Position Papers

With our position papers we engage in political debates and expert discussions regarding capital market issues - representing the interests of our members. Each year, numerous and detailed positions cover the various areas of our work: the primary market, the secondary market, the governance of listed companies and the economic education.

Below you will find our position papers which focus on European legislation - mostly in English and partially in German language. All our positions including papers with focus on national topics you will find on our German website.

Deutsches Aktieninstitut and the Federation of German Industries (BDI) welcome the German government's restrictive interpretation of the European parameters on statutory audit as expressed in the government's draft-legislative proposal for transposition of the EU regulation and directive on the same subject. However, both trade-associations see room for improvement as regards provisions on external rotation of audit firms. Since the draft distinguishes between corporates and financial institutions regarding rotation periods, conflicts are likely to arise for non-financial companies with legally independent corporate finance-subsidiaries. Furthermore, sanctioning mechanisms must be clarified and the two-tier-system of German corporate governance respected.