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GfK is the trusted source of relevant market and consumer information that enables its clients to make smarter decisions.

More than 13,000 market research experts combine their passion with GfK’s long-standing data science experience. This allows GfK to deliver vital global insights matched with local market intelligence from more than 100 countries.

By using innovative technologies and data sciences, GfK turns big data into smart data, enabling its clients to improve their competitive edge and enrich consumers’ experiences and choices.

Our USPs

Download our corporate image brochure to learn more:

  • Over 80 years of experience in market research
  • World's largest retail panel for technical consumer goods with around 500,000 outlets and 10,000 online shops
  • Retail data for more than eight million products from more than 600 product groups
  • Complex data fusion and real-time analysis of different sources
  • Global market leader in user experience (UX) research and design for hundreds of devices and interfaces
  • Data protection certificates issued by independent third parties
  • Corporate member of ESOMAR, the world association for market, social and opinion researchers
  • Non-profit organization GfK Verein as main shareholder and guarantor for fundamental research, education and pioneering market research methods
  • 280 clients from the Fortune 500 companies, around 14,000 active clients worldwide

Download our corporate image brochure (PDF)

Management Board

Peter Feld


Responsible for the corporate functions Strategy and Innovation, IT (Strategy, Enterprise, Applications, Infrastructure), Human Resources (including executives´ development and compensation), Integrity, Compliance and Intellectual Property, Internal Audit, Investor Relations and Marketing and Communications.

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Since March 2017

CEO of GfK SE, Nuremberg

2013 – 2016 

CEO of WMF Group, Geislingen

2010 – 2013

Executive Board Member - Region Europe & North America at Beiersdorf AG, Hamburg

2007 – 2010

Managing Director of Consumer Healthcare Central Europe at Johnson & Johnson, Neuss

2006 – 2007

General Manager of Consumer Healthcare Switzerland at Johnson & Johnson, Zug, Switzerland 

2004 – 2007

General Manager of Greiter AG at Johnson & Johnson, Zug, Switzerland

2001 – 2004 

Marketing Manager Germany, Austria, Switzerland at Procter & Gamble, Geneva, Switzerland

1992 – 2000

Manager of Product Supply at Procter & Gamble, various international locations



Master in Mechanical Engineering from RWTH Aachen

Born 1965

Christian Diedrich

Chief Financial Officer (CFO)

Responsible for the corporate functions Corporate Finance, Corporate Development, Group Controlling, Treasury, Legal, Central Services, Procurement, Sector Finance and Regional Finance.

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Since October 15, 2014
Member of the Management Board of GfK SE

2012 – 2014
IBM Corporation; Vice President International Corporate Development; Shanghai, China

IBM Corporation; Vice President International M&A Strategy; Armonk, NY, USA

2009 2012
IBM Northeast Europe; Vice President Finance, CFO; Zurich, Switzerland

2005 2008
IBM Germany; Managing Director and Vice President Finance, CFO; Stuttgart, Germany

2002 2005
IBM Europe, Middle East, Africa; Director of Financial Operations; Paris, France

1998 – 2002
IBM Germany; Director and CFO, IBM Global Services, Central Region; Stuttgart, Germany

1996 – 1998
IBM Europe, Middle East, Africa; various tasks in Finance; Paris, France

1993 – 1996
IBM Deutschland Informationssysteme; various roles in Finance, Stuttgart, Germany

1984 – 1993
IBM Deutschland Research & Development; various roles in Finance, Böblingen, Germany


Graduated as Engineer (Majors: Investment and Financing, Logistics) from Technische Universität Berlin

Master of Science in Management (MBA) from the Sloan School of Management, MIT, Cambridge, Massachusetts, USA

Born 1958

Dr. Gerhard Hausruckinger


Responsible for the Consumer Choices sector.

