Corporate Governance and Declaration of conformity

The implementation of the current version of the German Corporate Governance Code in the Volkswagen Group was addressed by the Supervisory Board meeting on November 20, 2009. In particular, we discussed the changes published by the “Government Commission on the German Corporate Governance Code” on August 5, 2009. On November 20, 2009, together with the Board of Management, we issued the declaration required by section 161 of the Aktiengesetz (AktG – German Stock Corporation Act) on the recommendations of the Code, with which we comply in full with the exception of articles 3.8(2) (deductible under the D&O insurance), 4.2.3(2) sentences 2 and 3 (comparison parameters for variable compensation) and 4.2.3(3) and (4) (cap on severance payments).

A deductible under the D&O insurance in accordance with article 3.8(2) is to be included in the new insurance contract as from January 1, 2010. The requirements of article 4.2.3(2), sentences 2 and 3 (comparison parameters for variable compensation) have been implemented. The recommendation in article 4.2.3(3) and (4) (cap on severance payments) will be taken into account when entering into new contracts with members of the Board of Management.

The joint declaration of conformity by the Board of Management and the Supervisory Board is permanently available on the Volkswagen AG website at Further information regarding the implementation of the recommendations and suggestions of the German Corporate Governance Code can be found in our Corporate Governance Report and in the Notes to the Consolidated Financial Statements in chapter Corporate Governance Code.

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