TUI has always largely complied with the principles of good and responsible corporate management, which have now been set down in the German Corporate Governance Code. This applies both to the recommendations and the suggestions…
TUI has always largely complied with the principles of good and responsible corporate management, which have now been set down in the German Corporate Governance Code. This applies both to the recommendations and the suggestions provided by the Code. Following the entry into force of the Code, the measures required for its implementation were prepared and have gradually been implemented. The Executive and Supervisory Boards of TUI AG have debated the implementation of the Code in TUI AG and adopted the following declaration of compliance:
In accordance with section 161 of the German Stock Corporation Act in combination with section 15 of the Introductory Act to German Stock Corporation Act, the Executive Board and the Supervisory Board of TUI AG declare:
The recommendations of the `Governmental Commission on the German Corporate Governance Code` published on 30 August 2002 in the official section of the electronic Federal Gazette by the Federal Ministry of Justice are complied with, with the exception of the two following recommendations which are currently not being applied:
1) The D&O insurance policy taken out in TUI AG for the entire Group currently does not provide for a deductible for the Executive Board and the Supervisory Board (subpara. 3.8 of the Code). For 2003, an appropriate deductible will be agreed.
2) TUI AG aims to make the audited consolidated financial statements publicly accessible within 90 days following the completion of the financial year, the interim reports within 45 days following the end of the period under review, as of the 2003 financial year (subpara. 7.1.2 of the Code).
Moreover, TUI already follows the vast majority of the additional suggestions of the Code. Information on this point, along with corresponding disclosures on the recommendations, will be presented in the annual report for the 2002 financial year.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