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September 1, 2016 - March 14, 2017
Speaker of the Management Board of GfK SE, Nuremberg

Since September 2010
Member of the Management Board of GfK SE

2008 – 2010
Chief Executive Officer (CEO) of Emnos GmbH, Munich

2006 – 2008
Managing Director of Retail segment and responsible for Management Consulting in the Product sector at Accenture, Kronberg

1994 – 2005
Consultant at Roland Berger Strategy Consultants in the Retail and Consumer Goods sector, Partner as of 2000, based in London and Munich

1992 – 1994
Project Manager for Corporate Development at Karstadt AG, Essen


Doctorate from the University of Regensburg

Graduated in Business Administration from the University of Regensburg

Born 1961

David Krajicek

Management Board member (CCO)

Responsible for the Consumer Experiences sector.

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Since January 1, 2016
Member of the Management Board of GfK SE

2012 – 2015
Regional Chief Operating Officer (COO), GfK Consumer Experiences North America

2010 – 2011
Co-President of GfK Custom Research North America

2009 – 2010
Managing Director, GfK Business and Technology, North America

2004 – 2009
Executive Vice President, GfK Brand & Communications North America

1995 – 2003
Senior Vice President, Arbor, Philadelphia, USA (acquired by GfK in 2004)

1992 – 1994
Marketing Director, Southern California Edison, Los Angeles, USA

1990 – 1992
Senior Consultant, The North Bay Group, San Francisco, USA 


Ph.D. in Cognitive Psychology from Claremont Graduate University, Claremont, USA

Graduated in Psychology from the University of California, San Diego, USA

Born 1965

Alessandra Cama

Management Board member (COO)

Responsible for Operations.

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Since January 1, 2016
Member of the Management Board of GfK SE

2014 – 2015
Regional Chief Operating Officer Consumer Choices (COO) of GfK in Asia and the Pacific, Singapore

2011 – 2013
Management Director of GfK Consumer Panel Services Germany; Global Client Lead Consumer Goods & Retail, GfK Consumer Experiences, Nuremberg

2001 – 2011
Various management functions with Roland Berger Strategy Consultants, Munich, Germany 

2000 – 2001
Senior Manager with Adcore Strategy GmbH, Munich, Germany 

1997 – 2000
Various management functions with Roland Berger Strategy Consultants, Munich, Germany 

1995 – 1997
Marketing Manager, Barilla Deutschland GmbH, Cologne, Germany

1990 – 1995
Various product management functions with Unilever Italia, Rome, Italy 

Marketing Trainee with Johnson & Johnson Italia, Rome, Italy 


Degree in Business Administration from L.U.I.S.S., Rome, Italy

Graduated from Liceo Scientifico Leonardo da Vinci, Reggio Calabria, Italy

Born 1967

Supervisory Board

Ralf Klein-Bölting

Chairman of the Supervisory Board

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Member of the Supervisory Board

Shareholder representative
First appointed: 2016
Appointed until: Annual General Assembly 2020

Member of committees of the Supervisory Board (since August 31, 2016)

Chairman of the Presidial Committee
Chairman of the Nominations Committee
Chairman of the Personnel Committee
Member of the Audit Committee

Career and Education

Business Administration, University of Muenster, Graduate Kaufmann, 1983 - 1988 

Since 2013
Managing Director NEXTBRAND GmbH Markenberatung und Beteiligungsgesellschaft (brand consulting and investment company)
2010 - 2013
Director Strategy, Marketing and Advertising, OTTO GmbH & Co.KG
2004 - 2009
Plenipotentiary Group Marketing and Communications, Deutsche Bahn AG Member of the Supervisory Boards of Fernverkehrs AG, Regio AG, Schenker AG, Stinnes AG, Ameropa (Reiseunternehmung) and Deutsche Bahn AG
2000 - 2003
Member of the Board of Management Department "Division Food/Group Marketing" Central and Eastern Europe (consumer products business), Tchibo-Frisch-Röst-Kaffee GmbH
1997 - 2000
Marketing Director national/international, Tchibo-Frisch-Röst-Kaffee GmbH
1995 - 1997
Marketing Manager Whiskas Effem GmbH Verden (now Masterfoods)
1993 - 1995
Marketing Manager New Business, Effem GmbH Verden
1991 - 1993
Trade Promotion Manager, Effem GmbH Verden
1988 - 1989 
Product Manager/ Marketing Trainee, Effem GmbH Verden

