The Commission is always open for the dialogue with economy and politics - not only, but in particular regarding the consultations of Code amendments. For appropriate recommendations and suggestions is necessary that all stakeholders, in particular companies, capital market participants, academics and the general public are involved in the process of development. A best practice developed in that manner is likely to find broad acceptance. A good opportunity for contributions is the annual conference Deutscher Corporate Governance Kodex and during the public consultations. The latter will be arranged before every amendment of the Code.
Factual changes and new national or international legislative initiatives can affect the German corporate governance directly or indirectly. The Commission observes and analyses such developments permanently and comments them, where appropriate. This may be the case even if it does not intend to amend the Code itself.
Now online: The new English translation of the German Code
You will find the English translation of the current German Code, published 24 April 2017 by Federal Gazette, under the section "Code". Be aware that is a convenience translation.
Editorial adaptation of the Code, today published by the Federal Gazette
With the publication dated 19 May 2017, the Federal Gazette has corrected its transfer error in the explanatory footnotes of the sample tables in the annex of the Code.
According to the Federal Ministry of Justice and Consumer Protection, the announcement date of the current code is still the 24 April 2017 because there were only editorial adaptation.
Amended version 2017, today published by Federal Gazette
Please be aware that the English Translation of the German Code is under revision and will be published soon.
On 7 February 2017, the Regierungskommission Deutscher Corporate Governance Kodex decided on amendments to the Code in order to enhance transparency as the basis for stakeholders to assess corporate governance and to comply with international best practices in the German code for listed companies. In addition, the Regierungskommission amended the Preamble of the Code. The new version of the Code will come into force upon publication in the electronic German Federal Gazette by the German Federal Ministry of Justice and Consumer Protection.
Rolf Nonnenmacher will chair the Regierungskommission Deutscher Corporate Governance Kodex with effect from 1 March 2017.
Please find below the journal article „Kodexänderungsvorschläge 2017 – Transparenz für fundierte Meinungsbildung“ from Dr. Manfred Gentz, Chairman of the German Corporate Governance Code Commission, published in WPg 24.2016, S. 1329.
Within the context of its regular review of the Code, the Commission is this year again following the principle of deleting content that is no longer necessary, providing clarification where sensible, incorporating legislative amendments made in the interim period, and exercising major restraint in terms of material changes.
Everyone is invited to send written comments on the proposed amendments and remarks until 15 December 2016. Comments received on time will be considered during the final consultancy of the Commission in February 2017.
For the first time, all statements tendered by companies, associations and from the field of science will be published on the Regierungskommission’s website, unless participants object to a publication. Please mention it expressly, if you do not wish your comment to be published.
Read below more about the common statement by the group of five Chairmen of the governing bodies of the Corporate Governance Codes in France, Germany, Italy, the Netherlands and the UK met on Friday 24th 2016 in Venice to establish a forum for dialogue about the role of Corporate Governance Codes
Following the recommendation of the Regierungskommission Deutscher Corporate Governance Kodex, the German Federal Minister of Justice and for Consumer Protection, Heiko Maas, has appointed Prof. Dr. Rolf Nonnenmacher, member of the Supervisory Boards and chairman of the Audit Committees of Continental AG, Covestro AG and ProSiebenSat.1 Media SE, as member of the Commission of the German Corporate Code with effect from 20 June 2016. In accordance with the rules of internal procedures of the Code Commission, in force since 2014, the appointment endures for four years.
Following the recommendation of the Regierungskommission Deutscher Corporate Governance Kodex, the German Federal Minister of Justice and for Consumer Protection, Heiko Maas, has appointed Michael Guggemos, Spokesman of the Management of Hans-Böckler-Stiftung, Dr Margarete Haase, Member of the Board of Deutz AG as well as Prof Dr Wulf von Schimmelmann, Chairman of the Supervisory Board of Deutsche Post AG, as members of the Commission of the German Corporate Code with effect from 1 February 2016. In addition, both Claudia Kruse, Member of the Extended Management of the Dutch APG Asset Management, and Jens Wilhelm, Member of the Board of Union Asset Management Holding AG, have been appointed to the Code Commission as of 1 March 2016. In accordance with the rules of internal procedures of the Code Commission, in force since 2014, the appointment endures for four years.
Invitation to send written comments on the proposed amendments and remarks until 1 April 2015. Comments on the proposals which are submitted on time will be considered during final deliberation by the Commission in May 2015.
The Regierungskommission Deutscher Corporate Governance Kodex requests the OECD to take into account to a greater extend the characteristics of dualistic corporate governance systems, consisting of management and supervisory boards, like in Germany.
The clarified explanations also specify where and how deferrals, i.e. components from one-year variable compensation, which are deferred and not paid out immediately, are to be recorded in the model tables. In addition, the disclosure time of the one-year and multi-year variable compensation received has been harmonised. Third party benefits which have already been taken into account in Number 4.2.3 DCGK are to be specified explicitly insofar as they are connected to Management Board work.
The Berlin Center of Corporate Governance (BCCG) has today published the Executive Summary of its latest survey concerning the implementation of the German Corporate Governance Code (as of May 21, 2004). Download under www.bccg.tu-berlin.de/main/publikationen.htm.
A plenary meeting of the Government Commission on the German Corporate Governance Code was held on June 8, 2004. After detailed discussion, the Commission decided unanimously not to adjust the Code at the present time in view of the forthcoming changes to legislation in Germany and at EU level.
The 2. German Corporate Governance Code-Conference took place in Berlin, June 25/26, 2003. More detailed information, the program of the conference and selected presentations (Video on Demand) are available on the Handelsblatt-website.
The Government Commission met in plenary session on May 21, 2003. The European Commission will shortly be publishing its action plan for modernizing company law and improving corporate governance in the EU.
The Berlin Center of Corporate Governance (BCCG) has today published the Executive Summary of its survey concerning the implementation of the German Corporate Governance Code. Download under http://www.bccg.tu-berlin.de/
A plenary meeting of the Government Commission was convened on November 7, 2002 to review the German Corporate Governance Code against the background of national, European and international developments and taking into consideration the status of the public discussion.
Chairman of the Government Commission on the German Corporate Governance Code at the press conference following the handing over of the German Corporate Governance Code to German Minister of Justice Prof. Dr. Herta Däubler-Gmelin on February 26, 2002 in Berlin