Corporate Governance Report

The future of the Volkswagen Group depends on our ability to continually increase the Company’s value. Strengthening the trust of our customers and investors is fundamental to this. Transparent and responsible corporate governance therefore takes the highest priority in our daily work. The Board of Management and the Supervisory Board of Volkswagen AG comply with the recommendations of the current German Corporate Governance Code as issued on May 15, 2012 with a few justified exceptions.

SUCCESSFUL CORPORATE GOVERNANCE BASED ON THE RECOMMENDATIONS AND SUGGESTIONS OF THE GERMAN CORPORATE GOVERNANCE CODE

The German Corporate Governance Code contains recommendations and suggestions for good corporate governance. It was prepared by the responsible government commission on the basis of the material statutory provisions and nationally and internationally recognized standards of corporate governance. The government commission reviews the German Corporate Governance Code on an annual basis and amends or updates it as necessary. The recommendations and suggestions of the Code underpin the work of the Board of Management and Supervisory Board of Volkswagen AG, as responsible and transparent corporate governance helps us to strengthen the trust of our customers and investors in our work. It also allows us to meet the steadily increasing demand for information from national and international stakeholders. These are fundamental conditions for continuously increasing our Company’s value.