kfw arrows Responsibility, Compliance, Sustainability

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

2020 Corporate Governance Report of KfW Capital including Declaration of Conformity (in German), April 2021

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.


The compliance organisation of KfW Capital has implemented measures for data protection and securities compliance as well as the prevention of conflicts of interest, money laundering, the financing of terrorism and other criminal acts. The related rules, processes and controls are continually adapted to the corresponding legal and regulatory legal framework and market requirements. Compliance trainings for KfW Capital employees are held regularly.

Whistle-blower system

KfW Capital has introduced a confidential whistle-blower system. This system is rolled out for all companies of the KfW Group. More informations about the whistle-blower system and about the (extern) ombudsperson you find here.


Corporate social responsibility is inherent for KfW group and for KfW Capital.

KfW Capital regards sustainability as the interplay of multiple factors that contribute to making portfolio enterprises successful on a sustained and long-term basis. KfW Capital is convinced that the identification of major ESG risks and opportunities as well as their management constitute key elements for the enduring success of enterprises. Read the  KfW Capital Sustainability Policy.

In addition, KfW’s group-wide Exclusion List are applied to all new investments.

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

Global challenges such as climate change, resource scarcity, biodiversity loss, increasing social inequality, health crises, oceans full of plastic and international conflicts shape social and political discourse. They highlight the need and urgency to advance the transformation towards a sustainable society. Against this backdrop, the United Nations General Assembly adopted the Agenda 2030 with the Sustainable Development Goals (SDGs) at the UN Sustainable Development Summit in September 2015.

As a responsible investor and part of KfW Group, KfW Capital supports these 17 goals for ecologically, economically and socially sustainable development. As no standardized procedure for reporting on financing contributions to the SDGs exists to date, KfW has developed its own group-wide SDG mapping. With this, KfW makes transparent which positive SDG contributions can be expected from the annual new commitments.

Based on its promotional mandate to improve the supply of capital for innovative, technology-oriented start-ups and growth companies, particularly in Germany, the focus of the investments is on SDG 8 “Decent Work and Economic Growth” and on SDG 9 “Industry, Innovation and Infrastructure”. In addition, the companies financed by KfW Capital – through German and European venture capital and venture debt funds – contribute to other SDGs. Due to the high proportion of life science funds in the portfolio, contributions to SDG 3 “Good Health and Well-Being” are also considered.

KfW Capital’s main SDG contributions in fiscal year 2020 were:

*In total, KfW Capital made investment commitments of EUR 871 million in 2020 (including commitments from the European Investment Fund (EIF) as part of the federal government’s Corona- start-ups-program). The investments may contribute to several SDGs at the same time.
Further information about the SDG-mapping of KfW on https://www.kfw.de/nachhaltigkeit/KfW-Group/Sustainability/Strategie-Management/KfW-und-SDG/