RESPONSIBLE MANAGEMENT

For SAP, effective corporate governance is essential if it is to meet its objectives and grow its corporate value. Responsible, transparent management continued to be a key aspect of SAP’s corporate culture in 2004. SAP continued to implement its "Principles of Corporate Governance" and further strengthened the confidence of shareholders, customers, and employees in the Company’s management.

That SAP is dedicated to best corporate governance practices throughout the Company was borne out by a study by Institutional Shareholder Services, Inc. (ISS), which found SAP to enjoy the best corporate governance of all major German companies.