Corporate Governance Codex

The Government Commission for the German Corporate Governance Code (Regierungskommission Deutscher Corporate Governance Kodex) adopted the Code on 26 February 2002 and most recently passed various amendments to the Code on 15 May 2012. The Code provides recommendations and suggestions for the management and supervision of German, publicly-listed companies. It is thereby geared towards internationally and nationally recognised standards of good and responsible corporate governance. The Code contains recommendations and suggestions on Corporate Governance in relation to shareholders and general shareholders' meetings, the management board and the supervisory board, transparency, accounting and annual audits. There is no obligation to comply with the recommendations or suggestions of the Code. German stock corporation law solely obligates that the management board and supervisory board each year either declare that the recommendations of the Code were and are observed or to declare which recommendations were and are not applied and why.

The current version of the German Corporate Governance Code can be found here.