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Corporate Governance

Declaration by Energiekontor AG on the German Corporate Governance Code pursuant to Section 161 of the German Stock Corporation Act (AktG)

Since the last declaration of compliance in March 2019, Energiekontor AG has complied with the recommendations of the "Government Commission German Corporate Governance Code" in accordance with the then valid version of the German Corporate Governance Code dated February 7, 2017 with the following exceptions:

Section 3.8 (3): The D&O insurance taken out by the Company for the Supervisory Board does not provide for a deductible. In addition, the Executive Board and the Supervisory Board are of the opinion that agreeing on a deductible would not be suitable to improve the motivation and responsibility with which the members of the Supervisory Board perform the tasks and functions assigned to them.

Section 4.1.5: When filling management functions, the Management Board orients itself to the requirements of the corresponding function and searches for the best possible person who fulfils these requirements. If there are several equally qualified candidates available, the Management Board will take care to ensure diversity and appropriate consideration of women in the company when appointing candidates, without making these criteria a priority principle.

Section 5.1.2: The Supervisory Board bases its appointments to the Management Board on suitability and qualifications and seeks the best possible candidates for Management Board positions. In the opinion of the company, the special weighting of further criteria specified in the Code would limit the selection of possible candidates for the Management Board.

Section 5.4.1: It also applies to the composition of the Supervisory Board that suitability, experience and qualification are the relevant selection criteria. A commitment to specifications regarding future appointments restricts flexibility without any other advantages for the company. This applies all the more since the Supervisory Board consists of only three members.

Section 7.1.2: Energiekontor AG is guided by the post-admission obligations of the Regulated Market, which provides for publication of the annual financial report within 4 months of the end of the reporting period and publication of the half-yearly financial report within 3 months of the end of the reporting period.

 

Energiekontor AG will comply with the recommendations of the "Government Commission on the German Corporate Governance Code" in the version dated February 7, 2017 with the following exceptions:

Section 3.8 (3): The D&O insurance taken out by the Company for the Supervisory Board does not provide for a deductible. In addition, the Executive Board and the Supervisory Board are of the opinion that agreeing on a deductible would not be suitable to improve the motivation and responsibility with which the members of the Supervisory Board perform the tasks and functions assigned to them.

Section 4.1.5: When filling management functions, the Management Board orients itself to the requirements of the corresponding function and searches for the best possible person who fulfils these requirements. If there are several equally qualified candidates available, the Management Board will take care to ensure diversity and appropriate consideration of women in the company when appointing candidates, without making these criteria a priority principle.

Section 5.1.2: The Supervisory Board bases its appointments to the Management Board on suitability and qualifications and seeks the best possible candidates for Management Board positions. In the opinion of the company, the special weighting of further criteria specified in the Code would limit the selection of possible candidates for the Management Board.

Section 5.4.1: It also applies to the composition of the Supervisory Board that suitability, experience and qualification are the relevant selection criteria. A commitment to specifications regarding future appointments restricts flexibility without any other advantages for the company. This applies all the more since the Supervisory Board consists of only three members.

Section 7.1.2: Energiekontor AG is guided by the post-admission obligations of the Regulated Market, which provides for publication of the annual financial report within 4 months of the end of the reporting period and publication of the half-yearly financial report within 3 months of the end of the reporting period.

 

Bremen, March 2020

For the Management Board

Peter Szabo (Chairman)

 

For the Supervisory Board

Dr. Bodo Wilkens  (Chairman)