Publications

Employee share ownership: Existing allowance is used - further increase ist desired

The proposed Zukunftsfinanzierungsgesetz released by the Geman Federal Ministry of Finance and the Federal Ministry of Justice provide an increase in the tax allowance for employee share ownership from the current 1,440 euros to 5,000...

European sustainability standards at risk of becoming a bureaucratic monster (in German)

In its statement on the consultation on European sustainability standards published today, Deutsches Aktieninstitut calls for the standards to be streamlined and more practicable. Furthermore, convergence with the sustainability...

Leaner and more practice-oriented European sustainability standards necessary

We welcome the opportunity to comment on the first set of draft European Sustainability Reporting Standards (ESRS). We fully support the standardization of sustainability reporting in order to provide companies with the right set of...

IFRS Sustainability Standards: Dialogue with EFRAG and EU Commission is urgently needed

At the end of March 2022, the International Sustainability Standards Boards (ISSB), under the umbrella of the IFRS Foundation, published drafts of the sustainability standards on general requirements and climate. We participated in the...

Bremer heads EU liaison office (in German)

Jan Bremer is the new Head of the EU Liaison Office of Deutsches Aktieninstitut in Brussels since 1 August 2022. In his function, he represents the around 200 member companies and strengthens the dialogue with European politics. ...

hr-Info: Losing for the first time - How do young people fare on the stock market?

In an interview  with hr-Info, Dr Gerrit Fey explains why more young people have discovered the stock market for themselves in 2020. Technical achievements, social media and Corona were important factors for this. In addition, more and...

Zukunftsfinanzierungsgesetz: Holistic approach to the capital market (in German)

The key points for the Zukunftsfinanzierungsgesetz presented by Federal Minister of Finance Lindner and Federal Minister of Justice Buschmann provide important impulses. Whether tax-free capital gains or a higher employee capital...

Open future of the virtual AGM (in German)

Today, the Bundestag will pass the law on the introduction of virtual general meetings. The government draft has been further developed in some points. The next AGM season will show whether the law passes the practical test. Deutsches...

EU Green Bond Standard Needs to Adequately Reflect Corporate Practice

On the agreement in the European Parliament on the proposed EU standard for green bonds: Deutsches Aktieninstitut welcomes to a large part the changes proposed by the European Parliament and the Council. They are welcome step forward...

Payment Services Directive PSD2 must be practicable for companies

The EU Commission is currently evaluating the second Payment Services Directive PSD2, which has been in force since 2016. In our statement, we emphasise that the intra-group exemption must be clarified in a future PSD2 amendment....

Vz news: "Investing in shares is not a sprint"

In an interview with VZ Vermögenszentrum, Dr Christine Bortenlänger underlines the superiority of shares as an investment. In phases of high price increases, shares as fixed assets offer good protection against inflation and they...

Update Wirtschaft: Interview with Dr Gerrit Fey

Anne-Catherine Beck spoke with Dr Gerrit Fey about the reasons why shares are an attractive investment and why more and more young people are investing in them. In addition to uncomplicated access to share trading through the...

FAZ insert: Even in phases of weak stock markets, it pays to keep investing (in German)

The war in Ukraine has changed the environment for shares. Nevertheless, assets such as shares have not become less attractive, emphasises Dr Christine Bortenlänger in an interview. The returns on the stock market are attractive enough...

Going Public: Better through the crisis with employee participation (in German)

Employee share ownership, old-age provision and the tax framework for equity investment - these are urgent issues for the future that must not be pushed into the background despite the current geopolitical challenges, demands Dr...

Zukunftsfinanzierungsgesetz aims to bring shares into the centre of society (in German)

The Federal Minister of Finance and the Federal Minister of Justice today presented key points for a Zukunftsfinanzierungsgesetz. Deutsches Aktieninstitut welcomes this initiative, which is intended to make shares more attractive as an...

Draft law for virtual AGMs fails at the public hearing within the German Bundestag (in German)

The hearing of experts on the introduction of virtual general meetings took place today in the Legal Affairs Committee of the German Bundestag. It once again made clear that the draft law on the introduction of virtual general meetings...

Digital euro must take needs of the real economy into account

In addition to the ECB's public consultation in 2021, the European Commission is conducting a "targeted consultation on a digital euro". In our response, we welcome the plans to introduce a digital euro. Increasing digitization in the...

