the U. K. Leaving will no longer be part of the European Union. And this will strengthen the relevance of Continental European Financial Locations, including Frankfurt. What will be decisive for the future cohesion of the EU will be that we continue to standardize the EU wide capital market and thus untap new sources of financing for the European economy and industry.
And also, the providers of financial infrastructure play a key role in this, and amongst them, especially so, Deutsche Borse. The lighthouse function of exchanges, their responsibility of ensuring fair markets and reliable and at the same time, future oriented infrastructure for financial markets is something which makes for very high requirements in terms of integrity. I am aware that the events of the year before last have put this claim severely to the test And we've drawn our consequences from this. I shall be happy to answer any questions you might have on this topic in the general debate following the speeches. But let us not forget some other thing as well.
Now is the time to focus on what lies ahead with joint and combined strength. The last year and I also think the Q1 of the present year give us indeed excellent reason to be optimistic. Ladies and gentlemen, I should like to use this opportunity as well and very happily so to express our very special gratitude to our workforce. In those last few years of transformation, you have done an extraordinary job. And Deutsche Borse once again has established itself as a growth company and has provided a sound basis for Thank you for your attention.
And I now give the floor to our CEO, Doctor. Weimer.
Driving bans, punitive tariffs, riots and disturbing chants on the Champs Elysees in heist sight, hot period was the German word of the year 2018. In Berlin, talks about forming a new government lasted until Easter. And talks about Brexit did not come to an end, a political tragedy. Dear shareholders here in this hall, dear audience at the screens at home or on your mobiles, ladies and gentlemen from the media, welcome to our Annual General Meeting this year. An eventful year indeed is behind us, a year of logjams, but also a year of new beginnings.
The CDU, German Conservative Party, is led by a new woman in charge, Hess as new state government. And at the climate summit in Katowice, a 15 year old is pleading to take the protection of our national environment seriously. Her name, Greta Thunberg, has become known worldwide. Many feel inspired by her words. Less inspiring was the development at the German stock market.
The DAX index fell by 18%, not an easy environment at all. In this environment, your and our Deutsche Borse has developed really well against the trend. Ladies and gentlemen, the price of your share increased by 8%, the 4th best share in the tax index. With Siemens Health and Ears, we celebrated 1 of the largest IPOs since the run over the millennium. And with Norbremse, we were the venue where 1 of the globally leading family led companies went public.
This is good news for Germany as an economic center. However, what matters much more for you as shareholders, we have made really good progress with our Strategy 2020. Today, I would like to tell you how we did this and also where we are heading next. In addition, I would like to widen our view today of new technologies, of sustainable entrepreneurship and of the people, the people to whom we are committed and who make us strong. We worked hard in 2018, and yes, we have delivered.
We have surpassed our objectives by a long way: 13% growth in revenues, cost under control, 17% growth in earnings, to an annual profit of more than €1,000,000,000 But our success, ladies and gentlemen, dear shareholders, didn't come by chance. Let me start with the hardest decision we took last year. We saved cost in order to create room for investments. This also means we have made staff members redundant. Among them, there were 60 executives.
This part of our program is finished. Negotiations with other staff members are far advanced. In their case, with these staff members, we rely on voluntary agreements. For this program, we have spent money for severance payments. But from 2020 onwards, our cost will be reduced by €100,000,000 each year.
At the same time, we have hired new colleagues, and let me stress this. People with IT know how, working in an agile manner, 250 in Germany, 650 worldwide. This is also part of our plan. Our strategy has worked. Our share price now stands in relation to our earnings by a factor of more than 20.
This is not a top ratio in international comparison, especially not for technology companies. But it is a very good one. For a long time, our price earnings or PE ratio was in the range of around 10. Now it is around 20. We have now convinced the market that our value is higher and have strengthened our position as the largest exchange organization of Europe, an exchange that grows strongly.
Where does our strong growth come from? In 2018, our growth was cyclical by 6 percentage points, driven by markets and also secular by another 6 percentage points. This is the growth that we can manage on our own through new products. And together, this amounts to organic growth of 12%. The other 1% is due to acquisitions.
