Klöckner & Co generally intends to follow recommendations and suggestions that the Government Commission on the German Corporate Governance Code puts forth.
Corporate governance encompasses a company’s entire management and monitoring system, including organizational structure, business policy principles, directives, and internal as well as external control and monitoring mechanisms.
Corporate governance seeks to ensure that companies act responsibly and are managed and controlled in a way that promotes sustainable value creation. It fosters confidence among national and international investors, business partners, financial markets, employees and the general public in the management and monitoring of Klöckner & Co Societas Europaea (SE).
The Government Commission on the German Corporate Governance Code established by the German Ministry of Justice in September 2001 adopted the German Corporate Governance Code (henceforth:"Code") on February 26, 2002 and approved a variety of amendments on May 21, 2003 and June 2, 2005. The Code contains recommendations and suggestions for managing and monitoring of companies listed in Germany. It is consistent with internationally and nationally accepted standards of good and responsible corporate governance.
Article 161 of the German Joint Stock Corporation Act (Aktiengesetz: henceforth AktG) requires Klöckner & Co SE, as a listed company, to disclose the extent of its past and current compliance with the recommendations and to explain which recommendations have not been or are not being applied (“comply or explain”).
Klöckner & Co SE generally intends to follow the recommendations and suggestions contained in the current version of the code.