Corporate governance / Corporate management report

The German Corporate GovernanceSystem of management and control, primarily within listed companies. Describes the powers and authority of corporate management, the extent to which these need to be monitored and the extent to which structures should be put in place through which certain interest/stakeholder groups may exert influence on the corporate management.
 Code (Kodex) was introduced in order to promote confidence in the management and oversight of listed German corporations. It sets out the internationally recognized regulations and standards of responsible corporate management applicable in Germany. The Kodex, which is aligned to the statutory provisions applicable to a German joint stock corporation (“Aktiengesellschaft” [AG]), is applied analogously by Henkel AG & Co. KGaAAbbreviation for “Kommanditgesellschaft auf Aktien.” A KGaA is a company with a legal identity (legal entity) in which at least one partner has unlimited liability with respect to the company’s creditors (personally liable partner), while the liability for such debts of the other partners participating in the share-based capital stock is limited to their share capital (limited shareholders).
. For a better understanding of Henkel’s legal structure, this report describes the principles underlying the management and control structure of the corporation. It also outlines the special features distinguishing us from an AG which derive from our specific legal form and our Articles of Association. The primary shareholder rights of Henkel AG & Co. KGaAAbbreviation for “Kommanditgesellschaft auf Aktien.” A KGaA is a company with a legal identity (legal entity) in which at least one partner has unlimited liability with respect to the company’s creditors (personally liable partner), while the liability for such debts of the other partners participating in the share-based capital stock is limited to their share capital (limited shareholders).
are explained as well. The report takes into account the recommendations of the Kodex and contains all disclosures and explanations required according to Sections 289 (4), 289a and 315 (4) of the German Commercial Code [HGB].