As required by the German Stock Corporation Act, section 161, we publish a declaration every year that reports in detail on our implementation of the recommendations in the German Corporate Governance Code.

• SAP's most recent declaration of implementation of the German Corporate Governance Code, dated October 26, 2007:

2007 Declaration (PDF)

As required by German law, the declaration of implementation documents deviations from the official code.

• SAP's previous declarations of implementation of the Code:

2006 Declaration (PDF)

October 2005 Declaration (PDF)

"March 2005 Declaration (PDF)

2004 Declaration (PDF)

2003 Declaration (PDF)

2002 Declaration (PDF)

SAP's Principles of Corporate Governance

To secure our shareholders', customers' employees', and other stakeholders' confidence in the Company's governance, SAP had already adopted its own corporate governance policy before the German Corporate Governance Code was published in February 2002. It was named SAP's Principles of Corporate Governance, and was approved by the Executive Board and the Supervisory Board in October 2001.

SAP's Principles of Corporate Governance (PDF)

We continually reviewed the Principles of Corporate Governance, and where necessary we adapted them in the light of amendments to the Code. When we last reviewed our Principles in October 2007, we came to the conclusion that the gap between them and the Code had greatly reduced over time and that changes to the legislation and current practice had made provisions in Principles obsolete. The Code, which had been continuously improved, together with the pertinent legislation, which had gradually covered the ground, made the maintenance of our own Principles redundant.