Corporate Governance news – Good prospects for 2019: The “Governance Reform” team is growing!


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 (where activist stockholders won a stage) to Bayern Munich (where Uli Hoeneß is allowed to continue governing despite prominent supervisory boards).

Moreover, the Government Commission on the German Corporate Governance Code (DCGK) has not stained itself with fame. First the committee around Rolf Nonnenmacher blocked a broad-based, open debate about the full-bodied announced reform of the Code – and then presented a draft in November that could at best be described as half-hearted.

The beginning of the end?

After all, the number of supervisory board members and management board members who do not want to accept this without complaint and resistance has grown significantly as a result. First of all, I received a lot of encouragement at the German Supervisory Board conference for my demand for a far-reaching corporate governance reform. And then, shortly before Christmas, Karl-Ludwig Kley, one of the most renowned supervisory board members, took the floor – with sharp criticism of the Code and the Commission.

All this gives me hope that a broad, open discussion and reform process will finally begin in 2019. The half-hearted new design could then have been the beginning of the end of the “one-size-fits-all” philosophy on which the DCGK has so far been based. My VARD comrades-in-arms and I need further supporters for this – and I would be delighted if you were also there.

Any additions, comments, objections? I look forward to your feedback:

Editorial by Peter H. Dehnen -> About the Person.