Corporate Governance

German Corporate Governance Code

SAF-HOLLAND S.A. is a Luxembourg société anonyme (S.A.) which is listed solely on a stock exchange in Germany. Therefore, we are not required to adhere to the Luxembourg corporate governance regulation applicable to companies listed in Luxembourg. Furthermore, we are not required to comply with the respective German corporate governance regulation applicable to listed German stock corporations.

Nevertheless, we have decided to follow, to a certain extent, the proposed principles of good corporate governance as SAF-HOLLAND S.A. regards the German Corporate Governance Code to be an important foundation for responsible corporate governance. However, certain rules will apply to our Company only to the extent that they are consistent with Luxembourg corporate law and our corporate structure. In particular, the Luxembourg single board structure is contrary to the dual board system prescribed by law for German stock corporations.

In February 2002, the German Corporate Governance Code (the “Code”) was adopted by the Government Commission responsible and continually updated with the goal of establishing principles for good corporate governance and bolstering trust in German companies. The Code is designed to make the German Corporate Governance system transparent and understandable. Its purpose is to promote the trust of international and national investors, customers, employees, and the general public in the management and supervision of listed German stock corporations.

read the declaration of compliance