COMMERZBANK AKTIENGESELLSCHAFT

• Statements on presentation in the financial statements and on the information contained
in the financial statements: occurrence, rights and duties, completeness, reporting and
comprehensibility, accuracy and measurement.
Suitable controls are implemented to minimise the risks identified. For the effectiveness
of the ICS it is the design, i.e. the way the controls are structured into appropriate steps and
embedded into each process, and the way they are performed at the operating level, that is
the decisive factor in minimising risk. Shortcomings identified by Group Audit as part of its
activities are remedied by an action plan. Group Audit monitors that action plans are implemented
as scheduled and reports on this to the Board of Managing Directors.
This uniform procedure ensures that risks are identified, minimised and any faulty developments
on the operational side avoided.
Art. 289 a of the German Commercial Code
Information pursuant to Art. 289 a of the German Commercial Code, “Declaration on corporate
governance”, is publicly accessible on the website of Commerzbank Aktiengesellschaft
at www.commerzbank.de.
Business and overall conditions
Economic conditions
The global economy grew quite strongly by just under 4% in 2011, but the worldwide upswing
lost considerable momentum as the year progressed. This also applied to the booming
economies of Asia and Latin America, where monetary policy was tightened appreciably to
combat inflationary fears; this was reflected in some much lower growth rates. The opposite
trend was seen in the United States and Japan, with both economies gradually picking up in
the second half after a weak first six months.
The economy in the eurozone weakened the most, even falling into recession at year-end.
The main reason for this was the unresolved sovereign debt crisis. Backed by more and more
support from the ECB, politicians succeeded in preventing any eurozone countries from defaulting,
a situation which would have caused the economy to collapse. Nonetheless, many
governments had to follow a strict consolidation course in order to win back investor confidence.
This slowed down the economy, as did rapidly mounting uncertainty in the second
half of the year about the future of currency union and the subsequent economic consequences.
It also made businesses less willing to invest. Together with weakening demand
from outside the eurozone, this meant that the eurozone economy posted increasingly
weaker growth rates as the year progressed, and actually contracted in the fourth quarter.
Financial Statements and Management Report 2011 29