The individual salaries of the members of the Management Board and Supervisory Board of EnBW Energie Baden-Württemberg AG will be published in the 2004 Annual report for the first time in line with a decision of the Management and Supervisory Boards of EnBW.
The individualised publication of both the fixed and the variable components of the remuneration amounts of Board members ensures that shareholders, employees and the public at large are able to assess and understand the appropriateness of the remuneration paid to members of the management team. By publishing these details, EnBW will in future meet all the recommendations of the German Corporate Governance Code.
Prof. Dr. Utz Claassen, CEO of EnBW: "Transparency, credibility and confidence in the management of the company are key elements in the self-image of EnBW. These values also form the basis of the German Corporate Governance Code, which we adhere to voluntarily and out of conviction. Our aim is to ensure that EnBW continues to set an example for compliance with this code in future." He adds that EnBW will review its internal Corporate Governance Principles on a regular basis and make improvements as and when necessary.
The Corporate Governance Principles of EnBW are based on the German Corporate Governance Code in the version of May 21, 2003. For the first time, EnBW will now be able to publish an unrestricted Declaration of Compliance with regard to the future-oriented section of the Declaration of Compliance following the completion of the financial year. The Declaration of Compliance will be published in the 2004 Annual Report on March 11, 2005.