Nearly all areas contributed to growth. The first growth driver was Eurex, our derivatives market, our biggest earnings source. Demand for derivatives on share indices was particularly high. These are financial products that are linked to the level of share markets. With their help, market participants can hedge against unexpected developments, whatever they may be.
The second growth driver was our energy exchange EEX. There, we trade contracts on the value of power and gas. The 3rd growth driver was 360T, our platform for trading foreign exchange, one of the most successful German fintechs by the way. Fintechs, as you know, are young, innovative companies in the financial sector working with new technologies. 4 years ago, we snatched 360T away from our American competitors.
The 4th growth driver was our investment fund services offered by Clearstream. Clearstream is responsible for everything that comes after trading: clearing, custody, services for the financial sector worldwide. The 5th growth driver was STOXX, our index subsidiary. It calculates and distributes the leading stock market index for Europe, I. E.
The number which reflects the up and down of markets. The dimensions within which we are moving with our business are immense. Let me give you a few examples of this. Eurex, Here, we traded 2,000,000,000, 2,000,000,000 contracts, 16% more than in the year before. EEX, energy trading.
Here, we traded 5,000 terawatt hours of electricity, 500 times the energy consumption of Frankfurt, 360T, the foreign exchange market. Here, our turnover amounted to €70,000,000,000 per day, €70,000,000,000 per day. Clearstream. Here, we have assets of more than €11,000,000,000 under custody, more than 3 times the amount of the German GDP. Zitra exchange trading in a classical sense.
Here we are a European market leader. More than 2 thirds of European exchange trading and DAX shares are handled by us, the shares of the 30 largest publicly listed German companies. Stocks. Here, we calculated nearly 12,000 indices for markets worldwide. All this based on our IT.
Last year, our trading system, T7, processed 180,000,000 orders per day, and it is able to process 3x as much. As you can see, for our business, size is important. Scalability, as we call it, is important. We can process many more orders without any cost increase. This is why our secular revenues grow faster than our cost.
This is what makes us special. This is where we excel. For this success, I would like to thank our employees and cordially indeed. Our employees have really done their best for their company, of which they are proud, and of which they have every reason to be proud, I believe. You did a great job in 2018.
Let me thank you for this. Also in the name of the other members of the Executive Committee. But I also thank you, dear shareholders. Thank you for remaining loyal to us. This has given us a lot of encouragement.
We did not have to drive while our handbrake was on, just the contrary. Now let's come to your share in our profits. We propose a dividend of €2.7 per share, plus 10% over the last year. So far, so good. Where are we heading from here?
A more twisting road lies ahead of us. The forecasts for growth in our environment are becoming more pessimistic. This is true for the financial sector, and this is also true for the real economy. Under such circumstances, it will be less easy to keep last year's momentum. A year that went so well as the last one cannot be surpassed so easily, but this does not mean that it couldn't again turn out to be quite handsome.
The Q1 bears witness to this. Our revenues increased by 4%, and our profit grew by 8%. This is quite handsome, but is it enough? Not for us. Why is that?
No doubt, our secular growth drivers remain in place. This is why we are confirming our forecast: 5% secular growth under our own steam, growth we can manage on our own and around 10% growth in profit. Even if the road now becomes more twisting, important milestones are behind us and others are within our reach. What have we achieved? Our strategy firstly foresees that we are growing organically.
Our taka graph shows we have delivered and we will deliver. I've just presented our numbers to you. And even if these numbers will probably be slightly more modest this year, we continue to be a growth company. The development of euro clearing was a particular cause for Joy. Our offer, in other words, for risk management of interest rate derivatives traded OTC.
So far, nearly all of this has been cleared by 1 single service provider in London. Ladies and gentlemen, no more so since 2018. At Eurex Clearing, we have reached a market share of 14% until today with a program that relies on banks as our partners, and we are in the process of successfully onboarding asset managers, etcetera. Considering the initial skepticism, this also gives me a certain sense of satisfaction. In euro clearing, we are keeping up our targets in spite of the delay of Brexit.
