As a stock corporation company under German law, TUI AG’s Executive Board and Supervisory Board are obliged to submit a declaration of compliance with the German Corporate Governance Code pursuant to section 161 of the German Stock Corporation Act At the time of the merger TUI AG had announced it would comply with the UK Corporate Governance Code (the UK Code) to the extent practicable. In many respects, the requirements of the German Code and the UK Code are similar. However, there are certain aspects which are not compatible (in some cases due to the di erent legal regimes for German and UK companies). Therefore some deviations from best practice in the UK have been necessary. 

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