Pursuant to article 19 MAR, members of management or supervisory boards of issuers are obliged to inform the issuer and the federal financial services supervisory office about acquisitions and disposals of, among other things, shares or other securities of the issuer. The members of the supervisory board imposed on themselves the obligation to spend 25 % of the fixed compensation agreed (unless it is relinquished) to buy RWE shares and hold these shares for the duration of their membership of the supervisory board. This self-imposed obligation accounts for most of the share purchases by this group of individuals.
With the entry into force of the law for the improvement of investor protection on October 30, 2004, the group of persons covered by this rule has been extended and now also includes persons who have regular access to insider information and are authorized to make significant business decisions. The issuer is also obliged to publish any such communication immediately. An obligation to inform about and announce any acquisitions and disposals of shares and other securities is also recommended by para 6.6 of the German Corporate Governance Code.