Why? So far, we are seeing no decrease in our business in spite of the delay of Brexit until October. We remain on track. Secondly, our strategy foresees growth via acquisitions. Our driving report makes clear we have delivered here as well, and we are willing to deliver in the future.
We have not broken through sound barriers, if I can call them that. We are not seeking loudness, but we would like to build a sound base for long term growth because we would like to care about the handle of the money you entrust to us with care, you being the shareholders of this company. Here, we've also made progress. Three examples. Firstly, we are currently expanding our pre trade offering significantly.
We will merge the U. S. Company Axioma with our index business. We have undertaken this strategically important step without reducing our cash reserves because we have managed to win over the highly reputable financial investor General Atlantic as a minority shareholder. What are we creating by doing so?
An information provider leading globally and growing strongly for large professional investors as soon as the competent authorities have agreed. Secondly, we have strengthened our fund services business in post trading by taking over Swisscanto from Schweizer Cantonal Bank, a growth sector. Thirdly, we have built a bridge across the Atlantic for foreign exchange trading Platform 3602 by taking over the U. S. Platform for foreign exchange GTX, also a growth sector, also a growth company.
Let me now describe shortly where we are in terms of technology. What electronic mobility and autonomous driving mean for the automobile industry is to us blockchain and cloud. You have all heard of blockchain. This is a database system that generally works without a central authority. It forms the backbone of digital currencies such as Bitcoin.
Bitcoin certainly did not have a good press last year at all. Its value crumbled, and its future is uncertain. Things seem to be difficult after all without any reliable central party. Blockchain as a technological basis, by contrast, has a future if it passes the field test. In this context, let me tell you about our most recent partnership.
We've only just entered into it after having prepared it with great care. We're moving into unknown territory here. We do not know yet whether it will lead us to fertile soils. Why are we investing nevertheless? Because the opportunities are too big to be ignored.
I'm talking about trading digital assets. In other words, assets which we map and preserve by means of the most advanced IT. With it, we can create completely new markets. It is even possible that these assets will be changing the world of securities trading fundamentally. The partners with whom we're developing this project are from Switzerland.
Switzerland is setting the pace in terms of new technologies in the financial sector worldwide. 1 of them with whom we are cooperating is a well established company, Swisscom, the Swiss Telecom. It supplies the IT. The other is a young innovator, Signum. Apart from Switzerland, it is also registered in Singapore.
With these two companies, we intend and are determined to build a trustworthy regulated infrastructure for digital assets. Trust is the alpha and omega of markets, ladies and gentlemen. This is why we want to put the market for digital assets within a safe legal framework. In order to do so, we needed series of offerings which are complementary to each other. And this is exactly where we as an exchange organization have a track record of several decades.
Our offering is threefold: the issuing of digital assets secondly, providing access to them on a marketplace and thirdly, safekeeping them. This is our core business. So far, this is an experiment. It is the beginning of a marathon, not a sprint. But this marathon can lead us into entirely new worlds.
Let us now move on to the next technology, the cloud. You can already have access to computer resources much as you can let water flow from a tap. In the past, every farm had their own well. Water companies and pipelines have given access to clean drinking water for each household. Just imagine your daily routine would start with going to your household well.
This isn't so strange as you might imagine, because this is exactly how things are today with providing access to software and servers. Today, network access and a contract with a cloud provider are sufficient, when in the past we had to provide for this ourselves. The cloud is, as it were, the transition from water well to water pipeline. In the financial sector, we need to handle this with great care. We administer highly sensitive data, data which are moving markets all over the world, data that are protected by privacy law, data which are important for supervisors.
We need to take care of these data in an even more cautious manner than other service providers, But this doesn't preclude cooperation with cloud providers. It will not only enable us to save cost, it will also give us access to the latest technology. Cloud providers are also better guarded against hacker attacks than a single company could ever be. Huge amounts of data. And this is what these cloud providers can invest in the best available technology on the market.
