The mountain crossed and gave birth to a little mouse (after Horace). We have a new Corporate Governance Code that nobody needs. Wipe your mouth, continue!


Finally the waiting is over. The so-called government commission passed the draft of a new code a week ago – and put it in the drawer for the time being. Now everyone is waiting for the adoption of ARUG II, and only then will the draft code – adapted to the law – be submitted to the new Federal Minister of Justice (perhaps it will also – at least temporarily – be a man). And regardless of who is currently in office as minister, Ministerial Councillor Ulrich Seibert will stand at the gate and presumably wave through the code.

It took the Commission two years to present its work. What could have been achieved in the time ‘together’! The first draft took one and a half years – and received more than 120 multi-page opinions, some of which were extremely critical. These were processed in a familiar manner: behind closed doors. It would have been exciting to see and read how the Commission dealt with the critical opinions. But so much transparency is obviously too much to ask for. Where would we go?

I don’t want to be unfair, though. Measured against its own objective of a ‘fundamental overhaul’, the ‘Government Commission’ around its chairman Rolf Nonnenmacher has delivered. I had imagined much more under this objective, namely the achievement of a ‘next level’ – but that was probably my mistake.

A little light – and a lot of shadow

I could now list a multitude of weaknesses and points of criticism – from the vague “model of the respectable merchant” to the…

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