The German Corporate Governance Code (‘‘GCGC’’), which was adopted in February 2002 and most recently amended as at 15 May 2012, contains recommendations and suggestions for the management and supervision of German listed companies with regard to shareholders and the annual general meeting, the executive board and supervisory board, transparency, accounting and auditing. It is thereby geared towards internationally and nationally recognised standards of good and responsible corporate governance.
There is no obligation to follow the recommendations or suggestions of the Code. Section 161 AktG merely requires the executive board and supervisory board of listed companies to make an annual declaration that the recommendations of the Code were and are being followed, or to declare which recommendations were or are not being followed and why (so-called declaration of conformity).
The declaration of conformity must be made permanently and publicly available on the Company’s website and included in the management report as part of the statement on company management. By contrast, companies may choose not to follow the suggestions contained in the Code without having to publish this fact.
Articles of association of Hess AG
Download of the memorandum and articles of association of Hess AG
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This document is a translation from the original German version. In the event of discrepancies between the German and English versions, the original German version prevails.
German Corporate Governance Code
Declaration of conformity
The joint declaration of conformity issued by the management board and the supervisory board of Hess AG pursuant to section 161 AktG can be downloaded here:
DOWNLOAD (PDF, 84.33 KB)