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German Corporate Governance Code

The German Corporate Governance Code (the “Code”) presents essential statutory regulations for the management and supervision (governance) of German listed companies and contains internationally and nationally recognized standards for good and responsible governance. The Code aims at making the German Corporate Governance system transparent and understandable. Its purpose is to promote the trust of international and national investors, customers, employees and the general public in the management and supervision of listed German stock corporations.

The Governmental Commission "German Corporate Governance Code" is in charge of the initial compilation and the continuing revolution of the Code. In September 2001, the German Federal Minister of Justice established the Governmental Commission which published the initial version of the Code in February 2002. As a rule the Code will be reviewed by the Governmental Commission annually against the background of national and international developments concerning Corporate Governance principles and be adjusted, if necessary.

Through the declaration of conformity pursuant to Article 161 of the Stock Corporation Act (AktG) the Code has a legal basis. The Code is published in its latest version in the official section of the electronic Federal Gazette.