Climate-related reporting in the US - consistency with ISSB global baseline essential

With reference to the US Securities and Exchange Commission's (SEC) consultation on climate-related disclosures, we deem it crucial and indispensable that the international dimension is taken into account in the reporting requirements...

Survey: Employee share ownership and tax allowance

Employee share ownership is an important point on the capital market policy agenda of the federal government. The tax allowance, which was already raised last year from 360 euros p.a. to 1,440 euros p.a., is to be increased again....

Why a higher saver's lump sum does nothing for saving in shares (in German)

According to the coalition agreement, the federal government wants to increase the savers' lump sum to 1,000 euros. However, the increase will not help to make long-term share saving more attractive. Measures such as the introduction...

ESG rating agencies should be regulated

With a "targeted consultation", the EU Commission would like to gain a better insight into the functioning of the ESG ratings market. In our response, we point out that companies are confronted with a variety of different methodologies...

Capital Online: An Annual General Meeting is not a Zoom Conference

The government draft on the virtual general meeting (AGM) is far from what is practicable and in the interest of shareholders and companies. As a result, the government draft on the virtual AGM shifts all the deficits of the...

FOCUS-MONEY: "It's better to speculate than not to invest" (in German)

Interviewed by Heike Bangert from Focus Money, Dr. Christine Bortenlänger spoke about topics related to shares. She emphasised that we in Germany have a lot of catching up to do when it comes to saving for shares compared to countries...

Corporate due diligence in supply chains: Balanced and proportionate EU law is needed

In our position paper on the draft Corporate Sustainability Due Diligence Directive (CSDDD) we reject the proposed civil liability if companies failed to comply with the due diligence obligations. It is impossible for companies to...

Using the opportunities of virtual AGMs

The German government would like to establish the virtual general meeting permanently. The Bundestag is currently debating a corresponding bill of the government factions. However, it needs to be improved in a number of areas,...

Making saving in shares more attractive (in German)

New calculations by Deutsches Aktieninstitut show that the reintroduction of tax exemption for equity income after a holding period would be an attractive incentive to promote equity savings in Germany. The introduction of an...

Increasing the savings allowance shows little effect on investing with shares (in German)

In the model calculation, the financial effects of increasing the saver's allowance to 1,000 euros are examined with a view to equity investment and compared with other tax instruments. These include the cumulative savers' allowance,...

Europe must position itself strategically (in German)

In view of the war in Ukraine and the accompanying political and economic upheavals, Bundesbank Executive Board member Burkhard Balz and the President of Deutsches Aktieninstitut Dr Hans-Ulrich Engel demanded strength through joint...

GermanDream receives the Meritum Förderpreis der Deutschen Wirtschaft (in German)

Deutsches Aktieninstitut honours the initiative GermanDream with the Meritum Förderpreis der Deutschen Wirtschaft. The founder Düzen Tekkal has made an outstanding contribution to democracy and the social market economy with her...

Re-sharpen the implementation of the cross-border conversions, mergers and divisions Directive

With its draft bill, the Federal Ministry of Justice is transposing the EU of the cross-border conversions, mergers and divisions Directive into national law. We welcome the draft in general. It rightly makes it possible for...

EU Money Market Fund Regulation works well – no need for reform

Money market funds (MMFs) play a key role in the liquidity management of non-financial corporations. As an important cash management tool they allow corporates to deposit their short-term cash balances in a secure manner and with quick...

Whistleblower draft goes in the right direction (in German)

The Federal Ministry of Justice has presented a draft bill on whistleblower protection. The legislative process in Germany should now be completed quickly so that companies based in Germany can promptly introduce a uniform...

Frankfurter Allgemeine Zeitung: Saving the virtual AGM (in German)

The government draft on the virtual general meeting follows the idea of transferring the analogue general meeting one-to-one into the digital world, criticises Dr Christine Bortenlänger. However, when anchoring the virtual AGM as an...

Virtual Annual General Meetings: Missing the practical mark - revision urgently needed! (in German)

The draft law on the introduction of virtual general meetings introduced by the Federal Cabinet does not stand up to a practical test and urgently needs to be improved, demand the Deutsches Aktieninstitut together with BDI, Bitkom,...

Government draft on the introduction of virtual general meetings: Missing the mark in practice - revision urgently needed! (in German)

At the end of April, the German government introduced its draft law on the introduction of virtual general meetings. However, this does not stand up to a practical test and urgently needs to be improved. This is what we are demanding...

