At the very outset of its governance code, Germany established a Commission of the Corporate Governance Code, which is required by law to evaluate the Code on an annual basis and proposed any changes or amendments that are needed. On average, the Commission has amended the Code almost once a year since it was first put in place. Out of its 14 diverse members, 3 are women. All members are appointed by the German Federal Minister of Justice and for Consumer Protection.
One wishes that the MOJ or FSA could take such leadership.
The Commission, Regierungskommission Deutscher Corporate Governance Kodex, is a commission introduced by the German Federal Minister of Justice in September 2001. It consists of managing and supervisory board representatives of German listed companies and their stakeholders, i.e. institutional and retail investors, academics (economics, jurisprudence), auditors and a trade union federation. The members of the Commission are appointed by the German Federal Minister of Justice and for Consumer Protection. The Commission can submit recommendations for new members.
The Chairman of the Commission is appointed by the German Federal Minister of Justice and for Consumer Protection, too. He represents the Commission externally and coordinates the work internally.
The Commission shapes standards of good corporate governance in the code, which it reviews on an annual basis. The Commission develops the standards not only by internal discussions, but in dialogue with economy, politics and the general public.
by Nicholas Benes