In December 2002, the Board of Management and the Supervisory Board of Berlin Hyp decided to follow the recommendations of the Government Commission German Corporate Governance Code for the development of internationally and nationally recognised standards of good and responsible corporate management. Both bodies are aware of the importance of reliable and efficient rules for the management and control of the bank, and therefore continue to regard the subject of corporate governance as extremely important. The Supervisory Board and the Board of Management act in the awareness that good corporate governance is an important basis for the success of the bank in the interests of our shareholders and the capital markets.

We have followed recent developments in Germany and the recommendations of the European Union with close attention; they lead to the regular review of our own activities.