BOARD: Designing legal regulations for virtual general meetings in a sensible way (in German)

The legislator has presented a draft bill on the introduction of virtual AGMs of public listed companies, with which the government wants to create a seamless transition in time from the regulations on virtual general meetings under...

Klaus-Dieter Sohn heads the Legal Department at Deutsches Aktieninstitut (in German)

Klaus-Dieter Sohn has been the new Head of the Legal Department at Deutsches Aktieninstitut since 2 May 2022. In his new function, he strengthens the capital market law expertise of Deutsches Aktieninstitut with its more than 200...

Do not jeopardise derivatives transactions via transparent platforms

In the context of a consultation "Trading venue parameter" of the European Securities and Markets Authority ESMA, we opposed subjecting digital trading platforms used by non-financial companies to conclude their derivatives to MiFID...

Draft on virtual AGM creates legal uncertainty (in German)

The German Federal Cabinet today approved the draft law on the introduction of virtual AGMs. The Corona pandemic has shown how important it is for companies to be able to hold general meetings virtually in times of crisis. However, the...

For global and coordinated sustainability standards

French and German companies deem it crucial that they should be involved in the development of future sustainability reporting standards by the International Sustainability Standards Board (ISSB). For this reason, the President of...

Going Public: Developments in Capital Markets Law - Keeping an Eye on the Overall Burden for Companies

What 2022 has in store for companies in the area of capital market law was outlined by Dr Uta-Bettina von Altenbockum and Dr Gerrit Fey in their contribution to GoingPublic's Corporate Finance Law Special. In addition to the EU Listing...

Companies well advanced in the transformation process towards sustainability (in German)

The topic of sustainability with its facets of environment, social issues and corporate governance is increasingly influencing our lives. Companies have to face the growing societal expectations, but also laws and regulations in this...

EU Sustainability Reporting Standards: highlighting concerns on complexity, prioritisation and proportionality

The members of Deutsches Aktieninstitut and its French partner association afep follow closely the developments on the future EU Sustainability Reporting Standards and are highly concerned about the working documents released so far by...

European Single Access Point must not result in additional obligations for listed companies

The EU Commission’s proposal for a regulation establishing a European Single Access Point (ESAP) aims at making mandatory corporate information accessible in a European data portal. In general, we agree with this goal as it may improve...

Kurvenlage Second term 2021

Thematic Focus: Sustainability

Ideas: Shares give people a share in the success of the economy - Interview with Dr. Franz-Josef Leven, Deputy Managing Director of Deutsches Aktieninstitut

What is the state of the equity culture in Germany? In an interview with the ideas magazine of Société Générale, Dr. Franz-Josef Leven talks about the questions of whether dividends are the better interest rate in times of high...

Room for improvement with the implementation of Basel IV

In the implementation of the latest Basel Accords on banking regulation (Basel IV) by the EU Commission, we believe that the special features of the European corporate landscape must be better taken into account. European companies in...

Necessary transfer of ISSB standards into European law

In a joint letter, more than 40 companies have appealed to the Federal Ministers Buschmann and Lindner to advocate for a process in the final negotiations of the Corporate Sustainability Reporting Directive (CSRD) that enables the...

Ntv podcast "What the finance": Meaningful shopping on the stock exchange (in German)

What are shares actually, how many shareholders are there in Germany, what is the best way to invest and "are women at some point too old to buy shares"? In an interview with Sabrina Marggraf, Dr Christine Bortenlänger talks about the...

The European draft directive on supply chains overshoots the mark (in German)

German companies are currently in the process of implementing the requirements of the national supply chain due diligence law, which is to be applied from 2023. The EU has now presented a draft directive for an EU supply chain law....

Badische Neueste Nachrichten: "It's a marathon" (in German)

In an interview with Dirk Neubauer, Dr. Christine Bortenlänger emphasises that building up wealth with shares is a marathon with ups and downs. What is important at the end of the day, she says, is that investors feel comfortable with...

Echtgeld.tv (Youtube): Discussion on the virtual AGM (in German)

On the occasion of the draft bill of the Federal Ministry of Justice on the virtual general meeting, Dr Christine Bortenlänger talks to the Youtube hosts Tobias Kramer and Christian W. Röhl about the planned regulations. The central...

ESG has arrived in the companies (in German)

Sustainability, with its facets of environmental, social and governance (ESG) has reached the everyday life of listed companies. The shift towards sustainable management has left the strategic level and is influencing the business...

Companies in the transformation process (in German)

Where do German listed companies stand in the transformation process towards a sustainable economy? We explored this question with the law firm Hengeler Mueller in the joint study "Companies in the Transformation Process - Challenges...

