Deutsche Börse

Deutsche Börse: Why the Scale growth segment is failing

The new “New Market” comes under fire. The “WirtschaftsWoche” wrote at the beginning of June that “even dubious companies would advertise undisturbed for the money of private investors” via the Scale stock exchange segment. Deutsche Börse wanted to avoid exactly that when it opened the segment for founders and medium-sized companies two years ago: scandals such as those on the “Neuer Markt” were under no circumstances intended to shake confidence. …

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European elections: Board members, hear the signals!

Last weekend’s European elections were impressive: Climate change is currently the key issue. In Germany, but also in other Western European countries, green parties have grown strongly. This will have concrete consequences for the economy. New targets for carbon dioxide emissions are likely to come sooner – and possibly be stricter. In addition, the “EU Action Plan for Sustainable Finance” currently under discussion in Brussels could provide investors with even …

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Baumann, Steilemann, Wenning: The Worst Speakers in the Dax

In view of increasingly critical shareholders, the AGM speeches of the Supervisory Board and Executive Board chairmen are gaining in importance. Because if you convince your audience, you can draw decisive votes to your side. However, Bayer CEO Werner Baumann wasted this opportunity: According to a recent analysis by communications scientist Frank Brettschneider, his speech was the most incomprehensible of this AGM season to date. The glyphosate issue brought him …

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Achleitner or Pötsch: Who gets the bigger Rüffel?

The Bayer Supervisory Board got away with a black eye at last week’s Annual Stockholders’ Meeting: Unlike the Executive Board, the supervisors were discharged – but only by a two-thirds majority. This can be seen as a clear lesson for Supervisory Board Chairman Werner Wenning. According to Handelsblatt, “at least one major shareholder” of Deutsche Bank is playing with the idea of not ratifying the actions of the Supervisory Board …

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Carlos Goshn

Supervisory Boards: The lessons of the Carlos Goshn case

As almost all managers today talk about team spirit, social competence and ethics, it is sometimes forgotten that they still exist, the Sun Kings on the executive floors. But usually you don’t recognize them at first sight, because they light rhetorical smoke candles or develop their hubris little by little. Supervisory boards must therefore be permanently vigilant – and can learn from the scandal surrounding former Nissan Renault Mitsubishi boss …

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AGM season: Who buys the approval of the shareholders?

Where once socialist majorities were the order of the day, board members and supervisory board members now frequently experience real tremors: The danger of painful defeats at the AGM has increased significantly since more and more investors have taken their rights as owners seriously. In a particularly sensational case, Stefan Wolf, Chairman of the Supervisory Board of Norma, was caught in the 2018 AGM season and sent into the desert …

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Joe Kaeser

Joe Kaeser: How the Siemens boss promotes populism

We recently praised Siemens CEO Joe Kaeser for his clear stance against populism and his commitment to European governance culture. Because we are convinced that top managers now have to show their colours. At the same time, however, they must be measured by their words – through value-based, responsible corporate management. We don’t want to deny that to Joe Kaeser, but we want to point out a discrepancy: Anyone who …

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Manager salaries: Beiersdorf and the Heidenreich salary

Performance must be rewarded, no question. But especially when everyone is talking about team spirit, the lead of the first management team should not be too big. This is another reason why the Beiersdorf Supervisory Board around Reinhard Pöllath must now be asked: Was the salary of 23.4 million euros, which Stefan Heidenreich, who has since retired as CEO, collected according to Capital 2018, really in the interest of the …

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Women’s quota: How Zalando & Co. provoke new laws

Yes, a target figure of “0 percent” for the women’s quota may make sense temporarily – for example, if a board consists of only two to three men who have different “mindsets”. However, in such cases companies have to take the trouble to explain their motives in a comprehensible way in the annual report. Unfortunately, this is often not the case. The Handelsblatt, for example, criticises the automotive supplier Norma, …

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Wolfgang Reitzle

Wolfgang Reitzle: Pioneer of an excessive shareholder value culture?

At Linde, another wind is blowing after the merger with the US company Praxair. This is the clear message of a double interview with CEO Steve Angel and Chairman Wolfgang Reitzle in the Handelsblatt: From his point of view, “continuous improvements and shareholder value” are central, said Angel, who last collected 22 million dollars a year. Wolfgang Reitzle also spoke in detail about the shareholders and referred several times to …

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Katarina Barley

Code reform: Where’s Barley?

At the level of state secretaries and ministry officials, i.e. in the engine room of power, so to speak, some are interested in accompanying the reform of the Corporate Governance Code. Stefan Ramge, head of department at the Federal Ministry of Finance, for example, has written an expert statement on the government commission’s draft – and has not spared no criticism in it. But the heads of department have so …

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Bilfinger Managerhaftung

Manager liability at Bilfinger: Wilsing vs. Hoffmann-Becking

Do twelve former Bilfinger Executive Board members have to pay damages because they have done too little against corruption and thus caused the company several scandals? Two luminaries of their guild have different views: Hans-Ulrich Wilsing (Linklaters) sees “serious breaches of duty”, Michael Hoffmann-Becking (Hengeler Mueller) considers the failures to be manageable. The Bilfinger Supervisory Board has therefore commissioned a third expert opinion on manager liability, this time from Matthias …

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