Cooperation between IVG and OIK
Additional Corporate Governance Principles for Co-operation between IVG Immobilien AG and IVG Institutional Funds GmbH (former OIK)
Following the acquisition of 50.1% in Oppenheim Immobilien-Kapitalanlage-Gesellschaft mbH (OIK), the following additional Corporate Governance principles are intended to resolve a potential conflict of interests and lend transparency to the co-operation between IVG Immobilien AG and IVG Institutional Funds GmbH:
- 1. Both companies enjoy an excellent reputation among capital market players, investors and customers. Safeguarding this reputation is the prime objective.
- 2. The management bodies of the companies act in the interests of their shareholders/trustors ("investors") and feel an obligation to the goal of increasing corporate value/property assets.
- 3. Independent and experienced bodies, in particular the Supervisory Board, monitor company management. As regards the respective special assets, investment committees are formed to represent specific investor interests.
- 4. All transactions between IVG Immobilien AG and IVG Institutional Funds GmbH are carried out on an arm's length basis under standard market conditions. Every transaction is first assessed by a mandatory committee of experts.
- 5. A conflict of interests when acquiring property is extensively precluded by different investment criteria. IVG Institutional Funds GmbH primarily focuses on acquiring individual properties with long-term leases for its special fund. IVG Immobilien AG, however, specialises in the acquisition of entire property portfolios and/or property with development potential and project developments.
- 6. The committees of both companies decide on the sale or disposal of property independently of each other, and in doing so are guided exclusively by the interests and decision-making criteria of their own respective company.
- 7. Where synergies may be leveraged to the benefit of both companies, management will ensure that business opportunities are not leveraged unilaterally.
Additional Corporate Governance Principles for Co-operation
Format: PDF . Size: 0,04 MB . Last update: 2008-03-03
