Numerous corporate crises and accounting scandals in recent years have led to increased scrutiny not only of executive boards but also of supervisory boards. They are accused of inadequately fulfilling their oversight responsibilities. To ensure that supervisory boards act in the interest of shareholders, representatives of agency theory, for example, propose the implementation of a performance-oriented compensation system. But are supervisory boards really motivated by money? This study examines, based on 92 expert interviews with shareholder representatives of publicly listed German companies, what primarily motivates supervisory boards and what role compensation plays in this. An interdisciplinary approach is taken: in addition to the use of agency theory, the motivation of supervisory boards is also considered from the perspective of other disciplines.