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Author: Axel V. Werder Publisher: ISBN: Category : Languages : en Pages :
Book Description
The Berlin Center of Corporate Governance surveyed all companies listed on the Frankfurt Stock Exchange to systematically record the acceptance of the German Corporate Governance Code. Based on the current version of the Code, a questionnaire was developed in which companies were asked to indicate for each individual recommendation and suggestion whether they already comply with the relevant rule, intend to do so this year or do not apply the rule. The Code as amended on June 2, 2005 contains 82 recommendations and 19 suggestions. In total, 200 useable questionnaires were returned. The present article focuses on the DAX, MDAX and SDAX indices and is based on the answers of 84 companies (28 DAX, 36 MDAX and 20 SDAX companies).The study shows that the German Corporate Governance Code as a whole continues to enjoy high acceptance. As expected, acceptance varies between recommendations and suggestions. As in previous years, it is also clear that acceptance tends to increase with the size of the company. Thus the comparatively small number of recommendations identified by the survey which will not be followed by the majority of companies now or in the future related to the SDAX segment only.Before the end of the year a relatively pronounced increase is expected in the implementation of the Code's new recommendations concerning elections to the supervisory board. While at the time of the survey the majority of these new recommendations were classed as critical in all the indices surveyed, by the end of the year no more than two of these recommendations will be implemented by fewer than 90% of companies. Worthy of particular mention in this context is the finding that only in the DAX do around a quarter of companies not intend, now or in the future, to accept the recommendation that it should not be the rule for the former management board chairman or a management board member to become supervisory board chairman or the chairman of a supervisory board committee. In the MDAX and SDAX, on the other hand, over 90% of the companies will meet this recommendation.
Author: Axel V. Werder Publisher: ISBN: Category : Languages : en Pages :
Book Description
The Berlin Center of Corporate Governance surveyed all companies listed on the Frankfurt Stock Exchange to systematically record the acceptance of the German Corporate Governance Code. Based on the current version of the Code, a questionnaire was developed in which companies were asked to indicate for each individual recommendation and suggestion whether they already comply with the relevant rule, intend to do so this year or do not apply the rule. The Code as amended on June 2, 2005 contains 82 recommendations and 19 suggestions. In total, 200 useable questionnaires were returned. The present article focuses on the DAX, MDAX and SDAX indices and is based on the answers of 84 companies (28 DAX, 36 MDAX and 20 SDAX companies).The study shows that the German Corporate Governance Code as a whole continues to enjoy high acceptance. As expected, acceptance varies between recommendations and suggestions. As in previous years, it is also clear that acceptance tends to increase with the size of the company. Thus the comparatively small number of recommendations identified by the survey which will not be followed by the majority of companies now or in the future related to the SDAX segment only.Before the end of the year a relatively pronounced increase is expected in the implementation of the Code's new recommendations concerning elections to the supervisory board. While at the time of the survey the majority of these new recommendations were classed as critical in all the indices surveyed, by the end of the year no more than two of these recommendations will be implemented by fewer than 90% of companies. Worthy of particular mention in this context is the finding that only in the DAX do around a quarter of companies not intend, now or in the future, to accept the recommendation that it should not be the rule for the former management board chairman or a management board member to become supervisory board chairman or the chairman of a supervisory board committee. In the MDAX and SDAX, on the other hand, over 90% of the companies will meet this recommendation.
Author: André Euschen Publisher: ISBN: 9783668650770 Category : Languages : en Pages : 28
Book Description
Seminar paper from the year 2016 in the subject Business economics - Business Management, Corporate Governance, grade: 1,0, University Witten/Herdecke, language: English, abstract: In the early days, the academic research in the field of corporate governance (hereafter: CG) developed largely in silos, depending on the areas of interest of the respective researchers. Since the last decade however, researchers pay more attention to the formation of a holistic approach that focusses on the effectiveness and efficiency of CG as a whole. From a practitioner's view, CG methods are essential in order to improve sustainable economic growth, economic efficiency and the trust of national and international investors. Due to the takeover wave during the 1980s, the advancing deregulation and globalisation of the capital markets as well as the Asian financial crisis in the end of the 1990s, CG has gained a greater profile. This was reinforced by several corporate scandals in the U.S. (e.g. Enron) but also in Europe in the early 2000s. Because of this, voices for a higher necessity of responsible management and CG have arisen. For Germany in particular, the Holzmann scandal during the turn of the millennium compelled the German legislator to step up its monitoring on CG of listed companies. As a consequence, the German Corporate Governance Code was established by its eponymous government commission in 2002. The objective of the establishment was not only to strengthen the confidence in the German CG and corporate control system, but also to provide suggestions for a modernisation of the legislation with respect to the ongoing globalisation and internationalisation of the capital markets and the accompanying transformation of corporate and market structures. After building a theoretical background on the basics of CG, the paper focusses on the German Corporate Governance Code: First, its development history will be mentioned and a brief definition will be given, followed by its
Author: Jaby Felix Coronel Publisher: GRIN Verlag ISBN: 3346188736 Category : Business & Economics Languages : en Pages : 24
Book Description
Academic Paper from the year 2017 in the subject Business economics - Business Management, Corporate Governance, grade: 1,3, Munich Business School University of Applied Sciences, language: English, abstract: This Thesis examines the topic of the German Corporate Governance Code and its practical application of the Corporate Management body within DAX-listed companies. Taking as a basis a general understanding of the Code, its statutory provision and relevant content, it will be analyzed how Standards are applied by the corporate body and which recommendations are not being taken into account in practice. In order to provide a holistic evaluation, different literary material and scientific studies are being used to develop a picture of the fulfillment and to stress potentials of improvement. All aspects from the findings are being critically contrasted to characterize the actual situation in Germany. Moreover, it will be analyzed to what extend the different obligations of the Code are affecting the implementation. The German Corporate Governance Code may be generally used as a guideline document of the German General Commission to aim for good and sustainable governance within capital markets and to improve a company’s reputation towards shareholders. While various law legislations are underlying the Standards as well as mandatory obligations, the Code consists of different demands which also address potential commitments for German companies in the future. Some Standards exist on a voluntary basis and do not represent compulsive requirements. This Thesis will therefore assess and analyze the current application of Standards by a group’s Corporate Management. In regards to that, a comprehensive evaluation of implementation will be presented in this analysis.
