Corporate Governance

The management board and the supervisory board of Utimaco Safeware AG welcomed the submission of the German Corporate Governance Codex and have decided to accept and to adhere to the body of rules and regulations of the codex in its basic regulations at Utimaco Safeware AG.

The German Corporate Governance Codex is divided into the following three categories:

1. The principles of the Companies Act which are legally binding for a company
2. Recommendations of the codex, expressed by so called "should"-clauses. Deviations from these recommendations have to be externalized by the company
3. Suggestions which can be expressed by formulations like "should" or "could". Deviations from these suggestions have to be externalized by the company

Utimaco Safeware welcomes the created categories of the German Governance Codex, as sector and company specific requirements can be considered and the codex contributes to the flexibility and self-regulation of the German companies.