Gouvernance

Le nouveau Code de gouvernance allemand vient d’être rendu officiel par sa publication dans la Gazette du 20 mars 2019 (ici).

Résumé

The Deutscher Corporate Governance Kodex, the German corporate governance code (the Code), consists of three elements. At first it describes legal regulations for management and supervision of German listed companies (corporate governance), which are mainly referring to the Aktiengesetz (German Stock Corporation Act). Further elements are international and national acknowledged standards for good and responsible corporate governance, in the form of recommendations and suggestions. Recommendations are marked in the text by use of the word “shall” and suggestions of the word “should”. 

Through the declaration of conformity pursuant to § 161 Aktiengesetz (Stock Corporation Act), the code has a legal basis. Accordingly, the recommendations and suggestions are not mandatory. However, deviations from the recommendations – not the suggestions – have to be explained and disclosed with the annual declaration of conformity (Comply or Explain). The recommendations and suggestions of the code become valid with the publication in the official section of the Federal Gazette.

Besides giving recommendations and suggestions that reflect the best practice of corporate governance, the Code aims at enhancing the German corporate governance system’s transparency and comprehensibility, in order to strengthen the confidence of international and national investors, clients, employees and the general public in the management and supervision of German listed companies. 

The Commission reviews the Code on an annual basis in order to find out if it still describes the best practice of good corporate governance and adapts it when indicated.

Pour accéder à ce code (en version anglaise) : ici.

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Bonjour à toutes et à tous, Vanessa van Coppenhagen et Shivani Naidoo proposent un bilan du Code de gouvernance sud-africain : « The South African King IV Report on Corporate Governance: themes and variations » (janvier 2017).

Extrait :

Inclusivity

One of King IV’s objectives is to broaden its acceptance by making it accessible and fit for implementation across a variety of sectors and organisational types. King IV contains sector supplements in respect of municipalities, non-profit organisations, retirement funds, small and medium enterprises and state-owned organisations, which provide direction and guidance on how to apply the principles and recommended practices in these sectors and organisational types.

As is the case in King III, King IV adopts a stakeholder-inclusive approach, meaning that the governing body should take into consideration the “legitimate and reasonable needs, interests and expectations of all material stakeholders in the execution of its duties in the best interests of the organisation over time”. Stakeholders include shareholders, employees, consumers, the community and the environment. Under this approach, the interests of shareholders and funders, and the interests of other sources of value creation (including social and relationship capital), should be given equal status and should be balanced over time, responding to current circumstances, but always in the best interests of the company in the longer term.

Integrated thinking

King IV has further developed the principles of integrated thinking and integrated reporting seen in King III. Through integrated thinking, an organisation should “take into account the connectivity and interdependence between a range of factors that affect an organisation’s ability to create value over time”. One of King IV’s objectives is to reinforce corporate governance as a holistic and interrelated set of arrangements to be understood and implemented in an integrated way. Integrated thinking underpins:

• the stakeholder inclusive approach, in that the interests of shareholders and stakeholders are interdependent;
• recognition that the organisation and society are interdependent, in that the organisation is a provider/developer of wealth, goods, services, employment and intellectual capital and society provides an operating environment, consumer base and skills;
• recognition that the organisation is a corporate citizen, having responsibilities to its own workplace, the economy, society and the environment; and
• sustainable development, in that the organisation operates in the context of the economy, society and the natural environment and present needs should not compromise the needs of future generations.

Integrated reporting is an outcome of integrated thinking.

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Publié le 8 décembre 2016, le nouveau Code de gouvernance hollandais propose un nouveau paradigme tourné résolument vers le long-terme. Sur l’Oxford Business Law Blog, vous trouverez un intéressant article de Wachtell, Lipton, Rosen & Katz intitulé : « The Dutch Corporate Governance Code and The New Paradigm ».

Both the New Paradigm and the Dutch Code fundamentally envision a company as a long-term alliance between its shareholders and other stakeholders. They are both based on the notions that a company should and will be effectively managed for long-term growth and increased value, pursue thoughtful ESG and CSR policies, be transparent, be appropriately responsive to shareholder interests and engage with shareholders and other stakeholders.

Like The New Paradigm, the Dutch Code is fundamentally designed to promote long-term growth and value creation.  The management board is tasked with achieving this goal and the supervisory board is tasked with monitoring the management board’s efforts to achieve it.

The long-term investment provisions of the Dutch Code are cogent and succinct, and relate so closely to the essence of The New Paradigm that they are worth quoting in full (…)

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Ivan Tchotourian

Le Code de gouvernance allemand vient d’être réformé récemment : « Germany corp gov code to emphasise investor responsibility » (Susanna Rust, IPE, 15 février 2017). Vous trouverez dans cet article une belle synthèse de cette réforme.

Germany’s corporate governance code is being amended to emphasise that institutional investors have a responsibility to exercise their ownership rights.

The amendments follow a six-week consultation period that generated a strong response, both positive and critical, according to the government-appointed commission responsible for the code. The commission decided on changes to the code itself and the preamble, which sets out the spirit behind the code.

The preamble has been extended to argue that good corporate governance requires companies and their directors to conduct business ethically and take responsibility for their behaviour. The German word used by the commission for the latter is “Eigenverantwortung” – literally translated as “self-responsibility” or “own-responsibility”.

The guiding principle of an “honourable businessperson” (“ehrbarer Kaufmann”) was introduced to the preamble to reflect this.

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Ivan Tchotourian

Bonjour à toutes et à tous, Grant Thornton a publié récemment l’édition 2015 de sa revue annuelle de gouvernance basée sur l’analyse des rapports annuels des entreprises britanniques du FTSE350 : « Trust and Integrity – Loud and Clear? ».

Quelques faits saillants :

The 2015 figures show a slight drop in the number of FTSE 350 companies who complied with all but one or two Code provisions (90% compared to last year’s 93.5%). And overall the level of full compliance for the FTSE 350 has decreased slightly from 61% to 57%. However this is offset by an improvement in the quality of explanations, with 69.4% providing good quality explanations against 59.3% last year.

The principal area of non-compliance is board independence.

55% quality shareholder engagement falls from 64%

Only 54% of companies make a passing reference to culture and values, more FTSE 350 chairmen discussed culture in their primary statements.

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Ivan Tchotourian

Le Haut Comité de Gouvernement d’Entreprise, constitué en septembre 2013 lors de la révision du code AFEP-MEDEF pour assurer le suivi de ce dernier, vient de rendre public son deuxième rapport annuel.

Le rapport explicite les positions prises par le Haut Comité à l’occasion de ces consultations et interventions. Il contient également une analyse des informations relatives à la gouvernance et aux rémunérations dans les rapports annuels/documents de référence des sociétés du SBF 120. Le Haut Comité a de nouveau constaté des améliorations significatives dans le respect des recommandations du code AFEP-MEDEF par les sociétés et dans la qualité de l’information qu’elles donnent à ce sujet,  ce qui contribue significativement à une meilleure gouvernance des entreprises françaises.

Pour rappel, le Haut Comité de Gouvernement d’Entreprise (HCGE), constitué  lors de la révision du code AFEP-MEDEF de 2013, est à la fois gardien du respect de l’application du Code et force de proposition de ses évolutions.

Pour accéder au rapport, cliquez ici.

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Ivan Tchotourian