Corporate Governance
To ensure responsible management directed towards a sustainable increase in the value of the enterprise is an important concern of HSH Nordbank. For this reason the bank follows the rules for the management and supervision of German listed companies formulated by the government commission in the German Corporate Governance Code (GCGC).
As an international enterprise, HSH Nordbank is concerned to make its Corporate Governance system transparent and comprehensible to shareholders, customers, employees and the public in Germany and abroad by assuming this voluntary obligation. Immediately after its formation in 2003, HSH Nordbank formulated a Corporate Governance Code of its own which was integrated into the bank’s existing regulations. After two years as a non-listed stock corporation the Supervisory Board resolved, at its meeting on 7 March 2005, to abandon the bank’s own code and acknowledge the rules of the German Corporate Governance Code , thus making the enterprise even more transparent and comparable both within Germany and on the international level.
According to Art. 161 of the German Stock Corporation Act, the boards of management and supervisory boards of listed companies must state each year how far their corporate governance conforms to the GCGC or deviates from it. HSH Nordbank is working towards the highest possible degree of conformity with the GCGC. The Board of Managing Directors and the Supervisory Board state voluntarily that the bank at present still deviates from certain rules of the Code .
HSH Nordbank regards corporate governance as a very important issue. It has therefore appointed two corporate governance officers (see box) whose task it is to monitor adherence to the Code and report to the Board of Managing Directors and the Supervisory Board regularly on topics of current importance.
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