Euro clearing must become more attractive

The EU Commission has launched a consultation on the expansion of clearing services across the EU. In our response to this consultation, we advocate further improvement on the clearing infrastructure in the European Union. One means...

Zeitschrift für das Gesamte Kreditwesen: Tutoring for Germany (in German)

Economic knowledge and financial literacy ensure increasing prosperity and are central building blocks for a self-determined society. However, Germany is struggling to recognise this and take the necessary steps, write Dr. Christine...

Enabling virtual AGMs with selective adjustments

We expressly welcome the draft bill of the Federal Ministry of Justice for a law to introduce virtual general meetings of public limited companies. It guarantees shareholders' rights - in a different way than in the presence general...

Sustainability issues appear too early for the Corporate Governance Code

In the context of the consultation of the German Corporate Governance Code 2022, the draft contains many good approaches to more sustainable corporate governance. However, many legislative projects are currently underway at German and...

#breakthebias - Finances are also women's business (in German)

This year's International Women's Day is themed #breakthebias. When it comes to finances, it is also time to overcome outdated clichés. Finances are not a man's business, quite the opposite: women should go about it with...

The extensive catalogue of duties of listed companies (in German)

Under capital market law, companies must fulfil comprehensive transparency and compliance obligations. In doing so, they must also keep an eye on current regulatory developments, such as the planned EU Listing Act. Our Capital Markets...

Engel welcomes establishment of the International Sustainability Standards Board in Frankfurt (in German)

The President of Deutsches Aktieninstitut, Dr Hans-Ulrich Engel, today signed a Memorandum of Understanding for the start-up financing of the newly founded International Sustainability Standards Board together with representatives of...

Amendments to the European Green Bond Standard Regulation: An Analysis

The members of the Committee on Economic and Monetary Affairs in the EU Parliament have presented their proposed amendments to the regulation of an EU Green Bond Standard. Very significantly, they aim to regulate the entire European...

EU Listing Act is an opportunity for EU capital markets

With the consultation on the EU Listing Act, the European Commission is putting EU capital markets law to the test - including the EU Prospectus Regulation and the EU Market Abuse Regulation. We very much welcome this initiative. It...

Transparency rules should consider specifics of hedging-derivatives carefully

The Commission has made proposals to revise the financial market regulation MiFID II/MiFIR. In our position paper, we criticise that the extended transparency rules would in particular make the use of customised hedging derivatives of...

REthinking Finance: Without sufficient capital, the sustainability transformation will not succeed!

In the interview, Dr Christine Bortenlänger and Dr Michael Völter, the former CEO of the Stuttgart Stock Exchange, give an overview of the main results of the joint study "Corporate Finance in the Sign of Sustainability - What ESG...

EU Listing Act: Breakthrough for European Capital Markets? (in German)

With the Capital Markets Union, the European Commission wants to improve the economy's access to capital. The EU Listing Act, which is currently being consulted by the European Commission, is intended to help the project achieve a...

Existing regulation already guarantees high quality corporate reporting

In our response to the EU consultation on the quality of financial reporting, we show that neither effectiveness nor efficiency will be improved by any additional regulatory steps in corporate reporting. The EU legislation on corporate...

FinanzBusiness: "Many in Germany can learn from their grandmothers and grandfathers".

In 2021, almost 12.1 million people in Germany were invested in shares, equity funds or ETFs - the third highest level since our survey began in 1997. In an interview with Sonja Ingerl, Dr Gerrit Fey talks about the new shareholder...

CSRD: Endorsement process required for ISSB sustainability standards

In our position paper on the Corporate Sustainability Reporting Directive (CSRD), we call for an endorsement process to integrate the minimum standards of the International Sustainability Standards Board into European sustainability...

Germans stay the course when it comes to investing in equities (in German)

2021 was a good year for the equity culture in Germany. Almost 12.1 million equity savers were invested in shares or equity-based funds last year. Around every sixth person is thus involved in the stock market. Confidence in shares is...

Updated Return Triangles - long-term investment beats time of entry (in German)

Broadly diversified investments in equities in combination with a long-term investment strategy lead to high returns for investors, as the Return Triangles of the Deutsches Aktieninstitut published today make clear. This applies to...

DAX-Return-Triangle (in German)

By providing for sufficient diversification of an equity investment and focusing on the long term, investor can expect shares to achieve a high return, even without spending a lot of time on monitoring performance. This credo of...

