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<!DOCTYPE html> <html lang="en"> <head> <meta charset="UTF-8"> <title>Code - dcgk - englisch</title> <base href="https://www.dcgk.de/"> <meta name="robots" content="index,follow"> <meta name="description" content=""> <meta name="keywords" content=""> <meta name="generator" content="Contao Open Source CMS"> <link rel="stylesheet" href="assets/css/dcgk-main.css-4d0df336.css"> <script src="assets/js/jquery.min.js-c31f118d.js"></script><link rel="alternate" hreflang="de" lang="de" href="de/kodex.html" title="Kodex" /><meta name="viewport" content="width=device-width, initial-scale=1.0, maximum-scale=1"> <script src="files/dcgk/layout/js/vendor/modernizr-2.7.1-custom.js"></script>  <script src="files/dcgk/layout/js/min/dcgk-main.min.js"></script> <script src="files/dcgk/layout/js/dcgk-4-update.js"></script> <link rel="stylesheet" type="text/css" href="files/dcgk/layout/css/cookieconsent.css"> <script src="files/dcgk/layout/js/cookieconsent.js"></script> </head> <body id="top" class="win ie trident ie7 lang-en"> <div id="wrapper"> <header id="header"> <div class="inside"> <div class="logoContainer"> <a href="/en"> <img class="logo" src="files/dcgk/layout/img/dcgk-logo-de.png" width="420" height="50" alt="" title=""> <img class="logoMobile" src="files/dcgk/layout/img/dcgk-logo-de-mobile.png" width="200" height="85" alt="" title=""> </a> </div> <div class="shareBar">  </div> <div class="mobileNavHolder"></div>  <nav class="mod_navigation block" id="mobileNavigation"> <a href="en/code.html#skipNavigation21" class="invisible">Skip navigation</a> <ul class="level_1"> <li class="homepage sibling first"><a href="en/home.html" title="Home" class="homepage sibling first">Home</a></li> <li class="submenu sibling"><a href="en/commission.html" title="Commission" class="submenu sibling" aria-haspopup="true">Commission</a> <ul class="level_2"> <li class="first"><a href="en/kommission-33/die-kommission-im-dialog.html" title="Practical Impulses" class="first">Practical Impulses</a></li> <li><a href="en/kommission-33/members.html" title="Members">Members</a></li> <li><a href="en/kommission-33/office.html" title="Secretariat">Secretariat</a></li> <li class="last"><a href="en/commission/former-members.html" title="Former Members" class="last">Former Members</a></li> </ul> </li> <li class="active submenu"><strong class="active submenu" aria-haspopup="true">Code</strong> <ul class="level_2"> <li class="submenu first"><a href="en/code//foreword.html" title="Current version" class="submenu first" aria-haspopup="true">Current version</a> <ul class="level_3"> <li class="first"><a href="en/code//foreword.html" title="Foreword" class="first">Foreword</a></li> <li><a href="en/code/current-version/a-management-and-supervision.html" title="A. 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At first it describes legal regulations for management and supervision of German listed companies (corporate governance), which are mainly referring to the Aktiengesetz (German Stock Corporation Act). Further elements are international and national acknowledged standards for good and responsible corporate governance, in the form of recommendations and suggestions. Recommendations are marked in the text by use of the word “shall” and suggestions of the word “should”. </p> <p>Through the <a href="http://dcgk.de/eng/news/transparenzgesetz20020801.html">declaration of conformity</a> pursuant to § 161 Aktiengesetz (Stock Corporation Act), the code has a legal basis. Accordingly, the recommendations and suggestions are not mandatory. However, deviations from the recommendations – not the suggestions – have to be explained and disclosed with the annual declaration of conformity (Comply or Explain). The recommendations and suggestions of the code become valid with the publication in the official section of the Federal Gazette.