Corporate governance stands for the responsible management and control of a company, geared toward long-term value creation that forms the essential basis for sustainable corporate success.
For a successful company with a rich tradition, like PWO, lawful action is simply a matter of course. We at PWO are committed to responsible corporate governance to ensure we maintain and enhance the confidence of our shareholders, employees, customers and suppliers, as well as the public, in the Company’s and the Group’s management.
In doing so, we are guided by the German Corporate Governance Code (GCGC) in its currently valid version, which was initially published by the Government Commission GCGC on February 26, 2002. The GCGC is a recognized standard for good corporate governance at listed German companies.
PWO issues an annual Declaration of Conformity explaining whether the recommendations of the Corporate Governance Commission have been met. With this declaration, PWO follows the "comply-or-explain principle" that requires companies to disclose deviations.
The Corporate Governance Statement in accordance with Section 289f and Section 315d of the German Commercial Code (HGB) is combined for PWO AG and the Group and is part of the combined management report.
The remuneration report was prepared jointly by the Executive Board and the Supervisory Board, is based on the requirements of German stock corporation law (section 162 of the Aktiengesetz (AktG – German Stock Corporation Act) and is consistent with the applicable recommendations of the German Corporate Governance Code as amended on April 28, 2022.
The most important fields of action and priorities of our sustainability strategy are summarized in a materiality matrix, which we developed in a comprehensive process in fiscal 2021. In the matrix, we grouped the topics along the aspects of non-financial reporting in accordance with Section 289 c HGB. The materiality matrix reflects the importance of these topics for our stakeholders and the impact on PWO. It serves as a guide for our transparent reporting and is an important element for our strategic decision-making.
The separate non-financial report comprises the non-financial report for PWO AG and for the PWO Group which comprises PWO AG and its 4 international subsidiaries.
PWO affirms its commitment to responsible and sustainable Corporate Governance. For us, besides compliance with legal framework conditions, this means the respect of human rights and protection of the environment. PWO works toward the realization of this fundamental concept both in its own business activities and across its entire supply chain. We have set a Sustainability strategy for ourselves, which we will explain in this Mission Statement, as the basis for anchoring our sense of responsibility.