Code reform 2019 adopted

The Government Commission "German Corporate Governance Code" adopted a new version of the German Corporate Governance Code on 9 May 2019. The new Code contains a re-statement of the rules regarding Management Board remuneration as well as specification of the independence requirement regarding shareholder representatives on the Supervisory Board. After the Act for Implementing the Second EU Shareholder Rights Directive ("ARUG II") enters into force will the new Code be handed in for publication at the Federal Ministry of Justice and Consumer Protection.

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