In the German financial sector, we are a forerunner when it comes to using the cloud, and we will continue to step forward here, making exchange trading safer this way. This is our core business. Day before yesterday, we announced the partnership with Microsoft in this area, a real and with this, we are setting standards for the European Financial Sector. Ladies and gentlemen, let me now widen our view from our call to the landscape in which we are moving going forward. We are in the midst of a period of profound change, a period of disruption, let's assume for a moment that we have been through a time journey, not a long journey, let us say a journey of only 10 years.
Let's embark on this journey. We are in the year 2029. We are participating in an art auction. A piece of art by Gerhard Richter is on sale. In the past, before 20 such auctions took place in exclusive halls of old palaces in London or some other place.
Only a select few had access. In 2019, the price of Erector reached the area of double digit millions. In 2029, prices have doubled once more. Experts are forecasting further increases. Who can afford to bid?
The founders of digital ride hailing services at best, newly rich technology hipsters, old moneyed aristocracy? Wrong. Everybody can participate. Not the complete painting is for sale, but many, many digital pieces of it, tokens. That's what they are called.
Through them, you can all participate in the future value increase of this painting by Richter. With tokens, you're able to buy shares in this work of art, just as you can buy shares of companies today that you can trade in the way you bought shares from us and hopefully are not selling. Paintings, ladies and gentlemen, are just one example among many. Large scale projects can be mapped by tokens as well, And they can be financed: bridges, power plants, transportation networks, residential quarters and many other things. Sounds Utopian?
It's only Utopian as long as we do not give it a try. We need more courage anyway here in this country, in Germany, more courage for new ideas, more courage for entrepreneurship. Of course, new opportunities also create new possibilities for abuse, I realize that. We are only safe from abuse if we are able to transform your tokens safely into cash, safely buy them, safely sell them, safely keep them. And we are convinced we cannot then safely trade them if we are active in some gray market, but only on an exchange, on a regulated market trusted by everybody.
And this is where we as Deutsche Borse, a your company, enters the arena. So far, I've been talking about change that may happen in the next decade, but we need to think much further ahead. We bear responsibility for much larger periods of time. We want to leave our descendants a world in which they are able to live happily. What we owe to our children and children's children is that we leave catastrophic forest fires in California have made me quite concerned and made me think very much.
And the sight of the nearly dried up Rhine River as well, right in front of our doorstep, so to speak. I'm not a pessimist. I do not believe that any single incident of bad weather is a sign of climate change. However, the results of climate science are clear. We mustn't close our eyes to this.
We are running out of time. Kobler, Weimer, stick to your last, I hear you saying now. And in a way, you are right. But as an exchange, as Deutsche Borse, we can at least make a contribution, a contribution to sustainable management. This is why we kicked off several initiatives at Deutsche Borse last year.
In April last year, we established the Green and Sustainable Finance Cluster Germany, together with the state of Hess. By doing so, we would like to push further ahead with sustainable development in finance. In September, we organized the 2nd Sustainable Finance Summit in Frankfurt. And in October, the 3rd is about to follow suit. We also support the EU action plan for financing sustainable growth.
Together with the state government of HES, we are committing ourselves as Deutsche Borse. In February, we set up derivatives on indices for companies that manage their business in a sustainable manner. By doing so, we increased the tradability of these companies' shares and at the same time improve their access to capital. In addition, we developed products that reward sustainable action, certificates for the right to emit CO2, to emit carbon. Sounds unethical to you?
It isn't. We are forming prices for emitting toxic substances. In order to give companies incentives for investing in filters or use renewable energy in the future. Switching, shifting gears, this is also what the people are doing who are working for us. We are supporting them in doing so and have developed a strategy for this as well.
It has 3 objectives. Through effective leadership, we certainly want to inspire. We want to ensure the best capabilities of our staff, and we want to attract and retain top talent available in the market. We need to catch up there because if we want to bring our strategy on the streets, if we want to have traction, we need the best drivers to remain within this imagery. The human factor is decisive for the success of our strategy.