About Ralf Klein-Bölting

  • Vice Präsident of GfK-Nürnberg, Gesellschaft für Konsum-, Markt- und Absatzforschung e.V., (GfK Association) since 2009
  • Board of Trustees AIESEC Germany
  • Date of Birth: August 22, 1962 in Mettmann, married, 3 Children

Sandra Hofstetter

Vice Chairman of the Supervisory Board
Independent works council representative at GfK SE, Nuremberg, Germany

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Vice Chairman of the Supervisory Board

Employee representative
First appointed: May 2009
Elected by the SEWC until: Annual General Assembly 2019

Member of committees of the Supervisory Board (since May 20, 2016)

Member of the Presidial Committee
Member of the Personnel Committee

Professional Career and Education

Certified translator and interpreter for English

Since 1993
Research Assistant Automobilmarktforschung GfK SE
Senior Research Assistant GfK Qualitative Research GfK SE
Since 2006
Independent Works Council representative at GfK SE
Chairwoman of the European GfK SE Works Council

About Sandra Hofstetter

Date of Birth: August 2, 1968 in Ansbach

Thomas Ebeling

Member of the Supervisory Board

Martina Heřmanská

Member of the Supervisory Board
Consultant FMCG, GfK Czech, Consumer Panel Services, Czech Republic

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Member of the Supervisory Board

Employee representative
First appointed: May 2015
Elected by the SEWC until: Annual General Assembly 2019  

Professional Career and Education  

Oxford Brookes University, Oxford, UK, BA (Hons) Sociology with Early Childhood Studies,
2004 - 2008

2015 - to date
Global Product Manager GXL, GfK Cross Media Link, based in Prague, Czech Republic
2013 - 2015
Consultant FMCG, GfK Czech, Consumer Panel Services, Czech Republic
2011 - 2012
Brand Manager Knorr & Digital Master Brand, Unilever, Central Marketing Team, Budapest, Hungary
2009 - 2011
Consumer Market Insight Manager, Unilever, Budapest, Hungary
2008 - 2009
Gap Year
2007 - 2008
Market Research Executive, Oxfam GB, Marketing Intelligence, Oxford, UK
2004 - 2007
Student support coordinator, Stanford University Center in Oxford, Oxford, UK 

Seats held on other supervisory boards and comparable supervisory bodies

Member of the European SE Works’ Council and Steering Committee  

About Martina Heřmanská

Date of birth: 6th May 1982 in Mladá Boleslav, Czech Republic, single, no children

Prof. Dieter Kempf

Member of the Supervisory Board

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Member of the Supervisory Board

Shareholder representative
First appointed: 2016
Appointed until: Annual General Assembly 2020

Member of committees of the Supervisory Board (since May 20, 2016)

Chairman of the Audit Committee
Member of the Nominations Committee
Member of the Presidial Committee

Professional Career and Education

Studies in Business Management at the Ludwig Maximilian University, Munich, earning MBA degree, 1973-1978

1996 - 2016
Chairman of Management Board, DATEV eG
1992 - 1996
Deputy Chairman of Management Board responsible for product and software development as well as computing center operation, DATEV eG
1991 - 1992
Member of the management board, responsible for product and software development, DATEV eG, Nuremberg
1978 - 1991
Various Positions with training in France and the U.S., Partner (director and shareholder) from June 1989 to Juni 1991, Arthur Young GmbH (later auditing firm Ernst & Young GmbH) 

Seats held on other supervisory boards and comparable supervisory bodies 

  • Member of the board of the Deutsche Messe AG
  • Member of the Advisory Board South Germany of Deutsche Bank AG

