Declaration of Conformity with German Corporate Governance Code

(convenience translation: only the German version is binding)

Pursuant to section 161 of the German Stock Corporation Act (AktG), the Management Board and the Supervisory Board of PAION AG have an obligation to declare each year that the company has complied and is complying with the recommendations of the latest version of the ”Government Commission German Corporate Governance Code” published by the Federal Ministry of Justice in the official section of the Federal Gazette, or which of the recommendations have not been or are not being applied and why.

 

Pursuant to section 161 of the German Stock Corporation Act, the Management Board and the Supervisory Board of PAION AG declare: Since the last declaration of conformity in December 2015, PAION AG complied in the fiscal year 2016 and continues to comply with all recommendations of the „Government Commission on the German Corporate Governance Code” (version dated 05 May 2015), with the following exception:

 

Formation of committees (clause 5.3.3)

The German Corporate Governance Code recommends that the Supervisory Board shall form a nomination committee composed exclusively of shareholder representatives which proposes suitable candidates to the General Meeting for election to the Supervisory Board. The Supervisory Board of PAION AG consists of three members. The nomination of candidates is carried out by the whole Supervisory Board, so that the Supervisory Board has refrained from forming a nomination committee.

 

Aachen, December 2016

 

The Supervisory Board of PAION AG
Dr Jörg Spiekerkötter, Chairman of the Supervisory Board

 

The Management Board of PAION AG
Dr. Wolfgang Söhngen, Chairman of the Management Board
Abdelghani Omari, Member of the Management Board 
Dr. Jürgen Raths, Member of the Management Board

 

 

Previous Declarations of Conformity with German Corporate Governance Code

Declaration of conformity 2015

December 2015

Declaration of conformity 2014

December 2014

Declaration of conformity 2013

December 2013

Declaration of conformity 2012

10 December 2012

Declaration of conformity #2 2011

15 December 2011

Declaration of conformity #1 2011

21 February 2011

Declaration of conformity 2010

10 December 2010

Declaration of conformity 2009

11 December 2009

Declaration of conformity 2008

21 November 2008