BMW 2014 Annual Report Download - page 171
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171 STATEMENT ON CORPORATE GOVERNANCE
Declaration by the Board of Management and the
Supervisory Board of Bayerische Motoren Werke
Aktiengesellschaft with respect to the recommen dations
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
(“BMW AG”) declare the following regarding the recom-
mendations
of the “Government Commission on the
German Corporate Governance Code”:
1.
Since issuance of the last Declaration in December
2013, BMW AG has complied with all of the recommen-
dations
published officially on 10 June 2013 (Code
version dated 13 May 2013), to the extent that they were
already applicable.
2.
BMW AG will in future comply with all of the recom-
mendations published on
30 September 2014 in the
electronic Federal Gazette (Code version dated 24 June
2014), with the following exception:
It is recommended in section 4.2.5 sentences 5
and 6
of the Code that specified information pertaining to
management board compensation be disclosed in the
Compensation Report. These recommendations will
not be complied with, due to uncertainties with respect
to their interpretation and doubts as to whether the
supplementary use of model tables would be instru-
mental in making
the BMW Group’s
Compensation
Report transparent and generally
understandable in ac-
cordance with generally applicable
financial reporting
requirements (see section 4.2.5 sentence 3 of the Code).
Munich, December 2014
Bayerische Motoren Werke
Aktiengesellschaft
On behalf of the On behalf of the
Supervisory Board Board of Management
Prof. Dr.-Ing. Dr. h. c.
Dr.-Ing. E. h. Joachim Milberg
Chairman
Dr.-Ing. Dr.-Ing. E. h.
Norbert Reithofer
Chairman