Outlook
The German Corporate Governance Code was amended significantly last year in terms of the remuneration rules for executive boards. The Gesetz zur Angemessenheit der Vorstandsvergütung (VorstAG – German Act on the Appropriateness of Executive Board Remuneration) underlined the importance of the new rules, which will be observed by shareholders in future. Closely linking executive board remuneration with the success of a company, and hence of its shareholders, will – where not already practised by companies – improve credibility and in future also have an impact on the willingness of shareholders to place further equity at a company’s disposal.