On 6 November the Commission has published the draft of a revised Code and invites you to take part in a consultation process. The Code-reform aims 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 are 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.

Against this backdrop the Commission has spent the previous year to prepare the draft of a new Code meeting the afore-mentioned requirements. The Commission is looking forward to receiving your comments.

Please find hereafter the draft including explanations and further documentation:

The period for the submission of comments on the draft ended by 31 January 2019.

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.