Governmental orders to ban public assemblies and to curtail public life in order to prevent the spread of the corona-virus largely affect the general assemblies of listed companies in the current season. In order to maintain the functioning of companies, Deutsches Aktieninstitut requests an emergency parliamentary act calling for a limited and timely permission to conduct general assemblies without the physical presence of the shareholders.


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 position paper emphasizes the importance of functioning IPO-markets for growth financing and employment. An adequate regulatory framework should incentivise retail and institutional investors to invest more money in shares. An efficient regulation should also increase the attractiveness of stock markets as a financing instrument for companies.



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 paper of Deutsches Akteininstitut on a proposed German act on the representation of women in executive positions

Das Deutsche Aktieninstitut hält die geforderte starre Frauenquote weder für verfassungsgemäß noch für zielführend. Nur gemeinsame Anstrengungen des Staates, der Unternehmen und der Betroffenen können dazu führen, dass mehr Frauen Führungspositionen übernehmen.


Position of Deutsches Aktieninstitut in regard of the proposal of promoting equal participation of women and men in management and supervisory boards



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


The study provides an empirical analyses of both the potential and the willingness of the German "Mittelstand" to raise capital by the means of an intial public offering. It is revealed that 1,250 medium sized companies have a good starting positon and that "Mitttelstand" companies are still rather sceptic with regard on IPO. The study also aims at discussing some of the prejudices among those who are sceptic.



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

Focus: Retirement Planning

On the occasion of the festive evening reception of Deutsches Aktieninstitut Sabine Lautenschläger, member of the Executive Board of the European Central Bank, called for an effective regulation and supervision of financial markets. Werner Baumann, President of Deutsches Aktieninstitut, also emphasized the importance of a reliable regulatory framework enabling banks to fulfil their macroeconomic tasks vis-à-vis savers and enterprises.


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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