MDAX Boards Replace Members at 2.5x the DAX40 Rate, Spencer Stuart Finds
Frankfurt am Main – November 09, 2026 -- 64% of MDAX companies appointed at least one new supervisory board member, against 25% in the DAX40, according to the first standalone MDAX governance report from executive search firm Spencer Stuart.
The 50 MDAX companies added 87 new board members. The DAX40 added only 16. The study draws on annual reports and corporate governance disclosures for fiscal 2025. It is benchmarked against the Spencer Stuart Board Index 2026 for the DAX40, published in June.
MDAX boards are younger and open the door to first-time members
Members under 50 make up 21.8% of MDAX supervisory boards, versus 12% in the DAX40. At 22 of the 50 companies, that age group holds more than a quarter of board seats. Of the newly appointed MDAX members, 23% hold their first supervisory board mandate.