Corporate Governance

Questions relating to corporate governance are essentially of constant concern to companies: Who actually defines the overriding goals of thecompany? How do you deal with diverging stakeholder interests? Is the remuneration of the management board appropriate? Did the supervisory board correctly supervise the management board? Who has a seat on thesupervisory board anyway?

Corporate Governance in latest research

The topic of corporate governance has beenthe subject of intense debate around the world, both in theory and practice, since the early 1990s. This is mainly due to many corporate woes and the internationalisation of capital markets.

Astonishingly, there is still not an exact definition – this even applies to theRegierungskommission Deutscher Corporate Governance Kodex (GermanCorporateGovernanceCode). At its core is a normative framework for the management and supervision of companies or corporate units. This framework of conduct is specified externally to some extent – for example by relevant laws or even a governance code, for example. It should not be forgotten, however, that various stakeholders can and will exert influence on this framework within a company.

To date, the focus of the corporate governance discussion has beenprimarily on questions of distribution of leadership competencies among different stakeholders. Furthermore, specific behavioural guidelines are also issued for management and supervisory activities, or framework guidelines for control systems (e.g. remuneration systems) are issued with which the behaviour of the stakeholders can be influenced.