Work of the Commission in 2025 – Year in Review
Q1:
The Commission publishes its second Practical Impulse on 5 February in cooperation with the Universities of Göttingen and St. Gallen on the DCGK website: “The supervisory board as a sparring partner in matters of strategy: A win for companies” (link). At the same time, interviews are featured in Handelsblatt and in the journal “Der Aufsichtsrat”. The central focus is on the supervisory board adopting a more active role in the development of corporate strategy.
Plenary session on 10 February: The Investors working group (Arbeitsgruppe Investoren) reports on current discussions with investors and their feedback on relevant corporate governance issues. The majority view among investors is that the Code compares well internationally. Nonetheless, from their perspective, certain points of criticism persist—such as the size and term limits of supervisory boards as well as cooling-off periods when board members move from the management board to the supervisory board. The most significant criticisms made by international investors are identified for discussion in the Code working group (Arbeitsgruppe Kodex).
The Supervisory Board working group (Arbeitsgruppe Aufsichtsrat) reports positive feedback on the publication of the Practical Impulse: The supervisory board as a sparring partner in matters of strategy: A win for companies. Another Practical Impulse is planned—this time on the role of the supervisory board in the use of artificial intelligence (AI). For this purpose, the working group brought in experts.
The Code working group discusses potential topics for another Practical Impulse, including the declaration of compliance. Here, a Practical Impulse could help initiate a process aimed at understanding the declaration of compliance not just as a formal document, but as a catalyst for substantive engagement with key governance issues. The declaration of compliance would then be the result of a consciously designed process.
Q2:
At the general meeting of the Deutsches Aktieninstitut (DAI) on 6 May, Chairwoman Clara Streit addresses the current topics of the Government Commission. In this context, she also discusses two central current challenges: artificial intelligence and geopolitical upheaval. Regarding AI, the focus is on further strengthening future competencies of supervisory boards, and with respect to geopolitical developments, a clear compass for companies is more important than ever.
The Eight Chairs publish a joint statement on responsible and sustainable long-term value creation and competitiveness on 28 May (link). The Eight Chairs is an informal forum comprised of the chairs of the national corporate governance code institutions of Belgium, France, Germany, Italy, the Netherlands, Spain, Sweden, and the United Kingdom. With Switzerland being admitted as a new member, this European corporate governance initiative will henceforth be known as the Nine Chairs.
Plenary session on 23 June: The Investors working group presents a current analysis of the 2025 annual general meeting (AGM) season. Regarding the format, the trend toward virtual events continues: around 70 percent of AGMs among DAX 40 companies are now virtual. In the MDAX, more than half of AGMs are virtual, while the SDAX sees about a third of its AGMs held virtually.
The Supervisory Board working group reports on the current status of the Practical Impulse concerning the supervisory board’s role in deploying AI. Taking into account initial hurdles, a gradual and pragmatic approach is being discussed.
The Code working group is continuously reviewing the need to revise, update, or adapt the Code in light of current developments. The consensus that there is currently no need for substantive revision remains.
Q3:
The Federal Minister of Justice and Consumer Protection, Dr Stefanie Hubig, appoints Dr Katrin Suder as a new member of the Commission as of 1 July 2025.
On 5 September, the annual Corporate Governance Conference is held at the Frankfurt School of Finance and Management (FSFM). Chairwoman Clara Streit delivers a keynote address on Corporate Governance: Between Tradition and Modernity.
On 11 September, the third Practical Impulse is published on the DCGK website—on the use of artificial intelligence within the supervisory board (link). The publication is accompanied by media and social media activities.
Q4:
On 1 October, Chairwoman Clara Streit speaks at the AdAR Conference (Arbeitskreis Deutscher Aufsichtsrat e.V.) in Frankfurt. She addresses the key topics of the conference: artificial intelligence, the strategic capability of the supervisory board, and DEI/sustainability.
The newly formed 9 Chairs meet on 14 October in Stockholm. At the center of this informal exchange are the topics of deregulation, debureaucratisation, and the so-called 28th regime planned by the EU Commission.
Plenary session on 11 November: The Investors working group reports on the planned dialogue and exchange with investors from Asia and the Middle East. The aim of these discussions is to learn more about international expectations of German corporate governance and to use the dialogue to explain the German Corporate Governance perspective.
The Supervisory Board working group reports positive feedback from academia and practice on the AI Practical Impulse. There is consensus that the AI Practical Impulse should be treated as a living document, to be updated and extended. An update of the AI Practical Impulse is therefore planned for next year.
The Code working group reports on the current status of Code monitoring, acceptance and deviations from the Code. It also discusses options for simplifying and streamlining the Code. A specific proposal is to be developed by the next plenary session. In addition, it is confirmed that the topic of the declaration of compliance will be the subject of the next Practical Impulse, to be published next year.
On 18 November, Chairwoman Clara Streit participates in an event at the Technical University of Munich (TUM), providing students with insights into the work of supervisory boards and the Government Commission DCGK (Regierungskommission Deutscher Corporate Governance Kodex DCGK).
On 26 November, Chairwoman Clara Streit meets in Berlin with the Federal Minister of Justice and Consumer Protection, Dr Stefanie Hubig, for an exchange of views on priorities with regard to the further development of corporate governance in Germany.
Dr Stefanie Hubig, Federal Minister of Justice and Consumer Protection, and Clara Streit,
Chairwoman of the Regierungskommission Deutscher Corporate Governance Kodex
(from left, photo credit: BMJV)