OpenLegislation

Division 13

United Kingdom

Original text. Later amendments are not shown.

[Assurances regarding corporate governance] The following applies in respect of OpCo's corporate governance:

  1. (a)

    all members of the supervisory board must have the competences stipulated in the first sentence of Section 25d(2), phrase 1 of the German Banking Act (Kreditwesengesetz — KWG). Members are competent if they are reliable and have the expertise required to perform control functions, and to assess and monitor OpCo's business transactions.

  2. (b)

    there may be no more than sixteen supervisory board members.

  3. (c)

    at least half the seats allocated to the Länder of Hamburg and Schleswig-Holstein will be occupied by external experts.