Investor Relations

Corporate Governance

Corporate Governance refers to the orientation on sustainable, responsible value creation within a company’s corporate governance and management control. Basic conditions for this are transparency, rapid and comprehensive information of shareholders and the public as well as an efficient cooperation between executive board and supervisory board.

The German Corporate Governance Code adopted in February 2002, in the current version of 26 May 2010 (http://www.corporate-governance-code.de/eng/kodex/index.html), contains recommendations and suggestions for managing and supervising listed companies in Germany, with reference to shareholders and the General Shareholders’ Meeting, the Management Board, the Supervisory Board, and to transparency, accounting policies and auditing. There is no obligation to comply with the recommendations and suggestions of the Code. The German Stock Corporation Act (Aktiengesetz) merely requires the Management Board and Supervisory Board of a listed company to make an annual declaration that the recommendations of the Code were complied with or which recommendations were not or are not followed, and why not. The declaration has to be made continuously available on the website of the company.

Executive board and supervisory board of the company identify with the aims of the code, promoting responsible and transparent corporate governance and management control connected with a sustainable growth of shareholder value.