Offices and Memberships

  • From 1995 to March 31, 2012 Vice President of the Chamber of Tax Consultants Nuremberg KdöR - from this date onwards Member of the Board
  • Since 1997 Board of Trustees of the Nuremberg Metropolitan Region e.V. (formerly "The Nuremberg e.V. Region")
  • Since 2000 Board of Trustees of the Fraunhofer Institute for Software and Systems Engineering (ISST), Dortmund
  • Since 2000 Lectureship at the Friedrich-Alexander University Erlangen-Nuremberg (FAU) in specialist corporate taxation, since 2005 honorary professor
  • Since 2000 to December 31, 2016 Member of the communication committee of the Nuremberg Chamber of Commerce for Central Franconia
  • Since 2003 Board of Trustees of the Friedrich-Alexander University Erlangen-Nuremberg (FAU)
  • Since 2005 Board of Trustees Alumni Network e.V. (afwn) and Faculty Federation of Economic and Social-scientific Faculty Nuremberg e.V. (WiSo)
  • Since 2005 Honorary professor of business management at the University of Erlangen-Nuremberg
  • Since 2007 to 2011 Chairman of the association "Deutschland sicher im Netz" (Germany secure on the Net) (DsiN) as part of the duties as a member of the Executive Bureau BITKOM - since 2011 Member of the Advisory Board
  • Since 2012 Board of Trustees of the Fraunhofer Research Institution for Applied and Integrated Security (AISEC), Munich
  • Since 2015 Chairman of the University Council of the University of Ansbach

About Dieter Kempf

Date of Birth: January 10, 1953 in Munich, married, 1 child

Johannes P. Huth

Member of the Supervisory Board

Stephan Lindeman

Member of the Supervisory Board
Research Director, GfK Netherlands, Hilversum, Netherlands

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Member of the Supervisory Board

Employee representative
First appointed: February 2009
Elected by the SEWC until: Annual General Assembly 2019 

Member of committees of the Supervisory Board (since May 20, 2016)

Member of the Audit Committee 

Professional Career and Education

University of Amsterdam, methodology of psychology master’s degree 1980-1986

2002 - Present
Research Director Monitoring Research/Travel & Logistics Department at GfK Netherlands
1996 - 2001
Account Executive Monitoring Research Department at GfK Intomart
1993 - 1995
Head of project management at GfK Intomart
1990 - 1992
Project manager at GfK Intomart Hilversum
1986 - 1989
Project manager Institute for Longitudinal Policy Research, Amsterdam
1984 - 1986
University of Amsterdam: research assistant
1983 - 1984
Municipality of Amsterdam, department of education: research assistant 

Seats held on other supervisory boards and comparable supervisory bodies

Chairman of the Works Council at GfK Netherlands, the Netherlands
Vice Chairman of the European GfK SE Works Council  

About Stephan Lindeman

Date of birth: January 23, 1962 in Amsterdam, 2 children

Jackie Megahey

Member of the Supervisory Board
Employee representative

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Member of the Supervisory Board

Employee representative
First appointed September 2016    

Professional Career and Education

Royal College of Art, Master of Arts
University of Ulster, First Class Honours Degree

Regional Research & Quality Director NE – UK, Nordics & Baltics, GfK UK

Seats held on other supervisory boards and comparable supervisory bodies 

  • Member of the European SE Works’ Council since 2009 and Vice Chairperson since September 2016
  • Member of the Steering Committee since 2015

About Jackie Megahey

Interviewer Quality Control Scheme (IQCS) Council Member
Market Research Standards Board (MRSB) Member
Market Research Standards Board (MRSB) Investigations Committee Member
Market Research Quality Standards Advisory Board (MRQSAB) Member, part of the BSI / MRS UK umbrella committee for the ISO 20252 standard and other relevant ISO standards review

Philipp Freise

Member of the Supervisory Board

Prof. Dr. Raimund Wildner

Member of the Supervisory Board

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Member of the Supervisory Board

Shareholder representative
First appointed: 2016
Appointed until: Annual General Assembly 2020

Member of committees of the Supervisory Board (since August 31, 2016)

Member of the Audit Committee
Member of the Nominations Committee
Member of the Personnel Committee

Career and Education

  • Business Education at the University of Erlangen-Nuremberg, Diploma in Handelslehrer
  • 1980-1984 Assistent to the chair for Statistics II.
  • 1984 Promotion Dr. rer. pole. University ErlangenNuremberg

