Management’s Statement of Responsibility for Financial Reporting
The consolidated financial statements of the Bayer Group have been prepared by the management, which is responsible for the substance and objectivity of the information contained therein. The same applies to the Group management report, which is consistent with the consolidated financial statements and is combined with the management report of Bayer AG.
Our financial reporting takes place according to the rules issued by the International Accounting Standards Board, London, as endorsed by the European Union.
Effective internal monitoring procedures instituted by Group management at the consolidated companies along with appropriate staff training ensure the propriety of our reporting and its compliance with legal provisions. Integrity and social responsibility form the basis of our corporate principles and of their application in areas such as environmental protection, quality, product safety, plant safety and adherence to local laws and regulations. The worldwide implementation of these principles and the reliability and effectiveness of the monitoring procedures are continuously verified by our Corporate Auditing Department.
The Board of Management conducts the business of the Group in the interests of the stockholders and in awareness of its responsibilities toward employees, communities and the environment in all the countries in which we operate. Our declared aim is to deploy the resources entrusted to us in order to increase the value of the Bayer Group as a whole.
In accordance with the resolution of the Annual Stockholders’ Meeting, the Supervisory Board appointed PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft as the independent auditor of the consolidated financial statements, which were prepared according to the International Financial Reporting Standards – as endorsed by the European Union – pursuant to Section 315a of the German Commercial Code, and of the additional requirements of German commercial law and the combined management report. The scope of the auditor’s unqualified report also includes Bayer’s risk management system, audited in light of the German Law on Corporate Supervision and Transparency. The consolidated financial statements, the combined management report and the auditor’s report were discussed in detail, in the presence of the auditor, by the Audit Committee of the Supervisory Board and at a plenary meeting of the Supervisory Board. The Supervisory Board reports on this separately in the Report of the Supervisory Board in the Bayer Annual Report 2010.