kfw arrows Responsibility

Annual Financial Statements of KfW Capital

The Annual Financial Statements unter commercial law are published at www.bundesanzeiger.de

Corporate Governance

KfW Capital complies with the “Public Corporate Governance Code” (PCGC) adopted by the German Federal Government on 1 July 2009. The code is specifically directed at companies in which the Federal Republic holds a stake and formulates good corporate governance standards in the form of recommendations designed to make the governance and supervision of these enterprises more transparent and verifiable.

KfW Capital publishes annually its corporate governance report on the past financial year:

2018 Corporate Governance Report of KfW Capital including Declaration of Conformity (in German) April 2019

2019 Corporate Governance Report of KfW Capital including Declaration of Conformity (in German) April 2020

Code of Conduct

Legally and ethically compliant behavior is the responsibility of KfW Capital. To this end, the managing directors commit themselves in the code of conduct of KfW Capital.


Corporate social responsibility is inherent for KfW group and for KfW Capital.
Therefore KfW Capital is committed to the sustainability guidelines (in German) that govern KfW’s domestic promotion programs. In addition, KfW’s group-wide Exclusion List and Sectoral Guidelines are applied to all new investments.

KfW Capital contributes to Sustainable Development Goals (SDGs) of the United Nations

KfW Capital by the support of the Federal Government‘s ERP Special Fund, invests in German and European venture capital and venture debt funds, thereby increasing their capital base to improve access to capital for innovative technology-oriented start ups and growth companies in Germany through financially strong funds. This strengthens Germany as an innovation location and creates jobs.

KfW Capital promotes prospects for innovation and growth and contributes positively to the SDG 8 “Decent Work and Economic Growth” and SDG 9 “Industry, Innovation and Infrastructure” of the United Nations.



Further information about the SDG-mapping of KfW on http://www.kfw.de