German Corporate Governance Code 2020
The Government Commission "German Corporate Governance Code" adopted a new version of the German Corporate Governance Code ("GCGC", or the "Code") on 16 December 2019. The new Code has been handed for verifying at Federal Ministry of Justice and Consumer Protection on 23 January. The Code 2020 will then come into force with the subsequent publication by the Ministry in the German Federal Gazette, thus superseding the hitherto valid Code in its version dated 7 February 2017.
The Government Commission will already present the new Code, in order to help enterprises and capital market participants prepare for the new recommendations and suggestions. Within the meaning of best practice, enterprises may adopt individual new recommendations and suggestions prior to the official adoption date. The GCGC version dated 7 February 2017 acts as the basis of the Declaration of Compliance until the new Code has been published in the German Federal Gazette.
The English version of the Code 2020 and the explanatory notes will be published in due time.