ThyssenKrupp welcomes the German Corporate Governance Code as published by the Government Commission on February 26, 2002. ThyssenKrupp already complies with many of the recommendations and suggestions included in the Code. The company does not intend to draw up its own corporate governance code.

Ahead of today`s Supervisory Board meeting, the Executive Board of ThyssenKrupp AG had already unanimously decided in principle to implement the suggestions and recommendations of the Code in their entirety. This will also include the publication of individual Executive Board compensation, starting with the fiscal year ending September 30, 2002.

At its meeting today, the Supervisory Board accepted the content of the Code in principle and discussed measures to implement the Code`s provisions with the Executive Board. In this context･ the Supervisory Board adopted modified rules of procedure for the Supervisory Board and Executive Board, each amended in line with the German Corporate Governance Code, whereby a large number of the Code`s recommendations are already complied with - both documents are on the ThyssenKrupp website;
･ the Supervisory Board resolved to form an Audit Committee and a Strategy, Finance and Investment Committee to replace the previous Accounting and Investment Committee; ･ the Supervisory Board approved changes to the Articles of Association to take account of the German Corporate Governance Code (e.g. transmission of the Annual Stockholders` Meeting on the internet); implementation of these changes is subject to approval by the Annual Stockholders` Meeting of the Company, which is next scheduled for February 21, 2003.

Further measures to implement the Code are currently being drawn up. As many of these - with the exception of the transactions requiring the approval of the Annual Stockholders` Meeting - will be realized in the coming weeks, ThyssenKrupp plans to issue and publish its first declaration of conformity in fall 2002, after the Transparency and Disclosure Law has come into effect. Explanations on the declaration of conformity will be given at the Annual Press Conference on the fiscal year ending September 30, 2002 which is scheduled for December 20, 2002.

For more information on corporate governance practices at ThyssenKrupp.

Executive Board Responsibilities (PDF 41KB)

Executive Board Rules of Procedure (PDF 67KB)

Supervisory Board Rules of Procedure (PDF 68KB)

Contact:

Dr. Jürgen Claassen
Corporate Communications and Central Bureau
Fon +49 (211) 824-36002
Fax +49 (211) 824-36005
E-Mail: presse@tk.thyssenkrupp.com