On 6 November the Commission has published the draft of a revised Code and invited you to take part in a consultation process. The Code-reform aimed at increasing both the relevance and the acceptance of the code by companies and investors alike by curbing the Code, providing it with a new structure and improving its legibility. In line with these objectives new recommendations on independence and executive compensation were also envisaged. The Code intends to set standards that are crucial to a large variety of stakeholders in particular to allow as many as possible investors to use the code when assessing corporate governance of German companies.

On May 9, 2019, the Commission has published a second draft of a new Code.The Commission has worked intensively on the comments received and has taken numerous proposals into account.

Comments/answers from stakeholders to the consultation from 6 November 2018 until 31 January 2019 can be found here. Please be informed that feedback received are published on the Commission’s webpage, unless you explicitly disapprove of a publication of your comments. In addition, a repeal of your consent to a publication will be accepted at any time. Please also observe our privacy statement and data protection notice.