BMW 2010 Annual Report Download - page 144

142
140 STATEMENT ON
CORPORATE GOVERNANCE
(Part of Management Report)
140 Information on the Company’s
Governing Constitution
142 Declaration of the Board of
Management and of the
Supervisory
Board pursuant to
§ 161 AktG
143 Members of the Board of
Management
144 Members of the Supervisory Board
147 Information on Work Procedures
of the Management Board and
Supervisory Board
154 Compensation Report
162 Information on Corporate
Governance Practices
163 Compliance in the BMW Group
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 on the German Corporate Governance Code”
pursuant to § 161 German Stock Corporation Act
The Board of Management and Supervisory Board of
Bayerische Motoren Werke Aktiengesellschaft
(“BMWAG”) declare the following regarding the recom-
mendations of the “Government Commission on the
German Corporate Governance Code”:
1. BMW AG will in future comply with all of the recom-
mendations published on 2 July 2010 in the electronic
Federal Gazette (Code version dated 26 May 2010).
2. During the period since filing the most recent declara-
tion in December 2009, BMW AG complied with all of
the recommendations published on 5 August 2009
inthe electronic Federal Gazette (Code version dated
18June 2009), except for the divergence from sec-
tion3.8
paragraph 3 GCGC referred to in that declara-
tion: as stated there, the amount of excess agreed for
the members of the Supervisory Board under a D & O
liability insurance policy was not changed at that stage
in view of the differing financial circumstances and in-
comes of
board members.
This recommendation will also be complied with in
future.
Munich, December 2010
Bayerische Motoren Werke
Aktiengesellschaft
Supervisory Board Board of Management
Prof. Dr.-Ing. Joachim Milberg
Chairman
Dr.-Ing. Norbert Reithofer
Chairman