As previously reported, on January 23, 2020, the Government Commission on the German Corporate Governance Code had submitted the amended German Corporate Governance Code (“GCGC 2020”) in its December 16, 2019 version, for review and published it on its website. You can find this report here on our website.
Despite the adverse circumstances due to the corona situation, this version has now been published in unchanged form in the official section of the Electronic Federal Gazette of March 20, 2020. Declarations of conformity according to Section 161 Stock Corporation Act must therefore now refer to the amended version. Companies that had previously updated their declaration of conformity in accordance with the previous version can relax, because changes to the GCGC during the year will not require automatic updates. Companies that do not publish their new version until April 2020 must now comply with the entirely amended structure.
We had already published overviews of the main amendments in May and December of last year (in German):
December 05, 2019
„Recht im Unternehmen – Die Kodex-Reform kommt“, NJW-aktuell, Ausgabe 49/2019, S. 19
May 15, 2019
„Kodex-Reform – Gut gemeint, doch nicht gut gemacht“, in: PLATOW Recht, Nr. 56, S. 7