Porsche 2010 Annual Report Download - page 52

Group management report
Capital market
Overall, the mood on the international stock
exchanges improved considerably in the course of the
reporting period. The German stock exchange index
(Dax), which stood at just 6,292 points on 2 August
2010 and therefore on the first trading day in the
Porsche short fiscal year 2010, exceeded the 7,000
mark for the first time again at the beginning of De-
cember 2010. It closed at 6,914 points on 30 De-
cember 2010, recording growth of just under ten
percent compared to the end of the prior fiscal year.
The Composite Dax (C-Dax) even rose by 31 percent
in the five-month reporting period. Porsche SE’s pref-
erence shares, which were trading at 39 euro at the
beginning of the short fiscal year 2010, rose by 54
percent to 60 euro by the end of the fiscal year.
Annual document pursuant to Sec. 10 WpPG
The annual document containing the disclo-
sures required by Sec. 10 (1) German Securities
Prospectus Act (WpPG) can be viewed at
www.porsche-se.com/ pho/ en/ investorrelations.
Implementation of the requirements of the
German Corporate Governance Code
In accordance with the declaration of compli-
ance dated 13 October 2010, Porsche SE complies
with the recommendations of the German Corporate
Governance Code with two exceptions. The shares in
the company and related financial instruments held by
members of the company’s governing bodies (No. 6.6
of the German Corporate Governance Code) will still
not be published in the future as complete compliance
with statutory publishing requirements provides the
capital markets and Porsche SE’s shareholders in
particular with sufficient information.
In future concrete objectives will not be
specified regarding the composition of the supervi-
sory board which, whilst considering the specifics of
the enterprise, take into account the international
activities of the enterprise, potential conflicts of inter-
est, an age limit to be specified for the members of
the supervisory board and diversity (No. 5.4.1 (2 and
3), version dated 26 May 2010). However, in light of
the intended merger with Volkswagen AG and the fact
that, at present, no new elections of shareholder
representatives to the supervisory board are planned
prior to the merger, the specification of concrete goals
would not be appropriate at the current point in time.
Publication of the declaration of compliance
Porsche SE has issued the declaration of
compliance as required by Sec. 289a German Com-
mercial Code (HGB). It can be viewed at
www.porsche-se.com/ pho/ en/ investorrelations.
Porsche SE’s annual general meeting
well-attended
Around 5,000 people attended the annual
general meeting of Porsche SE held on 30 November
2010 at the Stuttgart trade fair center. The dividend
approved for the fiscal year 2009/ 10 is 0.094 euro
per ordinary share and 0.10 euro per preference share.
The annual general meeting of Porsche SE approved
the direct capital increase of up to five billion euro
proposed by the executive board and supervisory
board. This will involve the issue of equal numbers of
ordinary and preference shares. The proposal was
unanimously approved by the holders of ordinary
shares, all of whom were represented at the meeting.
The holders of preference shares approved the pro-
posed direct capital increase with 88.39 percent of
votes cast. Over 50 percent of preference sharehold-
ers attended the meeting. For more details on the
capital measures proposed to the annual general
meeting, we refer to our statements in section “Capital
measures planned by Porsche SE” of the “Significant
events” section of this management report.
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