Since 2005
Vice President of GfK-Nürnberg, Gesellschaft für Konsum-, Markt- und Absatzforschung e.V.
Since 1995
Managing Director of GfK-Nürnberg, Gesellschaft für Konsum-, Markt- und Absatzforschung e.V.
1988 - 2009
Development and management of Method and Product Development Department, GfK GmbH
(now GfK SE)
1985 - 1988 
Assisting in building GfK BEHAVIORSCAN® Micro test market 
Joined GfK GmbH (now GfK SE) as assistant to the executive board 
1974 - 1976
Army voluntary – Reserve Officer Training

Offices and Functions

  • Deputy Chairman of the BVM (Professional Association of German Market and Social Researchers) (Berufsverband Deutscher Markt- und Sozialforscher)
  • Deputy Chairman of the Professional Standard Committee of the international market research association ESOMAR
  • Vorstand in der Initiative Markt- und Sozialforschung e.V. Member of Board in GEM (Gesellschaft zur Erforschung des Markenwesens e.V.) (Society for the Exploration of the trade mark/brands e.V)
  • Chairman of the Board of „Die Nürnberger Plakatsammlung – a Foundation of GfK and NAA“
  • President Hans-Frisch-Foundation at the Universität Erlangen-Nuremberg Lecturer at the Universität Erlangen-Nuremberg

About Raimund Wildner

Date of Birth: April 9, 1955 in Hof/Saale, married, 3 Children

GfK Social Charter

Download GfK Social Charter

As a global company, it is our responsibility to foster a working culture of trust and respect across the entire GfK network where no form of discrimination or harassment will be tolerated. All parties within the company commit to continuously support the development of a fair-minded work environment. The GfK Social Charter defines the social rights and ethic policies which guide our companies around the world. 

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The principles outlined in this Charter provide a mutual understanding of how all employees should act while respecting the laws, cultural traditions and labor agreements of individual countries. They ensure our people are able to share the benefits of our organization’s growth and work in an environment where they are truly valued.


The worldwide operation GfK Group endorses the core principles and rights set forth in the United Nations Declaration of Human Rights and the Social Charter of Fundamental Rights of the European Union. These are the universal values of human dignity, freedom, equality and solidarity.

1. Equal treatment

GfK is committed to the promotion of equal opportunities as well as diversity and will not discriminate on the basis of gender, race, ethnic origin, religion or beliefs, disability, age or sexual orientation.

2. Health, safety and dignity at the workplace

Every GfK employee is entitled to labor conditions which respect his/her health, safety and dignity. All measures relating to the improvement of health, safety and dignity at the workplace should be considered as a priority and shall be actively pursued and reinforced.

3. Remuneration

GfK complies with the right of reasonable remuneration as a compensation for the employees’ work in line with country specific labor markets and individual or collective contractual agreements.

4. Working time

GfK complies with the respective national rules and agreements on working time and paid leave.

5. Qualification

GfK employees are selected, hired and promoted on the basis of their qualifications, skills, aptitudes, achievements and potential. GfK sets a high value on skill development and mobility in the interest of both, the employees and the company, to guarantee a high standard of performance and quality of work. GfK is committed to offering development opportunities while at the same time emphasizing employees’ own initiative to maintain and reinforce their employability.

6. Freedom of association

GfK respects the right of employees to form or join organizations to voice their concerns about important issues in a lawful manner. GfK and the respective employee organizations will co-operate constructively in an open and trusted manner. Even in cases of disputes the goal should always be to achieve a fair balance of interests.

7. Corporate dialogue

GfK encourages corporate dialogue at different levels and in different areas to enable sharing and exchanging of information between the company and its employees or employees’ representatives, with a view to promote and strengthen mutual trust and a peaceful working environment. 

Code of conduct

Our code of conduct


Code of Conduct

1. Preamble

As stipulated in our Corporate Values GfK’s most valuable assets are its employees.

