Corporate Governance

The term “Corporate Governance” refers to the entire system of managing and supervising a company. It includes the entire organisation, the principles of business policy and guidelines, as well as internal and external control and monitoring mechanisms.

The German Corporate Governance Code introduced in 2002 contains important statutory regulations on the management and supervision of listed companies. It is based on recognised national and international standards of effective and responsible management.

The goal of the Code is to promote the trust of national and international investors, customers, the finance markets, employees and the public in the management and supervision of German listed stock corporations.

Here the German Corporate Governance Code can be downloaded.

Under Sec. 161 of the German Stock Corporation Act (AktG) the management board and supervisory board of a listed German stock corporation are required to issue an annual declaration on the extent to which the recommendations of the German Corporate Governance Governement Commission have been and are being observed and which of the Code's recommendations have not been or are not being applied and why not.

Here the current Declaration of Conformity can be downloaded (German only).

The following document contains the report and declaration on corporate governance:

Here the Report and Declaration on Corporate Governance can be downloaded (German only).