New York Stock Exchange
Delisting of Bayer stock from the New York Stock Exchange
In 2007, Bayer stock was delisted from the New York Stock Exchange and its registration with the U.S. Securities and Exchange Commission (SEC) was terminated. For 2007, Bayer is thus no longer required to meet formal reporting requirements under U.S. capital market regulations or SEC rules, nor does it have to establish and implement the internal control system for financial reporting required under Section 404 of the Sarbanes-Oxley Act (SOX). Bayer is nevertheless upholding a high level of transparency in its financial reporting. For example, parts of the report that Bayer was previously required to submit annually on Form 20-F to comply with sec rules are now included in the management report.
Further, although the provisions of Section 404 SOX are no longer applicable, the management has directed that appropriate and effective internal control systems remain in place at the companies included in the consolidated financial statements to ensure proper corporate reporting that meets legal requirements. The functionality and reliability of this global system of controls is continuously monitored by our Corporate Auditing and other departments.
Further, although the provisions of Section 404 SOX are no longer applicable, the management has directed that appropriate and effective internal control systems remain in place at the companies included in the consolidated financial statements to ensure proper corporate reporting that meets legal requirements. The functionality and reliability of this global system of controls is continuously monitored by our Corporate Auditing and other departments.