German Corporate Governance Code (DCGK)
The German Corporate Governance Code (DCGK) aims to make the German system of corporate governance more transparent and more easily comprehensible. It is intended to promote the trust placed in the management and supervision of publicly listed companies in Germany by international and national investors, customers, employees, and the general public. The DCGK comprises three different elements. On the one hand, it describes the legal requirements governing the management and supervision (“corporate governance”) of German publicly listed companies. These requirements are mainly governed by the German Stock Corporation Act (AktG). Further elements of the Code involve nationally and internationally acknowledged standards of high-quality, responsible corporate governance in the form of recommendations and suggestions. In the Code text, recommendations are indicated by the word “shall”, while suggestions are made using the word “should”.
The Declaration of Conformity required by § 161 AktG provides the Code with a foundation in law. Unlike legal requirements, the recommendations and suggestions are not binding, but deviations from the recommendations have to be explained and published in the Declaration of Conformity to be submitted each year, i.e. “comply or explain”.
The current Declarations of Conformity submitted by HORNBACH Holding AG & Co. KGaA and HORNBACH Baumarkt AG pursuant to § 161 AktG can be found here: Declarations of Conformity
The current version of the German Corporate Governance Code is also available as a PDF download: PDF (236.92 kB)
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