Capital market-relevant press releases, 2002-10-01, 02:00 AM
Good corporate governance at ThyssenKrupp: Executive Board and Supervisory Board issue first declaration of conformity with the Code
On October 1, 2002 the Executive Board and Supervisory Board of ThyssenKrupp AG issued their first declaration of conformity with the recommendations of the Government Commission on the German Corporate Governance Code in accordance with Art. 161 of the Stock Corporation Act (AktG). The declaration of conformity is worded as follows:
"ThyssenKrupp AG complies with the recommendations of the `Government Commission on the German Corporate Governance Code` with the following exceptions:
One Supervisory Board member, who is a director of an exchange-listed company, currently has more than five Supervisory Board mandates at non-Group exchange-listed companies (Code section 5.4.3 sentence 2).
To date, there has been no extra compensation for the chair and members of supervisory board committees. The Executive Board and Supervisory Board will propose to the forthcoming Annual Stockholders` Meeting on February 21, 2003 that Art. 14 par. 1 of the Articles of Association of ThyssenKrupp AG be amended to include a provision on compensation for the chair and members of supervisory board committees (Code section 5.4.5 par. 1 sentence 3)."
Beyond this, ThyssenKrupp already complies to a large extent with the additional suggestions of the Code regarding good corporate governance. Detailed comments will be made in the annual report for the fiscal year ending September 30, 2002. For example, the report will contain an individualized breakdown of Executive Board compensation.
Explanations on the declaration of conformity will be given at the Annual Press Conference on fiscal year 2001/2002, to be held on December 20, 2002.
For more information on corporate governance practices at ThyssenKrupp, go to www.thyssenkrupp.com/eng/investor/corporate-governance.html
Dr. Jürgen Claassen
Corporate Communications and Central Bureau
Telephone +49 211 824-36002
Fax +49 211 824-36005