Absolutely. This is why we invest in upskilling. How? For instance, by participating in Ada. ADA Loveless was the name, ladies and gentlemen, of the first female programmer.
ADA is also the name of a German business initiative. Handelsblatt Medien Group has initiated it. It is about shaping ambassadors, training ambassadors of the digital world. They are meant to take knowledge into the company on agile working methods instead of long winding processes. We are participating in it with 30 staff members, and we are speeding up.
Speeding up, however, is not sufficient in itself. Without an objective, you get nowhere. Without an aim, you get nowhere. Even if you drive at maximum speed, this is getting us to the purpose companies serve. In New German, we say purpose.
As an exchange, we have all learned on one purpose, the noble purpose of organizing fair markets and avoiding inefficiencies in capital allocation, and by doing so creating wealth. Ladies and gentlemen, dear shareholders, let me conclude. In 2 weeks' time, on 23rd May, the EU elections will be starting. On the same day, we will be celebrating the 70th anniversary of the German constitution, the Grundgesetz, the basic law. Europe and Germany, these are not simply a region and a country.
These are not simply partnerships of convenience in which you make money. These are also big ideas. They stand for peace, and they stand for respect and social cohesion. Some say the home of a company is the market. I do not quite share this thought.
The home of a company goes beyond the market. A company is part of the social world. A company leader not only leads a company, he is also a zoonpolitikon, a term that goes back to Aristotle, a political and social creature, a human bearing responsibility for other humans. We have to take criticism of ourselves, of economics seriously. We need to confront it, face up to it and become better.
The market is important. The market is very important. We organize markets, and we are important, but the market is not everything. Companies are there for earning money and their capital cost. If they are publicly listed, they earn this money for their shareholders, for you, dear shareholders.
But this is not their sole purpose. Let us therefore develop technologies together, new technologies that make more participation possible. Let us manage our business sustainably because it is only sustainable companies that will survive. Let us make the world a better place for human beings. And above all, let us do one thing, grow together.
You, by remaining loyal to us, dear shareholders, because without you, we cannot grow. And we, by continuing to keep our promises. Thank you very much for
your attention.
Dear Mr.
Weimer, thank you very much for your presentation. And thank you for really opening up additional perspectives and not just addressing the business and the business development. I think that's very important. As already announced before, I'd like to ask Ms. Streit first to take the floor to introduce herself.
I mentioned before that Ms. Strite and Mr. Stonehill will now have the opportunity to briefly introduce themselves as candidates for the election that we have later on the agenda. Ms. Wright, you've got the floor.
Can you hear me? Dear shareholders, ladies and gentlemen, a very good morning, first of all. My name is Clara Streich. And as a candidate for the election onto the Supervisory Board of Deutsche Borse Group, I should like to thank you very much for the opportunity to briefly introduce myself. I was born in the United States.
However, started to study Business Administration and Economics in St. Gallen, focusing on finance and accounting. I'm 50 years old and I've got 6 wonderful children. My professional career can be divided into 2 parts roughly. The 1st 20 years, I worked as a consultant for McKinsey And then in 2011, my main job is to be a member of different supervisory and administrative bodies of domestic and non domestic companies, stock listed companies.
I graduated in 1992 and then I started with McKinsey in Germany focusing on advising and consulting financial service providers, banks, insurers, asset managers, also stock exchanges and central banks. For McKinsey, I did work in Germany, Austria, Switzerland, Italy and a number of Scandinavian countries and then also quite often in Asia and North America. As far as the content of my work is concerned, I focused on matters like strategy, mergers and acquisitions, regulation finance and risk management. In 1998, I became a partner of the company. And on top of my work with the clients, I also assumed responsibility for recruiting staff, first in Germany, but later also in other parts of Europe.
