Corporate Governance comprises the entire Management and Controlling System of a company. This includes its organisation, business policy guidelines and basics as well as its internal and external controlling mechanisms. High-value Corporate Governance aims at ensuring a responsible company management that is targeted to transparency and added value. This means, Corporate Governance encourages the confidence and trust of investors, capital markets, business partners, employees, and of the public in the Management and the Controlling of PC-Ware Information Technologies AG.

The German Corporate Governance Codex published in 2002 considerably contributed to enhancements - oriented to the capital market - of statutory provisions as well as of the practice of corporate governance and control. We appreciate the codex and the targets it aims at. We are acting on the recommendations of the Corporate Governance Codex - altered in May 2003 -  with only few exceptions.