Corporate Governance and Compliance

The Annual Financial Statements unter commercial law are published at www.bundesanzeiger.de

KfW Capital complies with the on 1 July 2009 or, from fiscal year 2021, on September 16, 2020 adopted “Public Corporate Governance Code” (PCGC) by the German Federal Government. The code is specifically directed at companies in which the Federal Republic holds a stake and formulates good corporate governance standards in the form of recommendations designed to make the governance and supervision of these enterprises more transparent and verifiable.

KfW Capital publishes annually its corporate governance report on the past financial year:

• 2022 Corporate Governance Report of KfW Capital including Declaration of Conformity (in German)(PDF, 5 MB, non-accessible) (April 2023)
• 2021 Corporate Governance Report of KfW Capital including Declaration of Conformity (in German)(PDF, 5 MB, non-accessible) (April 2022)
• 2020 Corporate Governance Report of KfW Capital including Declaration of Conformity (in German)(PDF, 4 MB, non-accessible) (March 2021)
• 2019 Corporate Governance Report of KfW Capital including Declaration of Conformity (in German)(PDF, 106 KB, non-accessible) (April 2020)
• 2018 Corporate Governance Report of KfW Capital including Declaration of Conformity (in German)(PDF, 133 KB, non-accessible) (April 2019)

With the Investment Institutions Act (Wertpapierinstitutsgesetz – WpIG), KfW Capital has become a medium-sized investment institution in terms of § 2 (17) WpIG since mid-2021 and is therefore subject to the corresponding regulatory requirements as well as the European Regulation (EU) 2019/2033 (Investment Firm Regulation – IFR). In this context the regulatory disclosure requirements under Art. 46 to 53 IFR in conjunction with § 54 WpIG are applicable. These are to be disclosed in a report pursuant to Art. 46 (1) IFR: Disclosure Report pursuant to Part 6 of the IFR (in German):

• 06/2023: Halbjährliche Offenlegung der ESG-Risiken gemäß ART. 53 IFR(PDF, 24 KB, non-accessible)
• 2022: Offenlegungsbericht gemäß Teil 6 der IFR(PDF, 820 KB, non-accessible)
• 2021: Offenlegungsbericht 2021 gemäß Teil 6 der IFR(PDF, 852 KB, non-accessible)

Legally and ethically compliant behavior is the responsibility of KfW Capital. To this end, the managing directors commit themselves in the code of conduct(PDF, 109 KB, non-accessible) (in German) of KfW Capital.

The compliance organisation of KfW Capital has implemented measures for data protection and securities compliance as well as the prevention of conflicts of interest, money laundering, the financing of terrorism and other criminal acts. The related rules, processes and controls are continually adapted to the corresponding legal and regulatory legal framework and market requirements. Compliance trainings for KfW Capital employees are held regularly.

KfW Capital has introduced a confidential whistle-blower system. This system is rolled out for all companies of the KfW Group. More informations about the whistle-blower system and about the (extern) ombudsperson can be found here.