Karlsruhe. On Monday November 11th, 2002, EnBW Energie Baden-Württemberg AG published its Corporate Governance principles on the "Investors" pages on its Internet website www.enbw.com. The principles have been approved by the Management Board and the Supervisory Board.
"On the basis of these principles, EnBW commits itself to the entire system of responsible corporate management and control geared towards growth of the company", explained Dr. Bernd Balzereit, Chief Financial Officer of EnBW AG, adding: "The fact that we have laid down our own principles underlines the high priority that EnBW attaches to the issue of Corporate Governance."
The EnBW principles are geared towards the German Corporate Governance Code, which was published on February 26 of this year by the German Commission on Corporate Governance made up of corporate managers, shareholder representatives and labour union officials. Even before the adoption of the Code, EnBW complied with most of the recommendations and suggestions of the German Corporate Governance Code. The EnBW principles lay down good Corporate Governance rules for our interactions with shareholders and with the social and political environment in which the company operates, for efficient cooperation between the Management Board and the Supervisory Board, and for requirements in terms of transparency and reporting. In this context an Audit Committee and a Finance and Investment Committee have been formed within the EnBW Supervisory Board.
Dr. Balzereit, who will be head of the task force, explained the modus operandi: "In future, a task force will monitor compliance with the EnBW principles and will ensure that the principles are reviewed and developed further on a regular basis. At the end of the business year, the Management Board and the Supervisory Board will submit a declaration of compliance with the recommendations of the German Corporate Governance Code together with the 2002 Annual Report in March 2003".