Responsible, transparent management and monitoring remained core values of SAP’s
corporate culture in 2003. Corporate governance improvements aimed to underpin
the long-term confidence of shareholders, customers, and employees in the Company’s
management. Complying with the Sarbanes-Oxley Act was the top priority.
VALUE-ORIENTED MANAGEMENT AS STANDARD
The
relationship between SAP’s stakeholders and the Executive and
Supervisory Boards has always been characterized by transparency
and a sense of responsibility. Long before the official
standards and recommendations came into force, SAP understood
corporate governance as a concept that encompasses all
corporate values, processes, and goals. SAP’s Executive Board,
Supervisory Board, and employees ensure that the Company
actively practices good corporate governance. In 2003, the
corporate governance officer, appointed by the Executive and
Supervisory Boards, monitored compliance with the regulations
and reported to the Supervisory Board on corporate
governance at SAP.
ONGOING REVIEW OF SAP’S PRINCIPLES OF CORPORATE
GOVERNANCE
SAP
sees corporate governance as an ongoing
process. From time to time, therefore, it reviews – and if necessary
amends – its Principles of Corporate Governance in light
of experience gained, the needs of the day, the law, and national
and international standards. SAP studied the new developments
in 2003, particularly the U.S. Sarbanes-Oxley Act and the
changes to the German Corporate Governance Code, to see
whether it needs to adapt its Principles of Corporate Governance.
SAP will publish revised Principles in the spring of 2004.
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