Integrity, performance and trustworthiness form the basis of responsible and transparent corporate governance. Effective risk management, that means permanent and systematic monitoring to minimise risk, also plays a decisive role (see chapter “Finance and risk management”). By specifying a future-oriented risk strategy, the Board of Directors establishes the guidelines for dealing with risks. Moreover, the Board continues to develop the already high standards of corporate governance (see chapter “Corporate governance”). The applicable laws, directives, guidelines and market norms as well as supervisory and internal regulations form an essential base. Group Legal & Compliance advises the business areas, identifies and analyses compliance risks, and ensures that all staff comply with the rules of conduct (see chapter “Regulatory framework and developments”).