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Managing the company with integrity and good corporate citizenship are integral components of the Schaeffler Group’s long-standing corporate culture. The Schaeffler Group’s manner of conducting business is based on integrity, fairness, and mutual respect. The Schaeffler Group wants to be a reliable partner to its business partners, employees, and shareholders. Transparency, trust, and teamwork are the three key success factors for achieving this. Transparency generates trust, and trust is the foundation of good teamwork. The updated Schaeffler Group Code of Conduct approved by the Board of Managing Directors provides guidance in this area. The Code of Conduct defines principles of acting with integrity and in compliance with the law. These principles apply equally to everyone – the Board of Managing Directors, management, and every single employee – and also represent a promise to the company’s stakeholders. The Schaeffler Group lives up to its corporate responsibility and is laying the foundation for profitable growth and the company’s long-term success. At the core of this success are top quality, outstanding technology, and exceptionally innovative spirit, in doing business with customers as well as in the group’s internal processes. Being an innovation and technology leader with extensive expertise, the Schaeffler Group’s products and solutions help make the mobility of tomorrow eco-friendly and energy-efficient.
Since the release of its last declaration of conformity in March 2016, Schaeffler AG complies with the recommendations of the “Governmental Commission German Corporate Governance Code” as amended on May 05, 2015 (“Code”) with the exceptions described below and will also comply with the recommendations in the future with the exception described under item 2 below: