Declaration of conformity
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While
the cross-industry and cross-company recommendations and suggestions
of the German Corporate Governance Code are not binding, Article 161
of the German Stock Corporation Act (Aktiengesetz AktG) and Article
285 (16) of the German Commercial Code (Handelsgesetzbuch HGB)
require an annual declaration by the Managing Board and the
Supervisory Board in connection with the publication of the Financial
Statements as to which recommendations of the Code have been and are
being complied with and which recommendations have not been and are
not being applied (so-called declaration of conformity).
The Managing Board and the Supervisory Board of A.S. Création Tapeten AG welcome the intention of the Government Commission to strengthen both national and international investors' confidence in the management of German companies. A.S. Création Tapeten AG therefore complies with most of the recommendations of the Code, albeit not with all of them. In these few cases, the Managing Board and the Supervisory Board are of the opinion that either general considerations, e.g. an appropriate cost-benefit balance, or company-specific reasons, e.g. the size of the company, make it advisable not to seek compliance with the general recommendations.
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