BMW 2008 Annual Report Download - page 138

However, the solutions we agree upon will then be imple-
mented without exception by everybody involved.
Respect, trust, fairness
We trust each other with respect. Leadership is based on
mutual trust. Trust is rooted in fairness and reliability.
Employees
People make companies. Our employees are the strongest
factor in our success – which means our personnel deci-
sions will be among the most important we ever make.
Leading by example
Every manager must lead by example.
Sustainability
In our view, sustainability refers to our business success
which is the basis for the fulfillment of our ecological and
social responsibility.
Society
Social responsibility is an integral part of our corporate
self-image.
Independence
We are securing the corporate independence of the
BMW Group through sustained profitable growth.
Declaration of Compliance and the BMW Group
Corporate Governance Code
Management and Supervisory Boards of companies listed
in Germany are required by law (  German Stock Cor-
poration Act) to report once a year whether the officially
published and relevant recommendations issued by the
“German Government Corporate Governance Code Com-
mission”, as valid at the date of the declaration, have been,
and are being, complied with. Companies affected are
also
required to state which of the recommendations of
the Code have not been or are not being applied.
The Board of Management and Supervisory Board of
BMW AG believe that the recommendations and sugges-
tions contained in the German Corporate Governance Code
(GCGC) contribute to an enhancement of the financial
markets in Germany, in particular for international investors.
At the joint meeting held in December , the Board of
Management and Supervisory Board of BMW AG issued
the current year’s declaration of compliance with the new
version of the
GCGC valid from  August  and posted
to the BMW Group’s website. The full text of the declaration
is also provided on page  of the Annual Report. BMW AG
continues to comply with the recommendations of the
GCGC with only one exception: The Supervisory Board
has delegated the task of determining the remuneration
and remuneration system (including the principal con-
tractual components and the regular review of the system)
to the Personnel Committee. The full Supervisory Board
is, however, informed regularly and in great detail of the
work of the Personnel Committee. From the perspective
of the Supervisory Board, this division of duties has proved
its worth and increases the efficiency of the Supervisory
Board’s work. All other recommendations are being com-
plied with. In addition, the Board of Management and
the Supervisory Board have, in past years, developed the
BMW Group’s own Corporate Governance Code based
on the GCGC in order to provide shareholders and other
stakeholders with a comprehensive and stand-alone
document covering the corporate governance practices
applied by the BMW Group. The BMW Group’s Corporate
Governance Code has been revised in conjunction with
the new version of the GCGC. A copy of it can be ob-
tained,
along with other shareholder information, from the
BMW Group website.
A coordinator responsible for all corporate governance
issues reports directly and on a regular basis to the Board
of Management and the Supervisory Board.
Reportable securities transactions (“Directors’
Dealings”)
Members of the Board of Management and the Super-
visory Board and related persons of those members, are
required, pursuant to   a of the German Securities
Trading Act, to give notice of any of their transactions with
BMW stock or related financial instruments, when the
total sum of such transactions exceeds an amount of euro
, during the calendar year. BMW AG gives notice of
any transaction reported to it on its website at the address
www.bmwgroup.com/ir and in its Annual Document pur-
suant to    of the German Securities Prospectus Act.
Shareholdings of members of the Board of
Management and the Supervisory Board
The members of the Supervisory Board of BMW AG hold
in total .  of the Company’s issued common and pre-
ferred stock shares of the Company, of which .  re-
lates to Stefan Quandt, Bad Homburg v. d. H. and . 
to Susanne
Klatten, Munich. The shareholding of the
members of the Board of Management is, in total, less
than 
 of the issued stock shares.
139 Corporate Governance