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Explanatory notes

The German Corporate Governance Code contains recommendations and suggestions for managing and supervising German listed companies in order to strengthen the trust of investors, clients, employees and the general public in the management and supervision of German listed companies. This Code is aligned to internationally and nationally acknowledged standards of good and responsible corporate governance. The German Corporate Governance Code has been in force since 2002. The latest version and more detailed information on the Code can be found here.

There is no legal obligation to adopt the recommendations or suggestions contained in the German Corporate Governance Code. Stock corporation law (Section 161 of the Stock Corporation Act (Aktiengesetz, AktG)) only stipulates that the Management and Supervisory Boards must issue an annual statement either confirming their past and ongoing compliance with the recommendations of the German Corporate Governance Code or indicating which of the recommendations were not or are not being adopted. These declarations must be made permanently available to shareholders. There is no need to disclose any deviations from the suggestions contained in the German Corporate Governance Code.


Hypoport AG welcomes the Corporate Governance rules and is committed to ensuring the transparent and responsible management and control of the company and to striving to increase the value of the same. The Management and Supervisory Boards of Hypoport AG have issue a statement of compliance pursuant to Section 161 AktG in January 2008.

Statement of compliance 2008
Apart from the following exceptions, Hypoport AG has adopted the recommendations issued by the Government Commission of the German Corporate Governance Code in the version dated 14 June 2007:

  • The D&O insurance taken out by Hypoport AG does not include an excess for either the Management Board or the Supervisory Board.
  • The Management Board of Hypoport AG has two spokesmen.
  • A retirement age for members of the Management Board of Hypoport AG has not been defined.
  • The Supervisory Board of Hypoport AG has not formed any committees.

Hypoport AG believes that the recommendations it has not adopted are either impractical or disadvantageous for the company.

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