DEHNEN.s Corner

Schach
DEHNEN.s Corner

The power of investors: Why stronger supervisory boards would be the bitter pill for Paul Singer & Co

Dear readers of the GermanBoardNews, this week, the 123-page draft of a law to strengthen financial market integrity (Financial Market Integrity Strengthening Act – FISG) was published. Already the view of the objective (“… Recent events have shown that especially the balance sheet control must be strengthened and the audit of annual accounts must be further regulated…”): With this law, the Federal Ministry of Finance and the Federal Ministry of …

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Paragraf
DEHNEN.s Corner

Holding decision-makers accountable without stifling them – a proposal for a new paragraph in the Stock Corporation Act

Dear readers of the GermanBoardNews, while we eagerly await the initial results of the Bundestag investigative committee in the Wirecard case and the new DAX rules of Deutsche Börse, the first political reforms are beginning to emerge. However, it would certainly not have been enough if the main lesson to be learned from the Wirecard case were to strengthen BaFin. After all, it is well known that there are “bad …

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Dank
DEHNEN.s Corner

A new VARD team for turbulent times

Dear readers of the GermanBoardNews, today I would like to express my sincere thanks to four long-standing comrades-in-arms: Dietmar Kuhnt, Stephan Kufferath, Wilhelm Haarmann and Carl-Dieter Wuppermann have shaped the Association of Supervisory Boards in Germany (VARD) with their commitment, expertise and humanity. Their commitment to the professionalisation of our profession and responsible corporate governance deserves the highest recognition! At the same time, I am pleased that we have been …

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Corporate-Governance
DEHNEN.s Corner

Bundestag & Börse: Drivers of a system and cultural change?

Dear readers of the GermanBoardNews, the call was answered! With a little pride and fresh confidence I write this sentence. Because after the Wirecard scandal, which was made possible by a complete system failure (also at Supervisory Board level), something is finally happening in Corporate Germany – on two levels. Firstly, the Bundestag’s committee of inquiry into Wirecard will take up the governance system issue, as can be seen from …

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#FutureGoodGovernance
DEHNEN.s Corner

Lessons from the Wirecard scandal: The red-hot VARD agenda for a better corporate governance system (#FutureGoodGovernance)

Dear readers of the GermanBoardNews, we are returning from a summer break that was anything but uneventful. After all, the Wirecard scandal has continued to spread. It has become clear to numerous observers: It’s not enough to highlight the failure of auditors and Bafin. We must also identify and remedy the weaknesses of our corporate governance system. After I advocated a “master plan” in the last GermanBoardNews before the holidays, …

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Wirecard
DEHNEN.s Corner

Wirecard is a wake-up call! We need a corporate governance master plan.

Dear readers of GermanBoardNews, while the German government is acquiring shares in Lufthansa and ‘delegates’ its representatives to the Supervisory Board, the other prominent shareholder, Commerzbank, has the Chairman of the Board of Managing Directors and the Chairman of the Supervisory Board, because they obviously cannot/do not want to withstand pressure from an investor (see our top vs. flop today). I would like to first of all dedicate myself again …

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Deutsche Börse
DEHNEN.s Corner

The Wirecard case proves: Corporate governance regulations in Germany have reached their limits. It is time for a change of course!

Dear readers of the GermanBoardNews, what is going on in Corporate Germany? We dealt with Lufthansa on several occasions, and then Wirecard suddenly surprised us. Really? Yes. I too was inclined to see the company with rose-colored glasses. After all, Wirecard has brought reputable supervisory board members on board in the last two years (and, by the way, has a quota of women that exceeds everything else). Further Supervisory Board …

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Deutsche Börse
DEHNEN.s Corner

Corporate Governance: How Theodor Weimer can make the stock exchange a better place

Dear reader of GermanBoardNews, theodor Weimer is currently one of the most sought-after decision-makers. His appointment to the Supervisory Board of Deutsche Bank has met with a positive response far beyond the financial sector. Dissenting voices were raised only because there were fears in Deutsche Börse’s environment that he could replace Paul Achleitner as Chairman of the Supervisory Board as early as 2022 – and therefore leave as CEO. That …

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Lufthansa
DEHNEN.s Corner

The worst case with Lufthansa seems to have been averted. But that is not enough: We urgently need a good governance alliance between politics and business.

Dear readers of the GermanBoardNews, the good news of the week was: The German government does not want to send politicians or state secretaries, but two independent experts to the supervisory board of Lufthansa. If the boards and the EU Commission approve the entry of the Corona Rescue Fund WSF, the company should therefore retain important entrepreneurial leeway. That’s a good thing. However, we will be watching very closely to …

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Lufthansa
DEHNEN.s Corner

The state is not a good entrepreneur. The rescue fund WSF should therefore dispense with detailed specifications – and instead define central governance principles.

Dear readers of GermanBoardNews, the debate on the entry of the state rescue fund WSF into Lufthansa is in full swing. The result will have a signal effect: It is about nothing less than the question of whether we are heading for a state economy. Will politicians and ministry officials decide in future on the course of the companies that the taxpayer is rescuing? This would be devastating for the …

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Der Corona-Rettungsfonds WSF bedroht die unternehmerische Freiheit.
DEHNEN.s Corner

The Corona Rescue Fund WSF threatens entrepreneurial freedom. Governance issues will decide the future of the business location.

Dear readers of the GermanBoardNews, after a short Corona break we will get back to you while the Corona madness goes into the next round. Medicine, economy, society – three crises in one, and one more complex than the other. For me it is clear: we must not think regionally or nationally now. Instead, we must try to understand the global dimension, at least to some extent. But we were …

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Corona-Krise
DEHNEN.s Corner

The corona crisis relentlessly exposes governance weaknesses – and has the potential to be a catalyst for reform. But for now, the important thing is to stay healthy!

Dear readers of GermanBoardNews, the corona crisis has also hit us hard: With a heavy heart, we have decided to cancel the German Supervisory Board Meeting in early May or postpone it to a later date. I’m sure you understand and support this – health is an absolute priority at the moment, and every individual is called upon to make his or her contribution and show solidarity with the elderly …

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