Business
Biofrontera : Declaration of Conformity to the German Corporate Governance Code 2025
Biofrontera : Declaration of Conformity to the German Corporate Governance Code
About this update from Biofrontera Ag
[{"type":"text","content":"\n Declaration of conformity 2025\n \n \n \n In accordance with Section 161 of the German Stock Corporation Act (AktG), the Management Board and Supervisory Board of a listed company must issue an annual declaration on the extent to which the recommendations of the Government Commission on the German Corporate Governance Code have been and are being complied with. The wording of the declaration is published on the company's website at https://www.biofrontera.com/de/investoren/corporate-governance .\n \n \n \n The following declaration refers to the version of the Code dated April 28, 2022, which was published on June 27, 2022.\n \n \n \n The Management Board and Supervisory Board of Biofrontera AG declare:\n \n \n Biofrontera AG has complied with the recommendations of the German Corporate Governance Code (the \"Code\") since the last declaration of conformity was issued in December 2023 (with supplement and re-publication in April 2024), with the following exceptions:\n \n \n \n Code recommendations A.5 (description of the main features of the control and risk management system and statement on the appropriateness and effectiveness of these systems in the management report)\n The management report of Biofrontera AG complies with the legal requirements and describes the main features of the internal control system and the risk management system. However, it was decided not to comment the appropriateness and effectiveness of these systems, as the Management Board and Supervisory Board have not identified any objections with regard to their appropriateness and effectiveness. An additional statement would further increase the scope of the management report without, in the opinion of the Management Board and Supervisory Board, providing any significant additional information.\n \n \n Code recommendation D.12 (Self-assessment of the Supervisory Board)\n Due to the size, the manageable business structure and the clear allocation of responsibilities within the company, there is currently no need for an independent internal audit department. The existing internal control and risk management systems are sufficient. Regular reviews are carried out as part of external audits and by the existing risk management system.\n \n \n Code recommendation F.2 (Publication of financial information during the year)\n Due to organizational circumstance...