Author: Jean J. du Plessis Publisher: Springer Science & Business Media ISBN: 3540711872 Category : Law Languages : en Pages : 286
Book Description
This book provides a comprehensive overview of the German corporate governance model to English speaking readers. It provides an introduction to the unique features of German Business and Enterprise Law. The book deals with the most important company organs, namely the General Meeting, the Management Board and the Supervisory Board. It also covers the unique interplay among these organs and details the particular dynamics of the German two-tier board structure. It gives insight into Accounting as the Documentary Proof of Good Corporate Governance. In addition, coverage examines the dominant role of the German banks and new players in the German financial markets.
Author: Marc Oliver Cleiss Publisher: GRIN Verlag ISBN: 3640370554 Category : Law Languages : en Pages : 27
Book Description
Seminar paper from the year 2008 in the subject Law - Miscellaneous, grade: B+, The University of Hong Kong (Faculty of Law), course: Corporate Governance and Shareholder Remedies, language: English, abstract: In Germany, ‘co-determination’ has a long tradition. Beginning in the late 19th century, the German co-determination system has been developed over more than 100 years to become one of the most dominant co-determination systems in the world. Employees’ co-determination in Germany becomes visible in two different forms: employees’ participation in ‘works councils’ (‘Betriebsrat’) at establishment level (‘betriebliche Mitbestimmung’) and labour (employees and trade union representatives) participation in ‘supervisory boards’ on board level (‘Unternehmensmitbestimmung’). German corporate law distinguishes between the ‘management board’ (‘Vorstand/ Geschäftsführung‘) and the ‘supervisory board’ (‘Aufsichtsrat‘) (‘two-tier boards system’ as opposed to the Anglo-American ‘one-tier system’). Co-determination on board level refers to the representation of employees on the supervisory board. Depending on the industry, the corporation is operating in and the size of labour force, the supervisory board composes of one third (‘third part participation’) to half (‘parity participation’) of employees’ representatives. ‘Corporate governance’, the regulations for legal and actual distribution of management and supervision tasks between the supervisory board, the management board and the shareholders has lead in many countries to the development of codes since the 1990s. Germany also has drawn up a corporate governance code meanwhile – the ‘German Corporate Governance Code’. The code builds together with the ‘Stock Corporation Act’ and the different co-determination acts the legal framework for corporate governance principles in Germany. It aims to make Germany’s corporate governance rules transparent for both national and international investors, thus strengthening confidence in the management of German corporations. The code addresses with its ‘recommendation’ and ‘suggestions’ to all major criticisms from the international community against German corporate governance, for instance the inadequate focus on shareholder interests and the two-tier system of management board and supervisory board. In between time the ‘German Corporate Governance Code’ has achieved a high level of acceptance; in particular in the DAX companies, who set the trend in corporate governance in Germany.
Author: Axel V. Werder Publisher: ISBN: Category : Languages : en Pages :
Book Description
The Berlin Center of Corporate Governance (BCCG) surveyed all companies listed on the Frankfurt Stock Exchange to systematically record the acceptance of the recommendations and suggestions of the German Corporate Governance Code. The present article also shows the acceptance of the new Code rules which were established in June 2006.
Author: Axel V. Werder Publisher: ISBN: Category : Languages : en Pages :
Book Description
Based on a survey of all companies listed at the Frankfurt Stock Exchange, this paper analyzes the extent of compliance with the German Corporate Governance Code. The investigation includes the recommendations as well as the suggestions of the Code. Overall, findings indicate a high level of Code conformity. Furthermore, the Code continues to contribute to changes of the governance modalities of German firms. Nonetheless, Code standards remain which gain comparably less acceptance. We identify those norms which are still rejected by the majority of the surveyed corporations and discuss why these compliance rates are currently low and whether they can be expected to increase in the future.
Author: J. J. Du Plessis Publisher: Springer Verlag ISBN: 9783540711865 Category : Law Languages : en Pages : 276
Book Description
The main aim with this book is to provide English speaking readers with a comprehensive overview of the German corporate governance model. The authors introduce the reader to the unique features of the German Business and Enterprise Law. The book deals with the most important company organs, namely the General Meeting, the Management Board and the Supervisory Board. The unique interplay among these organs are also covered and the reader is introduced to the particular dynamics of the German two-tier board structure. Further the authors deal with the dominant role of the "German banks" and new players in the German financial markets, focussing particularly on voting rights of these institutions at companies' general meetings and appointing members to companies' supervisory boards. Accounting is shown as the documentary proof of good corporate governance. The final chapter gives an overview of corporate governance in the European Union, the OECD Principles of Corporate Governance and corporate governance in the US, the UK and Australia.
Author: Axel V. Werder
Author: Axel V. Werder
Author: André Euschen
Author: Ralf Bebenroth
Author: Jaby Felix Coronel
Author: Kristina Katharina Beisel
Author: Jean J. du Plessis
Author: Marc Oliver Cleiss
Author: Axel V. Werder
Author: Axel V. Werder
Author: J. J. Du Plessis