The Deutsche Aktieninstitut (DAI), to which around 200 stock corporations belong, sees itself as a representative of the interests of “capital market-oriented companies, banks, stock exchanges and investors”. At the same time, the DAI acts as the office of the Government Commission on the Corporate Governance Code.
In my view, one problem here is that the government commission consists mainly of experts with a capital market and investor-oriented perspective anyway. There can therefore be no question of the industry having a voice within the framework of self-regulation, as was once intended – rather, external stakeholders dominate.
The fact that the investor-focused DAI finances the government commission exacerbates this problem and at the same time cements a serious construction flaw in the code: it does not address important sectors and central pillars of our economy, above all small and medium-sized enterprises.
In my view, this in turn is one of the main reasons why the Code has developed into a tight corset instead of allowing room for individual solutions depending on the industry and company size. To put it bluntly: The “one-size-fits-all” mentality typical of investors has become the defining feature of the Code via the Government Commission and the DAI.
Editorial by Peter H. Dehnen -> About the Person.