Press release on today's plenary meeting of the Government Commission
Government Commission focuses on continuity
- Manfred Gentz and Dietmar Hexel replace Volker Potthoff and
Heinz Putzhammer in the Commission
At its plenary meeting in Frankfurt on June 12, 2006, the Government Commission on the German Corporate Governance Code intensively discussed the corporate governance situation in Germany and Europe and identified no major new developments since the last plenary meeting in June 2005. Commission Chairman Dr. Gerhard Cromme: “We wish to continue to support the high acceptance of the German Corporate Governance Code and give companies the opportunity to operate with an unchanged code wherever possible. The focus of our work is on continuity.”
Against this background the Commission was able to restrict itself to integrating into the Code the relevant provisions of the Management Compensation Disclosure Law (VorstOG) and the effects of the Law on Corporate Integrity and Modernization of the Right of Avoidance (UMAG). This mainly involved concretizing the individualized disclosure of management compensation and strengthening the rights of the annual general meeting chairman.
Changes have taken place in the composition of the Government Commission. Dr. Manfred Gentz, among other things Member of the Supervisory Board of Deutsche Börse AG and former CFO of DaimlerChrysler AG, and Dietmar Hexel, Member of the DGB National Executive, have joined the Government Commission. They succeed Volker Potthoff and Heinz Putzhammer, who have stepped down. Both had been members of the Government Commission since its inception. Dr. Cromme: “I thank Messrs Potthoff and Putzhammer for their hard work in the development of the German Corporate Governance Code, a task which involved all the major interest groups of German business. At the same time I am delighted that the Federal Justice Minister has gained two outstanding personalities in Dr. Gentz and Mr. Hexel to work on the Government Commission.
”The Code changes resolved today still have to be published by the Federal Justice Ministry in the Electronic Federal Gazette. The updated wording of the German Corporate Governance Code will be available shortly on the website of the Government Commission at www.corporate-governance-code.de. Further information on the work of the Government Commission is also available on the website.
Dr. Jürgen Claassen
Corporate Communications and Strategy
Telefon: + 49 (211) 824- 36002
Telefax: + 49 (211) 824- 36006