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German Corporate Governance Code (DCGK)

The objective of the German Corporate Governance Code (DCGK) is to make the dual German corporate governance system transparent and understandable. The Code includes principles, recommendations and suggestions governing the management and monitoring of German listed companies that are accepted nationally and internationally as standards of good and responsible governance. It aims to promote confidence in the management and supervision of German listed companies by investors, customers, employees and the general public. The German corporate governance code consists of three elements. At first it describes legal regulations for management and supervision of German listed companies (corporate governance), which are mainly referring to the Aktiengesetz (German Stock Corporation Act). Further elements are international and national acknowledged standards for good and responsible corporate governance, in the form of recommendations and suggestions. Recommendations are marked in the text by use of the word “shall” and suggestions of the word “should”.

Through the declaration of conformity pursuant to § 161 Aktiengesetz (Stock Corporation Act), the code has a legal basis. Accordingly, the recommendations and suggestions are not mandatory. However, deviations from the recommendations – not the suggestions – have to be explained and disclosed with the annual declaration of conformity (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 available here: German Corporate Governance Code

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