FT: Germany announces voluntary business code

27 February 2002

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The German government on Tuesday announced broad voluntary guidelines for publicly traded companies. The new code is a reaction to international criticism that companies in Europe's largest economy lack transparency and fail to consult shareholders on vital decisions, such as those taken during hostile takeover attempts.

The code specifies greater independence for supervisory boards and a limited role for shareholders in takeover situations. It also suggests that information on executives' pay should be presented on an individual basis.

See full FT article.

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