The German Corporate Governance Code consists of three elements. It describes the legal requirements for the management and supervision of German listed companies (corporate governance), most of which are governed by the German Stock Corporation Act (AktG).
Other elements include internationally and nationally acknowledged standards for good and responsible corporate governance in the form of recommendations and suggestions.
The Code also has a legal basis due to the declaration of conformity in keeping with Sec. 161 AktG. In contrast to the legal requirements, recommendations and suggestions are not binding. However, any deviations from the recommendations must be explained and published in the Declaration of Conformity in the spirit of “comply or explain”.
The recommendations and suggestions of the Code become valid upon being published in the Federal Gazette.
The Declarations of Conformity:
Documents are only available in german language, for any questions, please contact IR.