Unexpected business failures undermine society's confidence in the economy and the functioning of the capital market, especially if they are caused by fraud.
This trust is a prerequisite for the social acceptance of economic activity and is of fundamental importance for the economic development of Germany and the stronger integration into a European capital market union.
Trust in the capital market is becoming increasingly important with a view to the financing of the transformation process within the framework of the so-called “Green Deal” of the European Union, the safeguarding of corporate and, if applicable, more fully funded statutory and private old-age provision.
In response to the Wirecard case, the German legislature passed reforms in the Financial Market Integrity Strengthening Act (FISG) in May 2021, especially in the areas of balance sheet control, auditing and supervision.
The changes that have been made are an important step towards strengthening confidence in the German financial center.
Now it depends on a successful implementation and partial readjustment in the system of corporate control in Germany.
Against this background, this group of experts came together under the moderation of the FAZ in order - taking into account the European debates - to develop targeted proposals to strengthen the system of German corporate control.
From the point of view of the expert group, measures should be implemented in the following ten areas as soon as possible in order to improve the German corporate control system and thus further strengthen confidence in the German financial market: