BMW 2006 Annual Report Download - page 126
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The Board of Management and Supervisory Board
of Bayerische Motoren Werke Aktiengesellschaft
declare the following with respect to the recommen-
dations of the “Government Commission of the Ger-
man Corporate Governance Code”:
The recommendations published in the official
section of the electronic Federal Gazette on 12 July
2005 (Code version dated 2 June 2005) have been
complied with, except for the exceptions described
in the declaration dated 6 December 2005 relating
to section 4.2.2 paragraph 1, section 4.2.4 sentence
2, section 5.4.7 paragraph 3 and section 6.6 para-
graph 3.
The recommendations published in the official
section of the electronic Federal Gazette on 24 July
2006 (Code version dated 12 June 2006) are being,
and will be complied with, with the following
diver-
gence: the discussion and regular review of the
structure of the compensation system of the Board
of Management is performed by the Personnel
Committee and not, additionally, by the Supervisory
Board (section 4.2.2 paragraph 1 GCGC).
Munich, 5 December 2006
Bayerische Motoren Werke
Aktiengesellschaft
Supervisory Board Board of Management
Reason for divergence
Section 4.2.2 paragraph 1 GCGC:
The Supervisory Board has transferred discussion
and regular review of the structure of the compensa-
tion system of the Board of Management to the
Personnel Committee. The Supervisory Board is
informed on a regular basis of the work of the Per-
sonnel Committee.
125
Declaration of the Board of Management and of the Supervisory Board
of Bayerische Motoren Werke Aktiengesellschaft with respect to the
recommendations of the “Government Commission of the German Corporate
Governance Code” pursuant to §161 German Stock Corporation Act