Corporate Governance

Corporate Governance

SolarWorld AG is committed to good and responsible corporate management and supervision, subsumed under the term 'corporate governance'.

Having signed the German Corporate Governance Code promulgated by the Government Commission of the Federal German Ministry for Legal Affairs, the bodies of SolarWorld AG have committed themselves to complying with the principles and recognized standards of responsible and fair corporate management in the company.

SolarWorld AG has thus committed itself to promoting a best practices standard of good corporate governance and reciprocates the confidence of shareholders that shoulder some of the entrepreneurial risk by means of providing equity.

The Code outlines the shareholders' rights and the cooperation between Management Board and Supervisory Board. In addition, the Code comprises some provisions on transparency, accounting and auditing of financial statements. This helps to reinforce trust in the corporate management among national but in particular also international investors.

With its annual declaration of compliance pursuant to section 161 of the German Stock Corporation Act, SolarWorld AG has declared whether or not the recommendations were complied. This has been done every year since the Code was adopted in February 2002. This declaration is made permanently accessible to SolarWorld shareholders in the annual report and under www.solarworld.de.

Declarations of Compliance 2012 and 2013 with the German Corporate Governance Code by the Board of Management and the Supervisory Board of SolarWorld AG pursuant to § 161 AktG

The Board of Management (Vorstand) and the Supervisory Board (Aufsichtsrat) of SolarWorld AG declare - as agreed upon in their respective meetings on August 10, 2012 – that the recommendations of the “Government Commission of the German Corporate Governance Code” in the formerly valid version have been complied with since the last declaration of compliance on December 13, 2011 and that the current version of May 15, 2012 that was published on June 15, 2012 is being and shall continue to be complied with.

The Board of Management and the Supervisory Board of SolarWorld AG passed a resolution in their joint meeting on March 18, 2013 to amend the Declaration of Compliance as stated on the website as follows:

"The above does temporarily not apply to section 7.1.2 GCGC that requires the publication of the consolidated financial statements within 90 days of the end of the financial year. Due to market distortions in the solar sector and the consequential need for adjustment measures this recommendation cannot be complied with in the financial year 2013”.

The Board of Management (Vorstand) and the Supervisory Board (Aufsichtsrat) of SolarWorld AG agreed in their respective meetings on December 20, 2013 that the validity of the declaration of compliance with the German Corporate Governance Code in its version of May 13, 2013 as published on June 10, 2013 is maintained. Hence the Board of Management and the Supervisory Board declare that the recommendations of the German Corporate Governance Code taking into account the above-mentioned restriction were complied with in 2013 and will be further complied with.

 
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