DAX Return Triangle for savings plans (in German)

The DAX Return Triangle for savings plans shows that investing continiously and long-term in a broad equity portfolio has paid out in the past. Savers who invested month by month a constant ammount of money into a portfolio of DAX...

Euro STOXX Return Triangle

The Euro STOXX Return Triangle visualises the performance of an investment in equities in the European currency area under the assummption of an one-off investment. The annual average return on a broadly diversified equities portfolio...

Improve investor protection in Europe!

European investors are repeatedly exposed to discriminatory state measures (for example expropriation) when investing across borders. However, national courts in some Member States do not fully protect investors because their judicial...

Capital: "Since the financial crisis we count almost four million new shareholders" (in German)

In 2021, almost 12.1 million people in Germany were invested in shares, equity funds or ETFs - the third highest level since our survey began in 1997. In an interview with Nadine Oberhuber, Dr. Christine Bortenlänger talks about the...

Shareholder numbers remain at a high level (in German)

Almost 12.1 million Germans were invested in shares, funds or ETFs in 2021, according to the shareholder numbers published today by Deutsches Aktieninstitut. This is the third-highest level in the surveys and, despite a decrease of...

Shareholder numbers 2021: Continuing at a high level

In 2021, almost 12.1 million people in Germany were invested in shares, equity funds or equity-based ETFs. That is around one in six of our fellow citizens over the age of 14 and the third-highest level since our study began in 1997. ...

EMIR regulation must take green financial instruments into account and raise clearing thresholds

In its discussion paper, the European Securities and Markets Authority ESMA is reviewing the clearing regime under the derivatives regulation EMIR. In our position paper, we argue that financial instruments concluded in a...

What 2022 will bring for the capital market and the equity culture (in German)

Inflation, a new government and ambitious political projects: 2022 could bring many surprises. What does the new year hold in store for the capital market and equitiy culture? Please find the German column here.

Bankenverband: Shares - the ideal instrument for old-age provision and asset formation (in German)

According to the coalition agreement, the new federal government wants to strengthen the capital cover in old-age provision. In his contribution, Dr. Norbert Kuhn explains the advantages of investing in shares and how they can be used...

marktEINBLICKE: Outlook 2022 (in German)

How the stock market year 2022 develops also depends to a large extent on the traffic light government. Will it get a grip on problems like Corona? What impulses will it provide on the world political stage? But four state elections,...

From shares and bonds - 120 years of yield comparison (in German)

Compared to bonds, stocks have generated significantly higher returns over the past 120 years and at the same time have been associated with less risk. This is shown in our study "Kapitalgedeckte Altersvorsorge mit Aktien! 120 Jahre...

Going Public: "Prejudices against shares are reduced" (in German)

With the introduction of funded pensions, the current pension system is to be restructured according to the ideas of the new traffic light government. But what are we to think of a statutory equity pension? This would lead to positive...

Audit Committee Quarterly: From quarry pond to ocean - growth financing in Germany (in German)

Growth companies often go to the US to raise money for research and innovation from investors because of the well-developed US ecosystem. This is mainly due to financially strong investors such as pension funds. The German ecosystem,...

BOARD: Sustainability reporting - the next level!

In their contribution to BOARD, Dr. Christine Bortenlänger and Dr. Uta-Bettina von Altenbockum deal with the status quo of sustainability reporting. Although the EU taxonomy has not yet been finalised, the EU is already working on the...

PRIIPS Regulation: Corporate bonds do not need a key information document

The European Supervisory Authorities (ESAs) are consulting on the PRIIPS Regulation, which requires issuers of packaged investment instruments such as endowment policies or certificates to provide a key information document (KID) for...

For a more nuanced anti-money laundering

The new EU anti-money laundering framework has some positive improvements. At the same time, we call for a more differentiated approach. The risk of money laundering varies greatly between business sectors. For this reason, the...

Financial literacy is part of general education (in German)

On the occasion of the Education Day, Deutsches Aktieninstitut calls on the new federal government to commit to more economic education in Germany. This requires a separate school subject of economics and a national agenda for more...

The new coalition is ready to go (in German)

The new federal government took office today. In order to achieve the goals it has set for itself, it has to get started right away, because the renewal of the state or Germany's climate neutrality are already mammoth tasks. Birgit...

No ban on bearer shares!

The anti-money laundering organisation Financial Action Task Force proposes in its consultation to regulate the issuance of bearer shares more strongly. In our response, we reject stronger controls on these special securities without a...

