Covestro’s corporate governance is characterized by a sense of responsibility as well as ethical principles. Covestro places great importance on responsible corporate governance. This promise to stockholders, business partners and employees is based on our commitment to the German Corporate Governance Code (GCGC) and the Articles of Incorporation that reflect these standards. In pursuing our business activities, we follow company principles that exceed the requirements of the law and the German Corporate Governance Code. A key concern is combining business success with environmental and social goals, so when making any business decision, we always consider the three dimensions of sustainability – people, planet, profit. The principles guiding our actions, which are also based on these dimensions, are documented in six policies applicable throughout the Group. These provide our employees with guidance in the areas of value creation, sustainability, innovation, human resources, HSEQ (Health, Safety, Environment and Quality) and compliance. The standards contained in these policies are mandatory for all employees worldwide.
The Board of Management and Supervisory Board issued the current Declaration of Conformity with the GCGC pursuant to Section 161 of the German Stock Corporation Act (AktG) in October 2019. In this Declaration, Covestro AG affirms that it fulfills all of the recommendations of the GCGC in the February 7, 2017, version applicable in the fiscal year under review. The Board of Management and Supervisory Board provide information pertaining to corporate governance pursuant to Section 3.10 GCGC in the sections that follow, including a Declaration on Corporate Governance for Covestro AG pursuant to Section 289f and for the Covestro Group pursuant to Section 315d of the German Commercial Code (HGB). The contents of the Corporate Governance Report also comprise part of the combined management report. Pursuant to Section 317, Paragraph 2, Sentence 6 HGB, the disclosures in the Declaration on Corporate Governance are not included in the audit. In addition, the Compensation Report is part of the Corporate Governance Report. The full Corporate Governance Report, supplementary information on the Board of Management and Supervisory Board, and prior-year declarations of conformity with the GCGC are published on our website.