The family and women's initiative of McKinsey, a precursor if you want what we call diversity today. I created it and I headed it. Then for quite a few years, I worked with clients in the financial service provider sector in Germany and Austria. And here, I was also part and accompanied the IPO of Deutsche Borse in 2001. In 2003, I was made senior partner, kept working with our clients and was then appointed head of the committee that selects the partners of Mackenzie all over the world.
So I could contribute also for staff development and executive development of the company. In 2011, I changed and I accepted mandates and supervisory bodies of stock listed companies for Novia in Germany to mention 1. Then there is also the Swiss bank Vantobel, the Dutch insurance group NN and the food retailer Geronimo Martins. So here with these companies, I've worked in different committees, nomination and remuneration committees, but also in the area of strategy, finance, risk and audit these different committees. So in this job, I've been able to pursue my interest for financial services, but also strategy and personnel matters.
Working in the supervisory bodies, that's the only that I do professionally. That's my job. That's my profession. I can guarantee you that for the work on the supervisory board of Deutsche Borse, I will definitely have enough time that I can allot to it, in particular because since May 2018, a tightened particularly time consuming mandate was abandoned by me. Dear shareholders, I'd be very happy if you trusted me enough to elect me on to the supervisory board, choose a supervisory board of the company.
You make it thus possible to contribute to the continued successful development of Deutsche Borse. Thank you very much for your attention. Thank you, Ms. Dreitz. Charles Stonehill will now be the next candidate to introduce himself.
Dear Shareholders, ladies and gentlemen, my name is Charles Stonehill. As a candidate for the election to the Supervisory Board of Deutsche Borse, I'm very happy about the opportunity to introduce myself personally. Please allow me to now continue in my native tongue.
I currently reside in New York City and am the proud father of only 4 children. I hold a master's degree in modern history from Magdalen College Oxford University. I graduated at the age of 20 and have for over 40 years been engaged in the financial services industry. In my first position, I took a 1 year training course at JP Morgan in New York, including courses in accounting, corporate finance and economics. Subsequently, as an executive, I was elected to a Managing Director position at Morgan Stanley in London, where I had responsibility for the European Equity Business.
I also later had responsibility for the Investment Banking business of Credit Suisse in the Americas and for Lazard Freres Capital Markets division globally.
Under name in Swinancierung und Wirtschaft. Anschlissend, Bode Ich Managing Director by Morgan Stanley in London.
In
von Lazard Frei.
I have, during the past 15 years, been appointed to various non executive and supervisory roles within and outside of the financial services industry. I currently serve as Vice Chairman of Julius Berg Group, the Private Wealth Manager based in Zurich And as a Board member of AXA Equitable Holdings and its subsidiary AllianceBernstein, the retirement planning, insurance and asset management businesses based in New York. From my current position as founding partner of Green and Blue Advisors, I provide periodically advice to companies dedicated to sustainability and the environment.
I've been Dirtside
Vice Chairman, Der Julius Bergrup in Zurich, on Verwaltungsratz Mittglied, von AXA Equitable Holdings, on Der and Kochte Gesellschaft AllianceBernstein, which sits in New York. As Grundung's partner von Green and Blue advises,
Besides my passion for the environment and for the health, resilience and dependability of the financial services industry, I have a comparable passion for the game of chess and work as a board member with the world champion Magnus Carlsen in Norway in his company Play Magnus to promote the game as a path to education, entertainment and healthy mental competition. Fortunately, the time commitment to serve as a Board member of this small private company is very modest. Ladies and gentlemen, I can assure you that the mandate to serve as a Supervisory Board member of Deutsche Borse will receive from me the utmost dedication and commitment and whatever time is needed to devote to this important responsibility.
Dear shareholders, I would be very happy to be able to contribute my knowledge and experience to the supervisory board of Deutsche Borse in the future in order to positively contribute to the development of the company. Thank you. I just thank Mr. Stonehill. And at this particular point in time, we end the public part and transmission of this AGM.
So I'd like to say goodbye to those who followed us on the Internet, who've been interested in the public part of the meeting here.