The German Corporate Governance Code (as amended on June 6, 2008) drawn up by the corporate governance code commission appointed by the German government, outlines fundamental statutory regulations for the management and supervision of German listed companies and contains internationally and nationally recognized standards for good, responsible corporate governance. Its aim is to promote the confidence of international and domestic investors, customers, staff and the general public in the management and supervision of German listed stock companies.

With the coming into effect of the Transparency and Disclosure Act (TransPuG), a new § 161 was inserted into the Stock Companies Act (AktG). It requires the Management Board and the Supervisory Board of a listed company to issue an annual statement of compliance with the recommendations of the German Corporate Governance Code commission, detailing which of the code’s recommendations were not or are not being applied.

These Declarations of Compliance can be downloaded from the section under that heading.