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Lange, Knut Werner: Corporate Governance in Family Enterprises

Prof. Dr. Knut Werner Lange, 2010

I. Introduction

Corporate Governance in companies listed on the stock exchange is to some extent a long runner. Science and practice have been dealing with this subject matter for years; the standards that are important for the legal consultation and the application of law in Germany are contained in the DCGK (German Corporate Governance Code). However, the DCGK is addressed to a limited circle of enterprises with very few legal forms. It is not of immediate importance for the majority of family enterprises in Germany because they do not emit listed securities and are not run in the form of the public limited company.

The DCGK arrogates to itself to contain general statements on good corporate governance and management. Its authors also recommend companies listed on the stock exchange to observe these rules as far as these provisions are appropriate to the respective type of company. However, this concerns regularly only those stipulations of the DCGK which do not have any special reference to the admission to stock exchange trading or the legal form. Furthermore, the DCGK assumes steadily that the company has both a management and a supervisory body at its disposal which is not the general rule in the case of family enterprises. Therefore, the standards of the DCGK will be of interest mostly for large family enterprises with a great number of associates

 

Read more: Lange, Knut Werner: Corporate Governance in Family Enterprises

Code and Family Constitution

Prof. Dr. Knut Werner Lange, 2009

I. Introduction and Outline of the Issue

For several years questions regarding the managing of enterprises have been discussed in legal and economic literature under the catchword “Corporate Governance”. The honoured jubilarian has already dealt with this subject matter of importance also for family enterprises so that the following lines will hopefully find his interest.
Principles of Corporate Governance are predominantly understood as standards of conduct for the company´s management and its supervision.
These standards basically concern the interaction between the management, the supervisory body and the owners of a company.

However, the interests of the so called stakeholders (employees, creditors, business partners, etc.) have to be considered likewise.

Read more: Code and Family Constitution

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