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Corporate Governance

The Transparency and Disclosure Act (Section 161 of the German Stock Corporation Act) took effect on August 8, 2002, imposing on the management board and the supervisory board of a listed company the obligation to declare once a year whether they complied with the German Corporate Governance Board and are still doing so or which recommendations contained in the Code are not applied. The Code sets out the main statutory rules for the governance and supervision of listed companies as well as internationally recognized standards of good and responsible corporate management. The Corporate Governance Code is deliberately flexible in nature to accommodate specific sector and company requirements. On the one hand, this is done by means of optional and advisable recommendations. On the other, companies may also deviate from mandatory recommendations in justified cases. As a result of the amendments to the Code of June 2, 2005, Nordex is now disclosing details of the recommendations not adopted (see Point 2.3.4), sets out the compensation paid to the Supervisory Board in the corporate governance report and has published the declarations of conformance for the past five years.


Nordex SE welcomes the introduction of the Corporate Governance Code as a transparent and generally acknowledged set of rules.


The declarations of conformance for the last years can be found here:


› Corporate Governance Declaration 2017/18


› Corporate Governance Declaration 2016/17


› Corporate Governance Declaration 2016


› Corporate Governance Declaration 2015/16


› Corporate Governance Declaration 2014/15


› Corporate Governance Declaration 2013/14


› Corporate Governance Declaration 2011/12


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