Corporate governance

Procedures and processes according to which an organisation is directed and controlled. The corporate governance structure specifies the distribution of rights and responsibilities among the different participants in the organisation and lays down the rules and procedures for decision-making. Corporate governance means responsive and responsible management and control geared to long-term value creation. Besides executive duties of top management, corporate governance takes in the division of responsibilities between the Executive and Supervisory Boards, and both boards - relations with stockholders, other investors, employees, business associates and the public.