Due to the ongoing corona pandemic, listed companies must be able to hold virtual general meetings until the end of 2021. In the statement of Deutsches Aktieninstitut we welcome the draft bill of the Federal Ministry of Justice and Consumer Protection and support an extension of the COVID 19 legislation. Particularly in the pandemic, Germany's listed companies must remain capable of taking action and be given the opportunity to conduct their annual general meetings virtually and in a legally ...

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Companies raising capital from private investors should benefit from alleviations in order to limit the impacts of the current crisis and to concentrate government recapitalization-measures on those companies, that are temporarily unable to access private capital markets. This is the key message of a recent position paper of Deutsches Aktieninstitut. We propose, among others, to extend the alleviations for raising capital, which have been created for recapitalization-measures of the government ...

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The Prudential Requirments of Investment Firms primary objective is to cope with financial stabiliy issues. This has also been to focus of the proposal of the European Commission in late 2017. Some of the proposed amendments by Members of the European Parliament would obligate certain asset managers - among others - to inform in detail on their behaviour on general meetings and discussions with portfolio companies and to incoporate ESG aspects into their voting guidelines. We criticize these ...

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Deutsches Aktieninstitut welcomes the level II Regulation draft on the SRD II which will help to further improve and harmonise information flows between companies, intermediaries and shareholders and, in turn, will ease to practice shareholders’ rights cross border within the EU. Though we basically welcome the draft, some work remains to be done. Overall, it has to be ensured that the final Regulation works together with existing company laws as well as the needs of issuers to have legal ...

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Deutsches Aktieinstitut takes part in the consultation of the Best Practice Principles for Shareholder Voting Research & Analysis Providers. For companies the main issue with proxy advisors is a further better communication which is emphasized by Deutsches Aktieninstitut.


The positiov of German listed companies for the trialogues on the Shareholder Rights Directive is summarized in two position papers of Deutsches Aktieninstitut. In a joint position paper with the Bundesverband der Deutschen Industrie (BDI) Deutsches Aktieninstiutt focusses on the provisions on related party transactions, remuneration and the topic of proxy advisors. Both associations stress that for the German industry it is of major importance that in particular the improvements on related ...


Transparency and reliability of proxy advisors have improved over the past decade as has the incorporation of national specifics of corporate governance into the voting guidlines. However, listed companies still miss a possibility to check voting recommendations against factual errors before they are issued to investors. These are two of the main findings of this position paper prepared for an ESMA's consultation on a code of business conduct of the proxy industry.


The transposition of the amended EU Transparency Directive into German law still needs some improvement. In particular, the regime of major holdings notifications should be me made more efficient and risks for issuers resulting from incorrect notifications should be reduced. These are the requests of Deutsches Aktieninstitut laid down in this position paper for the German parliamentary debate.


This comment summarises Deutsches Aktieninstitut's position on the national implemention of the revised EU Transparency Directive. From Deutsches Aktieninstitut's point of view the possibility to suspend voting rights in case of false notifications of major holdings deserves close attention. The German legislator currently does not fully uses the options granted by the Transparency Directive and thus creates additional risks for the general meetings of listed companies.


This position paper comments on a draft code of conduct which has been presented in October 2013 by a group of proxy advisors to govern their transparency and business conduct. Deutsches appreciate the initiative as step forward in order to improve the transparency of the proxy advisory industry. However, the code should be improved. Deutsches Aktieninstitut is in particular calling for the opportunity to check the draft of a voting recommendation on factual errors before its ...

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Position of Deutsches Aktieninstitut in regard of the proposed changes in the law regulating transformation of companies (Umwandlungsgesetz) and concerning corporate demergers (in German)

In this position Deutsches Aktieninstitut welcomes the idea of accelerating court procedures to verify the adequacy of an offer. The duration of such procedures harm companies as well as investors. Deutsches Aktieninstitut proposes, though, to admit appeals to the Federal Court of Justice.


Position of Deutsches Aktieninstitut in regard of the government draft bill of the "Bundesschuldenwesengesetz" - here: German Bond Act (in German



Position of Deutsches Aktieninstitut in regard of the government draft bill of the revised Stock Corporation Act 2012 (in German)



Comment of Deutsches Aktieninstitut on the regulation of the external auditor market



Position of Deutsches Aktieninstitut in regard of the appeal to the Federal Constitutional Court: "Delisting", 1 BvR 1569/08 (in German)


Institutional investors increasingly integrate environmental, social and governance (ESG) into the assessment of business and strategy of portfolio companies. This trend is documented in this survey conducted by Deutsches Aktieninstitut and Rothschild & Co. It is based on interviews with institutional investors managing a total of 14.4 trillion assets. A high number of original quotes from different investors allows readers to form an own opinion.



Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 1st Term 2016 (in German)

Focus: Retirement Planning

Deutsches Aktieninstitut welcomes the draft on the General Meeting without the shareholders’ personal attendance. Due to the lack of the necessary infrastructure, the possibility to ask questions during the online General Meeting must be dropped. Instead, shareholders should have the opportunity to submit their questions before the general meeting.


Auf einen Symposium des Deutschen Aktieninstituts zum Thema „Anfechtungsrecht" forderte das geschäftsführende Vorstandsmitglied Dr. Christine Bortenlänger gestern in Frankfurt die Reform des Anfechtungsrechts. Vor den gut 100 Teilnehmern aus Politik, Wirtschaft, Justiz und Wissenschaft sagte sie: „Ich denke nicht, dass wir uns mit der aktuellen Situation zufrieden geben sollten. Die Geschlossenheit des Gesellschaftsrechts und die weitere Eindämmung des Missbrauchspotentials unter ...

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