Porsche 2009 Annual Report Download - page 26

Board (IASB) insofar as they are applicable within the
European Union, as well as the provisions of German
commercial law applicable under Sec. 315a (1) Ger-
man Commercial Code (HGB). The financial state-
ments of Porsche SE as parent company of the Por-
sche group are based on the accounting provisions of
the German Commercial Code. Both sets of financial
statements are audited by Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft as an independent
auditor. In addition, the underlying facts of the com-
pliance declaration in accordance with Sec. 161
German Stock Corporation Act (AktG) are audited dur-
ing the annual audit.
Risk management
The Porsche group has a group-wide risk
management system which helps management to
recognize major risks at an early stage, thus enabling
them to initiate countermeasures in good time. The
risk management system at the Porsche group is
continuously tested for efficiency and continually op-
timized to reflect changed conditions. For details,
please refer to pages 85 ff. of this annual report.
Communication and transparency
Porsche attaches great importance to trans-
parent communication and regularly keeps sharehold-
ers, financial analysts, shareholder associations, the
media and the general public informed about the
situation of the company and its business develop-
ment. This information can be sourced, in particular,
at the website www.porsche-se.com which contains
all press releases and financial reports as well as the
articles of association of Porsche SE and information
about the annual general meeting. Interested visitors
to the homepage of Porsche SE have the opportunity
to subscribe to a newsletter that regularly informs
them of developments at the Porsche group.
Besides the regular reporting, Porsche an-
nounces details of circumstances that are not in the
public domain in accordance with German Securities
Trading Act (WpHG) which, when they become known,
could significantly impact on the share prices of the
Porsche share. These ad hoc announcements are also
presented on the homepage of Porsche Automobil
Holding SE.
Directors’ dealings
Pursuant to Sec. 15a German Securities
Trading Act (WpHG), members of the executive board
and supervisory board as well as certain persons in
management position and persons closely related to
them must disclose the purchase and sale of Porsche
shares and related financial instruments. Porsche SE
publishes such announcements about transactions of
this kind on the Porsche SE homepage.
Declaration of compliance with the
German Corporate Governance Code
The background
On 26 February 2002 the Federal German
Government Commission on the Corporate Govern-
ance Code introduced a standard of good and re-
sponsible corporate governance for companies listed
on the stock exchange. Pursuant to Sec. 161 (1)
German Stock Corporation Act (AktG), the executive
and supervisory boards of listed companies are
obliged to make an annual declaration of compliance
as to whether they have complied and are continuing
to comply with the recommendations of the code, or
which of the recommendations contained in the code
have not been or are not applied, and why.
For the period until 2 July 2010 the declara-
tion below refers to the version of the code amended
18 June 2009 and for the period from 3 July 2010 to
the version of the code amended 26 May 2010, which
was published in the elektronischer Bundesanzeiger
(German Electronic Federal Gazette) on 2 July 2010.
If no explicit reference is made to a specific version
of the code then the respective recommendation re-
mained unchanged in this period.
26 Corporate governance report