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Background.
Management and supervisory boards of companies listed in Germany are required by law (§161 German Stock Corporation Act) to report once a year whether the German Corporate Governance Code (in the relevant version) has been, and is being, complied with. Companies affected are also required to state which of the recommendations of the Code have not been, or are not being, applied.
Corporate governance in the BMW Group.
For the BMW Group, corporate governance is an all-embracing issue which affects all areas of the enterprise. Transparent reporting and a policy of corporate governance aimed at the interests of stakeholders are well-established traditions within the BMW Group. Cooperation between the Board of Management and the Supervisory Board, in an atmosphere of commonly shared trust and responsibility, has long been the basis for managing the affairs of the BMW Group. The underlying corporate culture at BMW is founded upon the principles of transparency, placing trust in others and taking responsibility for one's own actions.
The Board of Management and Supervisory Board of Bayerische Motoren Werke Aktiengesellschaft believe that the recommendations and suggestions contained in the German Corporate Governance Code contribute to an enhancement of the financial markets in Germany, in particular for international investors. The implementation of the Code in Germany has established standards for corporate governance which address the interests of shareholders and other stakeholders alike. The German Corporate Governance Code is especially suited to achieving this objective.
The Board of Management and Supervisory Board are in favour of the recommendations and suggestions contained therein and have developed a corporate governance code for the BMW Group, taking account of the specific circumstances of the BMW Group. The aim is to provide shareholders and other stakeholders with a comprehensive and standalone document covering the corporate governance practises applied by the BMW Group.
A coordinator responsible for all corporate governance issues reports directly and on a regular basis to the Board of Management and Supervisory Board.
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