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 has commented on the revision of the German Corporate Governance Code proposed by Regierungskommission Deutscher Corporate Governance Kodex. The determination of independence of Supervisory Board members by negative indicators is welcome. However, going further into detail, Deutsches Aktieninstitut is critical as to criteria put forward as indication for independence - such as the fixed term limit to a maximum of 12 years for recurring re-appointment as member of the Supervisory Board. The introduction of the proposed "apply and explain" approach as well as the concrete remuneration model should -in the view of the Deutsches Aktieninstitut- be rejected - at least if required as “mandatory” recommendation of the code. We also deem problematic that eg term limits for re-appointment as well as the restriction of accumulation of mandates for Supervisory and Management Board members interferes with well established market practice.  In addition, they are not effective.