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.
Publically listed stock corporations must submit and publish a Declaration on Corporate Governance each year, and group parent companies must do the same for the Group. In addition, the German Corporate Governance Code recommends that the Management and Supervisory Boards report on Corporate Governance annually in the Declaration on Corporate Governance. PWO AG has combined the Declaration on Corporate Governance of the company and that of the Group.
The remuneration report 2021 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 December 16, 2019.
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.