as employee and shareholder representatives. With regard to the shareholder representatives on the Supervisory Board, however, the decision on this remains subject to the Supervisory Board’s future choice of candidates for proposal to the General Shareholders’ Meeting and the ensuing vote at the Meeting. Taking the foregoing into account, the Supervisory Board is composed in such a way that its members as a group possess the knowledge, ability and expert experience required to properly complete its tasks.

One focus of corporate governance activities during the year again related to the onward development of our compliance system*. Compliance with the law and internal guidelines has long been an essential management responsibility at HOCHTIEF. A Code of Conduct first adopted in 2002 has been supplemented in the meantime by a comprehensive set of rules. This is regularly reviewed and updated as necessary. The statutory requirements are explained in greater depth and in concrete terms in various Group directives and circulars.

A compliance system is in place for the onward development, control and implementation of compliance. Compliance officers keep the HOCHTIEF workforce up to date on the main points of the law, the Code of Conduct and HOCHTIEF’s internal directives. Training is provided both in the classroom and using interactive e-learning programs—on combating corruption, for example, or on preventing illegal forms of employment. Compliance officers are also there to advise preventively on specific questions. Topics discussed notably included attendance of customer events and invitations by business contacts, acceptance of gifts, sponsorship of