Company News, 2003-08-11, 02:00 AM
ThyssenKrupp complies with all recommendations of the updated German Corporate Governance Code
ThyssenKrupp AG complies with all the recommendations of the German Corporate Governance Code, including the amendments to the Code resolved by the government commission on May 21, 2003 which came into effect with their publication by the Federal Ministry of Justice in the electronic version of the Federal Gazette (Bundesanzeiger) on June 30, 2003. The Executive Board and Supervisory Board of ThyssenKrupp AG published an updated declaration of conformity on August 11, 2003.
The changes to the Code resolved by the government commission mainly relate to the area of executive compensation. For example, individualized disclosure of both Executive Board and Supervisory Board compensation is now not only a suggestion, but a recommendation of the Code. ThyssenKrupp already disclosed the compensation of each member of the Executive Board and Supervisory Board, broken down into the individual components, in its 2001/2002 Annual Report.
In addition, the Group complies with most of the suggestions in the May 21, 2003 version of the Code. The only exception is that ThyssenKrupp is not planning to introduce staggered periods of office for the stockholder representatives on the Supervisory Board.