Mercedes 2006 Annual Report Download - page 130

The Mediation Committee is formed solely to perform the
functions laid down in Section 31, Subsection 3 of the German
Codetermination Act. Accordingly, it has the task of making
proposals for the appointment of members of the Board of
Management if a previous proposal did not obtain the legally
required majority of votes.
Board of Management. As of December 31, 2006, the Board
of Management of DaimlerChrysler AG comprised nine members.
The duties of the Board of Management include setting the
Group’s strategic focus and managing its business. It is also
responsible for preparing the individual and consolidated
annual financial statements and the quarterly financial statements,
and for installing and monitoring a risk-management system.
The Rules of Procedure define the areas of responsibility of the
Board of Management and its members; these are described
on pages 10 and 11 of this Annual Report.
Principles guiding our actions
Integrity Code. The Integrity Code is a set of guidelines for
behavior, which has been in effect since 1999 and was revised in
2003, defining a binding framework for the actions of all our
employees worldwide. Among other things, the guidelines define
correct behavior in international business and in any cases of
conflicts of interest, questions of equal treatment, proscription of
corruption, the role of internal monitoring systems and the
duty to conform with applicable law and other internal and external
regulations. DaimlerChrysler expects all of its employees to
adhere strictly to the Integrity Code.
114
Code of Ethics. We introduced our Code of Ethics in July 2003.
This code addresses the members of the Board of Management
and persons with special responsibility for the contents of financial
disclosure. The provisions of the code aim to prevent mistakes
by the persons addressed and to promote ethical behavior as well
as the complete, appropriate, accurate, timely and clear
disclosure of information on the Group. The wording of the Code
of Ethics can be seen on our website at
www.daimlerchrysler.com/corpgov_e.
Risk management. DaimlerChrysler has a risk-management
system commensurate with its position as a company with global
operations (see pages 67 ff). The risk-management system is
one component of the overall planning, controlling and reporting
process. Its goal is to enable the company’s management to
recognize significant risks at an early stage and to initiate appro-
priate countermeasures in a timely manner. The Chairman
of the Supervisory Board has regular contacts with the Board of
Management to discuss not only the Group’s strategy and
business development but also the issue of risk management.
The Corporate Audit department monitors adherence to the
legal framework and Group standards by means of targeted
audits, and, if required, initiates appropriate actions.
Accounting principles. The consolidated financial statements
of the DaimlerChrysler Group are prepared in accordance with
the United States Generally Accepted Accounting Principles
(US GAAP). Details of US GAAP can be found in the Notes to the
Consolidated Financial Statements (see Note 1). The annual
financial statements of DaimlerChrysler AG, which is the parent
company, are prepared in accordance with the accounting
guidelines of the German Commercial Code (HGB). Both sets of
financial statements are audited by independent auditors.
Transparency. DaimlerChrysler regularly informs its shareholders,
financial analysts, shareholders’ associations, the media and
the interested public on the situation of the Group and on any
significant changes in its business. We have posted an overview
of all the significant information disclosed in the year 2006 on our
website at www.daimlerchrysler.com/ir/annualdoc06.