The German Corporate Governance Code (GCGC) contains internationally and nationally recognized standards of good and responsible corporate governance in the form of recommendations and suggestions. Pursuant to Section 161 of the German Stock Corporation Act (AktG), the Management Board and Supervisory Board of a listed German stock corporation must declare once a year whether the GCGC has been and is being complied with or which recommendations of the Code have not been or are not being applied and why. This declaration is referred to as the Statement of Compliance.

Listed stock corporations must issue and publish an annual corporate governance statement, group parent companies also for the group. In addition, the German Corporate Governance Code recommends that the Management Board and Supervisory Board report annually on corporate governance (Corporate Governance Report) and publish this report in connection with the corporate governance declaration.