We look to the future. Today I would like to take you on a little time travel to the year 2029. Imagine you are reading – as usual – your GermanBoardNews on Friday morning. One article refers to the “GCGS”, the Global Corporate Governance Standard, which was introduced five years ago, in 2024, as a result of a concerted action by the OECD and UN, inspired by the concept of stakeholder value, to internationalize corporate governance.
A corporate governance initiative boxed through by the President of the EU Commission at the end of her first term in office had paved the way for an international solution, and the days of small-scale national codes were over – overnight, so to speak.
Five years later, in 2029, the rating in the GermanBoardNews was positive. The internationally networked national ‘stock exchanges’ are once again playing a visible role in good corporate governance. They act as guardians of corporate governance and the place where GCGS reports are made available online and transparently evaluated by a sophisticated scoring system.
In addition, completely new models have been developed for corporate financing – also driven by the persistent negative interest rate – and most business models were geared to this. The federal government had therefore felt compelled to fundamentally reform the Stock Corporation Act and the entire labour law in order to give companies room for the adjustments that were essential for survival. Many of the legislative achievements that had come into existence were obsolete and washed away by the new zeitgeist.
Independent specialist companies as supervisory boards?
Companies also had to reinvent themselves.