Entwicklungen der Vorstandsabfindungen von 2010 bis 2019

Schottmüller-Einwag Ute () and Alexander Dilger ()
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Schottmüller-Einwag Ute: Westfälische Wilhelms-Universität Münster, Wirtschaftswissenschaftliche Fakultät, Institut für Organisationsökonomik, Scharnhorststr. 100, 48151 Münster, Germany

ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, 2023, vol. 72-73, issue 1, 127-151

Abstract: This study investigates the development of acceptance of recommendation G.13 sentence 1 of the German Corporate Governance Code (dated April 28, 2022, formerly 4. 2. 3 paragraph 4 sentence 1), which provides ceilings for early termination of contracts of members of the executive board. The severance payment amounts of early retiring members of the management board of DAX companies in relation to annual compensation and remaining contract term are significantly lower in the period 2015 to 2019 than between 2010 and 2014. However, there was no evidence of a significant decrease in the amount of severance cases. In the DAX companies’ declarations of conformity pursuant to § 161 AktG, the rate of deviation with respect to the recommendation under consideration is decreasing, but an exceeding of the recommended upper limit is not mentioned in any of the cases in the following declaration of conformity. The paper also examines whether new forms of generous payments to retiring members of the executive board have increasingly emerged.

Keywords: Corporate Governance; Declaration of Conformity; Deviation; Recommendation; Severance Payment; Abweichung; Corporate Governance; Empfehlung; Entsprechenserklärung; Vorstandsabfindung; Corporate Governance; Declaration of Conformity; Deviation; Recommendation; Severance Payment (search for similar items in EconPapers)
JEL-codes: D86 G34 G35 G38 J33 J63 K12 K31 M12 M52 M55 (search for similar items in EconPapers)
Date: 2023
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Working Paper: Entwicklungen der Vorstandsabfindungen von 2010 bis 2019 (2021)
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DOI: 10.1515/ordo-2023-2011

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