They represent a unique pool of talent, knowledge and creativity and they are a fundamental resource for the company and its key to success. GfK employees are encouraged to explore and develop their talents in order to achieve the Group’s common goals. Initiative, dedication and hard work are fostered and rewarded. Fairness, good communication and working relationships at all levels and within all of GfK’s divisions are the key to success.

In addition, GfK emphasizes a good relationship with its business partners, which is characterized by discretion, trust and fairness. GfK employees shall carry out their duties for the clients, who are the primary focus of all business activities, with competence, efficiency, accuracy and reliability.

Compliance with the Code of Conduct applies not only to the management, but is also part of GfK's personal commitment incumbent on all GfK employees and as such, strict adherence to it is an integral mandatory component of the GfK Corporate Values and Risk Management System.

2. General principles

Potential conflicts of interest

The conduct of employees within and outside GfK is key to the company’s long term business success. It should reflect the principle that "common GfK-interest takes priority over the interest of the individual" to the extent possible.

Personal and private interests must not influence business relationships or decisions, which should be based solely on business and ethical considerations. A potential conflict of interest must be addressed openly in order to protect GfK, third parties, business partners and employees. Such Communication shall avoid any suspicion of potential dishonesty or impropriety.

If a conflict of interest should arise, the employee may not make decisions alone, but is obliged to advise his/her superior and seek prior agreement.

Legal provisions and professional standards

GfK and its employees will comply with this Code of Conduct as well as with the applicable local law and regulations, and will act according to local standards of business practice. This applies e.g. for the EU financial sanctions

No exemption referring to customary or local practice which may result in breach of law is acceptable. Nothing in this Code of Conduct shall be construed to interfere or not be in compliance with applicable law and regulations.

GfK and its employees particularly undertake to comply with the professional rules and regulations of market research, irrespective of whether national or international:

Esomar International Code of Marketing and Social Research Practice

CASRO Standards and Ethics for Survey Research

Employees must conduct themselves and their professional activities in accordance with these guidelines.

Data protection and security

The confidentiality of business processes must be safeguarded at all times. Compliance with data protection regulations and confidentiality obligations involving clients and third parties is an integral component of market research and must be followed with respect to personal conduct and the technical environment. Employees must apply the IT standards of GfK as effective precautions for the protection of personal data and for data security purposes.

Intellectual Property

Intellectual Property of GfK such as patents, brands and know how as well as results and findings of GfK-services performed for customers must be protected against unauthorized use and transmission.

Employees must undertake all precautions to secure these assets of GfK.

Environmental protection

Environmental protection and the efficient management of natural resources is an important concern to GfK. GfK and its employees must keep this in mind when using the working resources of the company and keep their use within the necessary limits.

3. Rules of conduct

Personal conduct

GfK and its employees will keep all conduct with clients, suppliers and colleagues with propriety and respect their personal integrity and private lives.

All employees are obliged to deal openly, fairly and respectfully with each other and to cooperate in resolving any issues which may arise.

Employees and third parties are to be treated equally, irrespective of gender, age, religion or creed, sexual orientation, disability or ethnic origins. Harassment and discrimination shall not be exercised or tolerated and any attempt to discriminate against employees or third parties or cast aspersions, either directly or indirectly, in any way whatsoever, will be subject to disciplinary proceedings.

The traditions and customs of other countries shall be respected in international dealings.

It is the responsibility of all GfK employees and management to maintain a work environment free of discrimination.

Gifts and other equivalent financial benefits

In the course of business relations it is possible that GfK employees and their family members, GfK or third parties, depending on their individual position, may receive a gift or financial benefit from, or grant gifts or financial benefits to third parties. Gifts or financial benefits in this context are a direct or indirect benefit to which the recipient is not entitled and which may result in dependency and may impact the recipient’s decision making process in performing his or her duties.

Therefore, GfK employees are not to accept or offer persons or companies on behalf of GfK gifts or services, either for their own account or for third parties, while starting or maintaining a business relationship with GfK.

The exceptions to this are small gifts of negligible value in the form of occasional courtesy and promotional gifts, or occasional invitations which are deemed to be common in the context of applicable standard business practice. Considerations may be accepted or granted only to the extent that they are appropriate in the interest of clients or GfK.

