The current version of the German Corporate Governance Code and its implementation at the Volkswagen Group were addressed by the Supervisory Board meeting on November 19, 2010. In particular, we discussed the changes published by the Government Commission on the German Corporate Governance Code on May 26, 2010. On November 19, 2010, together with the Board of Management, we issued the declaration required by section 161 of the Aktiengesetz (AktG – German Stock Corporation Act) on the recommendations of the Code; we comply with all recommendations in full with the exception of article 4.2.3(4) (cap on severance payments). The cap on severance payments will be taken into account when entering into new contracts with members of the Board of Management, but not when renewing contracts with members being reappointed for their third or subsequent terms of office. In these cases, a grandfathering provision applies.
The joint declaration of conformity by the Board of Management and the Supervisory Board is permanently available on the Volkswagen AG website at . Further information regarding the implementation of the recommendations and suggestions contained in the German can be found in our and in the notes to the Consolidated Financial Statements.