DEHNEN.s Corner

My memory may be deceiving, but I cannot remember such concentrated resistance to a reform of the German Corporate Governance Code: From companies such as K+S to the German Investor Relations Association (DIRK) to our Association of Supervisory Boards in Germany (VARD), various stakeholders have criticised the Government Commission’s draft; more than 100 comments were received in the consultation process. This shows that the corporate governance debate lives in Germany …

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BlackRock CEO Larry Fink recently wrote his annual letter to the CEOs, and this week I finally got to read it: Fink calls, among other things, for managers to assume more social responsibility and to focus more on the purpose of the company. This shows that institutional investors have completely different expectations than a few years ago. And I inevitably asked myself: Does the German Corporate Governance Code (DCGK) actually …

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The consultation period for the new draft of the German Corporate Governance Code (GCGC) will end on 31 January, i.e. on Thursday of next week. The Association of Supervisory Boards in Germany (VARD) will also take a position – not only on changes, but also on fundamental issues. Because as I have already pointed out at this point: We are convinced that our companies and Germany as a business location …

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The government commission has discovered a new governance principle: As a result of the current reform of the Code, the “Apply and explain” principle should take effect – companies should therefore explain how they implement the recommendations in concrete terms. At its core, this is a good idea because it promotes reflection and discussion in companies. And in my view, these are the keys to a new, better corporate governance …

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After two weeks winter break we are back with the GermanBoardNews. I don’t know how you feel, but for me the time around the turn of the year is always important to review the last twelve months, to sharpen my focus and to develop new thoughts. Looking back, it must be said that from a governance perspective, much of last year was disappointing – right across the economy of ThyssenKrupp …

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With this issue of GermanBoardNews we say goodbye to our holidays for two weeks – to spend a lot of time with our family over Christmas and New Year, but also to recharge our batteries. Because we have set ourselves a lot of goals for 2019. In particular, as already announced, we intend to launch a broad-based Board of Management and Supervisory Board initiative for a far-reaching corporate governance reform. …

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Over the past few weeks, I have dealt with the Corporate Governance Code at various levels and argued that the company does not need a rigid corset, but guidelines. In my opinion, this applies even more to those responsible themselves, and we are trying to live up to this claim with the professional principles of the Association of Supervisory Boards in Germany (VARD), which we call our “Personal Governance Code”. …

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They all know the saying: “What do we care that a bag of rice falls over in China” or “… when a bike falls over in Holland”. This seems to be exactly how many people feel about the Government Commission’s new draft code. The superfluous was deleted, the rest was re-sorted and a few excitement topics (“Management Board compensation”) were positioned. But large parts of the economy don’t seem to …

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I can only speak for myself, but I have also heard it from numerous participants: The German Supervisory Board Conference (#DART14) at the end of last week provided a wealth of interesting insights and insights. Two special highlights are discussed in this issue; I would also like to take this opportunity to thank all other speakers, discussion participants and visitors once again. I was particularly pleased with the positive feedback …

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Most of you will know Goethe’s sorcerer’s apprentice, who tries out his master’s spells – but then is not up to his power. The same is true of the Government Commission on the German Corporate Governance Code, which has continually expanded its influence and confirmed, at the latest with the current draft of the Code, that its role is overstretched and that it has become a location risk. I am …

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“Corporate Governance” – What sounds modern is not an invention of the 21st century. After all, it is essentially about the ‘principles of corporate management’. First of all, let me make a few remarks: in order to be able to manage companies, the legislator has created a colourful bouquet of legal forms and laid down rules from which it emerges who, how, what, when and with whom may, should and …

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The chairman of the government commission, Rolf Nonnenmacher, presented the draft for a new codex on Tuesday. And indeed, if the proposals were to become reality, the rules would – as announced – be “clearer and more compact”. However, I would have liked to have seen more courage: Despite the cuts, the draft is still small-scale and consists of dozens of principles and recommendations, which appear on 13 DIN A4 …

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