The Executive Board and Supervisory Board traditionally work together closely for the welfare of the company. As such, we are able to comply with all recommendations of the German Corporate Governance Code.
Below you will find the current declaration of conformity. Declarations of conformity from previous years can be obtained by using the year filter below.
- 2018 - Entsprechenserklärung
2018 Declaration of Conformity according to the German Corporate Governance Code pursuant to Section 161 of the German Joint Stock Corporation Act (AktG)
The following declaration refers to the recommendations of the German Corporate Governance Code (“Code”) as amended on February 7, 2017, which was made public in the German Federal Gazette on April 24, 2017 and corrected on May 19, 2017. The Executive Board and the Supervisory Board of LUDWIG BECK am Rathauseck – Textilhaus Feldmeier Aktiengesellschaft declare in accordance with Section 161 Joint Stock Corporation Act (AktG) that they have conformed and will conform to the recommendations of the “Government Commission for the German Corporate Governance Code“, with the following exceptions:
1. The recommendation in Clause 4.1.3 sentence 3 of the Code according to which employees shall be given an adequate opportunity to report, in a protected manner, suspected breaches of the law within the company (establishment of a whistleblower hotline) is not complied with. The Executive Board and the Supervisory Board are of the opinion that the company has a well-functioning compliance management system in place and see no need for setting up a whistleblower hotline. Furthermore, it cannot be excluded that the establishment of a whistleblower hotline might burden the excellent work atmosphere and encourage a culture of denunciation.
2. The Executive Board of the Company has no chairman or spokesman (Code Clause 4.2.1 sentence 1). The Supervisory Board is of the opinion that this best reflects the close cooperation of the two members of the Executive Board, which is based on equality and trust.
3. In deviation from the recommendation in Clause 4.2.3 par. 2, sentence 3, of the Code, the multiple-year assessment basis for determining the variable remuneration components to be granted to the members of the Executive Board which has been applied for many years is not generally future-oriented. In the view of the Supervisory Board the long-standing remuneration system has proven its worth. Furthermore, in order to safeguard existing standards the existing contracts should not be interfered with, and the consistency of the employment contracts of the two members of the Executive Board should be preserved.
4. The Supervisory Board has not formed a nomination committee (Code Clause 5.3.3). The Supervisory Board is of the opinion that election proposals to the General Meeting for members of the Supervisory Board should be worked out in a plenary sitting of the manageable six-member body.
5. The Executive Board doesn’t reason “interim financial information” with the Supervisory Board or its audit committee prior to their publication (Code Clause 7.1.2 sentence 2). The Supervisory Board and the Executive Board are in regular close contact on the basis of a monthly reporting system. Therefore, a separate discussion on semi-annual reports or other interim financial information prior to their publication is dispensable.
Munich, November 23, 2018
The Executive Board
signed Dieter Münch
signed Christian Greiner
The Supervisory Board
signed Dr. Steffen Stremme
signed Clarissa Käfer
signed Sandra Pabst
signed Dr. Bruno Sälzer
signed Michael Neumaier
signed Jochen Vöcker