Trust is fostered through openness. Phoenix Solar AG stands for good and responsible corporate governance aligned to creating sustainable value added. We view open dialogue with employees, business partners, customers, shareholders, analysts and the public as an important prerequisite for the long-term success of our company. The Executive Board and the Supervisory Board are committed to upholding the principles set out under the German Corporate Governance Code (GCGC) and have geared their actions towards securing the company as a going concern and raising enterprise value on a sustainable basis. Apart from a few exceptions, Phoenix Solar AG has adopted the recommendations and suggestions of the GCGC.