CORPORATE GOVERNANCE 53 section of the Software AG website under Corporate Governance. Software AG provides infor- mation to investors, analysts and journalists in accordance with standard criteria. This informa- tion is transparent for all capital market participants. The Management Board immediately publishes inside information that affects Software AG, unless, after having met waiver requirements in specific cases, it is exempt from the disclosure requirement. In accordance with legal stipulations, we maintain registries of persons with inside information who have been instructed to maintain confidentiality. We use a suitable service provider for publicizing mandatory disclosures throughout Europe. In addition, we publish all ad hoc releases in German and English. We also fully comply with the Act on Electronic Commercial Registers, Registers of Cooperatives, and Business Registers (EHUG), which came into force on January 1, 2007, by sending the operator of the electronic version of the Federal Gazette all documents requiring publication in electronic form as prescribed by the Act. All ad hoc disclosures, press releases as well as presentations given at press and analysts’ conferences and road shows are published promptly to the Investor Relations section of the website of Software AG. The corresponding dates can be found in our financial calendar, which is also published on our website. Software AG commissions an independent consulting firm to carry out an annual study evaluat- ing how investors and financial analysts perceive our financial communication. Criticism and suggestions provide motivation for further improvement. We received a good grade (1.99 on a scale from one to six, with one being the best) in the most recent survey, which was con- ducted in September 2012. Software AG deals with risks and opportunities responsibly, aided by a comprehensive oppor- tunity and risk management process that identifies and monitors all significant risks and op- portunities. It is consistently refined and adjusted to correspond to changing conditions. We have presented our risk management concept in the Risk and Opportunity Report of this Annual Report. Opportunities that are strategic to the Company are described in the Outlook section of the Management Report. Please refer to the Notes for information on our consolidated fi- nancial reporting.