</p> <p>Besides giving recommendations and suggestions that reflect the best practice of corporate governance, the Code aims at enhancing the German corporate governance system’s transparency and comprehensibility, in order to strengthen the confidence of international and national investors, clients, employees and the general public in the management and supervision of German listed companies. </p> <p>The Commission reviews the Code on an annual basis in order to find out if it still describes the best practice of good corporate governance and adapts it when indicated.</p> </div> <div class="ce_text ce_quote block"> <div><em>Compliance with the Code’s recommendations is not mandatory, but deviations have to be explained. The Code relies on acceptance without compulsion. This principle gives essential flexibility to companies so that they can take industry or company specific needs into account. Simultaneously, it ensures the necessary transparency. </em></div> <p><strong>(<strong>Prof. Dr. Rolf Nonnenmacher</strong>)</strong></p> </div> <div class="ce_text block"> <p><span lang="EN-US">The latest version of the Code is published on this internet page. This version </span><span lang="EN-US">of the Code </span><span lang="EN-US">includes the amendments on 28 April 2022. The amended version was published in the Federal Gazette 27 June 2022. Be aware that the English version of the Code is a convenience translation.</span><span lang="EN-US"><br></span></p> </div> </div> </div> </div> <aside id="left"> <div class="inside">  <div class="ce_page_title_l1"><p class="pageTitle"><a href="en/code.html">Code</a></p></div>   <nav class="mod_navigation block"> <a href="en/code.html#skipNavigation3" class="invisible">Skip navigation</a> <ul class="level_1"> <li class="first"><a href="en/code//foreword.html" title="Current version" class="first">Current version</a></li> <li><a href="https://www.dcgk.de//files/dcgk/usercontent/en/download/code/220627_German_Corporate_Governance_Code_2022.pdf" title="Current GCGC 2022 (PDF)" target="_blank" rel="noreferrer noopener">Current GCGC 2022 (PDF)</a></li> <li><a href="https://www.dcgk.de//files/dcgk/usercontent/en/download/code/220627_German_Corporate_Governance_Code_Markup.pdf" title="Current GCGC 2022 - Markup (PDF)" target="_blank" rel="noreferrer noopener">Current GCGC 2022 - Markup (PDF)</a></li> <li><a href="https://www.dcgk.de//files/dcgk/usercontent/en/download/code/220517_GCGC_Rationale.pdf" title="Rationale GCGC 2022 (PDF)" target="_blank" rel="noreferrer noopener">Rationale GCGC 2022 (PDF)</a></li> <li class="last"><a href="en/code/archive.html" title="Archive" class="last">Archive</a></li> </ul> <span id="skipNavigation3" class="invisible"></span> </nav>  </div> </aside> </div> </div> <footer id="footer"> <div class="inside">  <p> Regierungskommission Deutscher Corporate Governance Kodex • c/o Deutsches Aktieninstitut e.V. • Senckenberganlage 28 • 60325 Frankfurt am Main<br> Telefon +49 69 92915-0 • Telefax +49 69 92915-13 • <a href="mailto:regierungskommission@dcgk.de" class="email">regierungskommission@dcgk.de</a> </p> <p class="copyright"> © 2024 Regierungskommission Deutscher Corporate Governance Kodex   <span class="cc-settings"></span> <a href="en/imprint.html">Imprint</a>  |  <a href="en/privacy.html">Privacy</a> </p>  </div> </footer> <script type="application/ld+json"> { "@context": "https:\/\/schema.org", "@graph": [ { "@type": "WebPage" } ] } </script> <script type="application/ld+json"> { "@context": "https:\/\/schema.contao.org", "@graph": [ { "@type": "Page", "fePreview": false, "groups": [], "noSearch": false, "pageId": 38, "protected": false, "title": "Code" } ] } </script> <script src="files/dcgk/layout/js/cookieconsent-init.js"></script> <script> setTimeout(function(){jQuery.ajax("system/cron/cron.txt",{complete:function(e){var t=e.responseText||0;parseInt(t)<Math.round(+(new Date)/1e3)-86400&&jQuery.ajax("system/cron/cron.php")}})},5e3)  </script> </body> </html>

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