In principle, a gift or financial benefit shall be deemed to be appropriate if the individual benefit does not exceed 1% of average gross monthly remuneration. This corresponds to one individual benefit or gift per business partner and year. In all other cases the prior consent of a superior is required, if possible in writing. In case of doubt, title to benefits granted to a GfK employee shall be transferred to GfK. Gifts or financial benefits might be subject to personal income tax of the recipient; correct declaration is the responsibility of the employee.

Independence and impartiality of decisions and declarations

Employees shall make decisions under the terms of their authorized competencies and mandates on the basis of the availability of adequate information, irrespective of their own interests and exclusively in the interests of GfK. All declarations made by GfK employees on behalf of the company shall be truthful, comprehensive and applicable.

GfK employees must avoid contracting suppliers with whom they maintain a personal relationship, as this may lead to a conflict of interests. Contracts shall be assigned solely on the basis of objective principles. This also applies to the selection and assessment of employees.

In the event of potential conflicts of interest, the consent of a superior is mandatory and must be recorded in writing where possible.

Secondary activities and equity participations

A secondary activity is deemed to be one whereby a member of staff gives his or her services, either with or without remuneration, outside the working relationship with GfK. Secondary activities are admissible only if they do not restrict the work of, or diminish the performance capability of the person(s) concerned and there are no associated conflicts of interest.

Remunerated secondary activities require prior agreement with GfK.

A conflict of interest is deemed to exist in all cases where employees are financially linked to business partners of GfK or if they are active in business areas in which GfK is active. Such activities may also include equity participations.

Insider knowledge

Information obtained by employees during the course of their working duties may not be used either for their own purposes or in the interests of third parties. Where employees obtain information concerning the business of GfK or its clients, which might potentially affect stock exchange listings, the confidentiality of these shall be preserved and they may not be passed on. Any use of such information for own purposes or in the interests of third parties is strictly prohibited.

Separation of private and business expenses

Private and business expenses shall be strictly separated. Private expenses may not be settled through the accounts of GfK. In the case of entertainment and business trips the rule is that the scope and timing of these must be job-related. In cases where a strict separation of business and private expenses is difficult, the consent of a superior is required.

The commissioning of business partners for private purposes is prohibited, if potential conflicts of interest are likely to arise.

Resources of GfK or GfK clients such as material and financial resources may not be used for private purposes unless otherwise agreed.

4. Communication

The GfK Management Board, its management and the management organizations of all subsidiaries and business units belonging to GfK Group shall actively encourage the communication of the present Code of Conduct and shall ensure its ongoing implementation.

Executives of GfK carry extraordinary responsibilities. They acknowledge that this Code of Conduct is binding and confirm their understanding and strict compliance with it.

In addition the Code of Conduct shall not form part of any contract of employment of any GfK employee, but it is part of GfK's guidelines. However, the values within this Code of Conduct are of prime importance to GfK. Violation of the Code of Con- duct shall be penalized and may lead to disciplinary proceedings.

5. Confidential information, complaints or communications (whistle-blowing)

GfK encourages all employees who become aware of breaches of legal or internal regulations or have reasonable believe that such breaches exist to report these through the official channels. To do so, they can contact their line managers, Managing Directors, the Integrity and Compliance or Internal Audit department of GfK SE or Human Resources.

Any employee, preferring not to use this route, also has the option of making an open or anonymous report to lawyer Hans-Otto Jordan. Mr. Jordan is under the obligation to investigate every indication received and take appropriate action, with external support if necessary.

The identity of the whistleblower is subject to complete confidentiality. Data protection provisions are taken into account when processing notifications. At the same time, it is ensured that such notifications are not treated as breaches of trust and will not result in the person disclosing information being victimized, provided the report was made in good faith and in the believe that the facts disclosed are true.

GfK is confident that staff will use this tool responsibly and with integrity and that they will refrain from using it for dishonest purposes.

For more information please do not hesitate to get in touch with Mr. Jordan,