Phoenix Solar
Declaration of Conformity
Joint Declaration of Conformity by the Executive Board and the Supervisory Board of Phoenix Solar AG on the German Corporate Governance Code
The Executive Board and the Supervisory Board of Phoenix Solar AG herewith declare that, since the last Declaration of Conformity dated 18 March 2011, Phoenix Solar AG complies and has complied with the recommendations of the Government Commission’s German Corporate Governance Code in the version dated 26 May 2010, to the exception of the following:
Changing performance targ ets or the comparison parameters retroactively shall be excluded in the variable compensation components
(in accordance with Code Item 4.2.3)
From the standpoint of Phoenix Solar AG, adjusting performance targets and/or comparison parameters can be both expedient and justifiable in exceptional situations given that the market environment is characterised by a dynamic pace of development.
The Audit Committee is also tasked in particular with addressing issues of compliance
(in accordance with Code Item 5.3.2)
Compliance issues are dealt with by the Personnel Committee because of the experience of the Chairman of the Supervisory Board who is also Chairman of this committee.
Preparation of Supervisory Board meetings and decisions by committees
(in accordance with Code Item 5.3.5)
In view of the size of Phoenix Solar AG, the Supervisory Board does not currently deem it necessary to have its meetings prepared by committees.
Deadline for the publication of the consolidated financial statements
(in accordance with Code Item 7.1.2)
The company’s high quality requirements preclude a publication of the consolidated financial statements within the 90-day period. The financial statements will be published on the company’s website a few days after the Supervisory Board meeting which adopts them.
Sulzemoos, 16 March 2012
Phoenix Solar Aktiengesellschaft
On behalf of the Executive Board
Dr. Andreas Hänel
(Chief Executive Officer)
On behalf of the Supervisory Board
J. Michael Fischl
(Chairman of the Supervisory Board)