BMW 2009 Annual Report Download - page 143
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141 Statement on Corporate Governance
Declaration by the Board of Management and the Supervisory Board of
Bayerische Motoren Werke Aktiengesellschaft regarding the Recommendations
of the German Government Corporate Governance Code Commission
in accordance with 161 German Stock Corporation Act
The Board of Management and the Supervisory Board of
Bayerische Motoren Werke Aktiengesellschaft (“BMW AG”)
declare the following regarding the recommendations of
the German Government Corporate Governance Code
Commission:
1.
During the period since filing the last declaration of
December 2008 up until 5 August 2009 BMW AG
com-
plied with all of the recommendations published on
8 August 2008 in the electronic Federal Gazette (Code
version of 6 June 2008), except for the divergence from
section 4.2.2 paragraph 1 German Corporate Govern-
ance Code already declared and explained in December
2008. That divergence ceased to apply on 5 August
2009 because, with effect from that date, the full Super-
visory Board became responsible for the adoption of
resolutions relating to the Board of Management re-
muneration system and for the regular review of the re-
muneration system in accordance with the new legal
situation.
2.
BMW AG
will in future comply with all of the recommen-
dations published on 5 August 2009 in the electronic
Federal Gazette (Code version of 18 June 2009) except
for only one deviation from the recommendation under
section 3.8 paragraph 3 German Corporate Governance
Code: In view of the differing financial circumstances
and incomes within the Supervisory Board we consider
it proper to differentiate between the amount of excess
under a D & O liability insurance policy for the members
of the Board of Management on the one hand and the
members of the Supervisory Board on the other hand
and we consider the excess agreed to date for the mem-
bers of the Supervisory Board to still be appropriate.
Munich, December 2009
Bayerische Motoren Werke
Aktiengesellschaft
Supervisory Board Board of Management