Corporate Governance

Achleitner & Merz: Guiltless guilty? The tragedy of the supervisory boards

ThyssenKrupp, Deutsche Bank, Volkswagen: 17 years after the publication of the German Corporate Governance Code, one scandal follows another. At the same time, criticism of Germany’s supervisory board chairmen as the supreme guardians of corporate culture is growing, understandably. WirtschaftsWoche, for example, recently stated a “cartel of clones” which, despite all the diversity Sunday speeches, led to monocultures in management. That’s true, but if you think we just need new …

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Simone Menne

Simone Menne: Settlement with Germany’s Supervisory Board Chairmen

Are the chief controllers of our corporations incorrigible chauvinists? That’s the impression you get when you listen to Simone Menne. “There are still sayings you can hardly imagine,” the multi-supervisory board member told ZEIT recently in an interview. “There are no women in our industry,” they say, for example. “Or, intellectually, she’s not ready yet. Or they make jokes. Some of the gentlemen are over 70 and don’t know it …

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Joe Kaeser

The Kaeser dilemma: Criticize Trump and keep quiet about China?

Let’s start from the ground up, with a change in moral standards. Whether doping, corruption or a numbered account in Switzerland: much of what used to be considered a trivial offence is now frowned upon. We judge more strictly and have higher expectations, also and especially of top managers. That is why compliance and attitude are more important than ever. We have therefore praised Joe Kaeser for his clear words …

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Tönnies

Tönnies: bitter feud over advisory councils, pigs and water corpses

As if Clemens Tönnies didn’t have enough trouble at the moment, the quarrel with his nephew Robert is again completely inflamed. This time it is about the Group Advisory Board, which was set up in the course of the “Peace of Westphalia” a good two years ago: As we feared at the time, the committee has become “the nucleus of new conflicts”. According to Manager Magazin, Robert Tönnies accuses the …

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Norbert Reithofer

Norbert Reithofer & Dieter Zetsche: Too hot to cool down?

The move of CEOs to the top of the Supervisory Board is once again right at the top of the corporate governance agenda. There are two triggers for this. Firstly: the surprising withdrawal of BMW boss Harald Krüger, who according to critics was never able to step out of the shadow of his predecessor and chairman of the supervisory board Norbert Reithofer. Second: Daimler’s profit warning, as a result of …

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Börse

Olaf Berlien & Mathias Döpfner: Expulsion from Paradise

More and more companies are fleeing the stock market. According to the Handelsblatt, the number of regularly listed companies has fallen from 761 to 464 in the last ten years. And the trend is accelerating; Axel Springer and Osram recently announced a withdrawal – with similar arguments: The CEOs Olaf Berlien and Mathias Döpfner needed time for the digital transformation and could not use shareholders who would go on the …

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Managergehälter

Manager salaries: Which supervisory boards are now required?

Jürgen Heraeus is annoyed about high manager salaries in listed companies. The salaries are “often unacceptable”, the family entrepreneur recently told “ZEIT”. We look alike. From our point of view, especially large distances to the salaries of other executives are an anachronism – especially since modern bosses tirelessly preach team spirit. But will the salaries fall as hoped by the new shareholder rights law ARUG II, which the Bundestag is …

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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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Europawahl

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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HV-Reden

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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Hauptversammlung

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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