BMW 2015 Annual Report Download - page 169
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169 STATEMENT ON CORPORATE GOVERNANCE
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
(“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
2014, BMW AG has complied with all of the recommen-
dations
published officially on 30 September 2014
in the Federal Gazette (Code version dated 24 June
2014),
as announced with the exception of section
4.2.5 sentences 5 and 6.
2.
BMW AG will in future comply with all of the
recom-
mendations published officially on 12 June 2015 in
the
Federal Gazette (Code version dated 5 May 2015),
with the exception of section 4.2.5 sentences 5 and 6.
3.
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 have
not been and will not be complied with, due to un-
certainties
with respect to their interpretation and
doubts as to whether the supplementary use of model
tables would be instrumental in making the BMW AG’s
Compensation Report transparent and generally un-
derstandable in accordance with generally applicable
financial reporting requirements (see section 4.2.5 sen-
tence 3 of the Code).
Munich, December 2015
Bayerische Motoren Werke
Aktiengesellschaft
On behalf of the On behalf of the
Supervisory Board Board of Management
Dr.-Ing. Dr.-Ing. E. h.
Norbert Reithofer
Chairman
Harald Krüger
Chairman