BMW 2008 Annual Report Download - page 146
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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 German Stock Corporation Act
147 Corporate Governance
I. Declaration of compliance
The Board of Management and Supervisory Board of
Bayerische Motoren Werke Aktiengesellschaft (“BMW AG”)
declare the following with respect to the recommendations
of the “Government Commission on the German Corpo-
rate Governance Code”:
. During the period since filing the most recent declaration
on December , BMW AG has complied with all rec-
ommendations published on July in the official
section of the electronic Federal Gazette (Code version
dated June ), except for the divergence from
sec-
tion .. paragraph GCGC already declared on Decem-
ber
, namely that the discussion and regular review of
the structure of the compensation
system of the Board
of Management is performed by
the
Personnel Commit-
tee and not, additionally, by the full Super visory
Board.
.
BMW AG will comply with all recommendations published
on August in the official section of the
electronic
Federal Gazette (Code version dated June
) except
for only one divergence, namely that the Super visory
Board has delegated the task of taking resolutions re-
garding the Management Board remu neration system,
including the principal contractual com ponents and the
regular review of that system, to the Personnel Commit-
tee (section .. paragraph GCGC).
II. Explanatory notes
The task of determining the Management Board compen-
sation system, including the principal contractual compo-
nents and the regular review of that system has been dele-
gated to the Personnel Committee in order to increase
the efficiency of the Supervisory Board’s work in personnel-
related
matters. The Supervisory Board is informed regu-
larly and in detail of the work of the Personnel Committee.
Munich, December
Bayerische Motoren Werke
Aktiengesellschaft
Supervisory Board Board of Management