Südzucker International Finance B. V. Südzucker AG ... - Xetra

Corporate governanceGood corporate governance makes a majorcontribution to the success of a company. Südzuckerthus welcomes the recommendations set out in theGerman corporate governance code and has accordinglyresolved to follow its recommendations and implementthem where necessary. An appropriate declaration ofcompliance was made as at the end of 2002 inaccordance with § 161 Stock Corporation Law.An audit committee has been established in additionto the existing management, mediation, social andagricultural supervisory board committees.At Südzucker, co-operation between the supervisoryboard, executive board and shareholders hastraditionally been marked by transparency andresponsibility. The corporate objective followed by theexecutive board and supervisory board of achieving aresponsible and sustained value added is a significantpart of corporate governance and by means of whichwe hope to nurture the trust of our shareholders,financial markets and our business associates andemployees.In order to implement the German corporategovernance code the procedural rules for theexecutive board and supervisory board were adjustedto meet the code and, within the group, the internalrules and procedures for the executive board,supervisory board and annual general meeting werereviewed for transparency, for accounting policiesand annual audit. Any changes required to thecompany's by-laws will be put to the annual generalmeeting for resolution.In addition to statutory requirements, these changesare based on the code resolved by the governmentcommission itself. As we believe that the standardsset out herein represent good and responsiblecorporate management practice and are practical, wesee no reasons for preparing our own corporate rulesand regulations.F-78