Close cooperation between EFRAG and ISSB crucial for success of sustainability reporting standards (in German)

In April 2021, the EU Commission presented the Corporate Sustainability Reporting Directive (CSRD). The draft provides for the development of European standards for sustainability reporting. Sustainability reporting standards are also...

Börsen-Zeitung: Securing pensions and growth financing - two birds with one stone (in German)

The new federal government has it in its hands: more shares in old-age provision can secure people's standard of living in old age and at the same time improve the financing of growth companies. In addition, the stock corporation law...

Going Public (Spezial Mitarbeiterbeteiligung): Employee Share Ownership - Set the Traffic Light to Green (in German)

Since the middle of the year, a higher tax allowance for employee share ownership has been in effect. However, the new traffic light coalition should also remove regulatory hurdles, demands Dr Norbert Kuhn in his article for Going...

Short sales: improve transparency – but well considered

The European Securities and Markets Authority ESMA consults possible changes to the EU Short Selling Regulation. Among other things, ESMA is discussing an obligation for supervisory authorities to provide information on aggregate short...

Capital/GELD: Shares via App (in German)

The stock market has reached the pocket. Inexpensive apps make it easier for young investors to get started on the stock market and financial influencers get young people excited about the stock market & co, writes Donato Di Dio in his...

Corporate Treasury: Where is the journey heading with the "Ampel" coalition? (in German)

What can we expect from a traffic light coalition in the next few years when it comes to corporate finance? This question was discussed by Lothar Binding, long-standing finance policy spokesman of the SPD parliamentary group, Michael...

Audit Committee Quarterly: Audit quality assessment requires structured discussion in the audit committee (in German)

In future, audit committees will have to deal with the quality of the audit. How this is to be assessed, however, is left open by the legislator. Audit quality indicators are an appropriate means of assessment, as the Deutsches...

Frankfurt will become headquarters of the new International Sustainability Standards Board

Deutsches Aktieninstitut welcomes the decision of the IFRS Foundation to locate the International Sustainability Standards Board in Frankfurt. This offers the opportunity to achieve the necessary convergence between international and...

Capital-funded old-age provision with shares! 120 years of shares and government bonds in the yield comparison (in German)

Our current study with the Verbraucherzentrale Bundesverband (vzbv) and FINVIA Family Office GmbH shows that a broadly diversified investment in equities can generate attractive returns over the long term without leading to higher...

Ampel-Koalition must realign funded pension provision (in German)

The top priority for the coming federal government must be the introduction of a low-cost, equity-based funded pension scheme. A recent paper by Deutsches Aktieninstitut and the Federation of German Consumer Organisations (vzbv) in...

Zeitschrift für das gesamte Kreditwesen: New government must set impulses per share (in German)

Germany is still far behind in terms of the number of its shareholders in an international comparison, criticises Dr Christine Bortenlänger. However, shares with their attractive returns are crucial for successful asset accumulation...

Deutschlandfunk Kultur: "Let's go - tackle!" (in German)

In an interview with Deutschlandfunk, Dr. Christine Bortenlänger talks about her expectations of the new federal government. The new traffic light coalition has addressed many issues correctly on the basis of the exploratory paper -...

Statement on the increase of the savers' lump sum published (in German)

The Südschleswigsche Wählerverband South Schleswig Voters' Association has submitted a motion to increase the savers' lump sum. In our statement to the Finance Committee of the Schleswig-Holstein State Parliament, we emphasise that we...

Focus on saving shares on World Savings Day tomorrow (in German)

Investing in shares is becoming increasingly popular. And rightly so, because those who invested broadly and for the long term in shares were able to enjoy average annual returns of six to nine percent in the past. „Seit 1924 wird am...

HV-Magazin: Covid AGM remains - On to the next round! (in German)

In his contribution, Dr Franz-Josef Leven welcomes the fact that the legislator has extended the virtual general meeting until the end of August 2022. The extension of the COVID law was necessary because it is not foreseeable whether...

Engel re-elected President, Peter newly elected to the Executive Committee (in German)

At the General Assembly of Deutsches Aktieninstitut, which takes place every two years, the Executive Committee was newly elected today. From among its members, the Committee elected the Presidium, which now has 13 members with the new...

Aktieninstitut for strengthening the German capital market (in German)

In order to successfully master the challenges of climate change and the necessary transformation of the economy, the next German government must rely on the capital market, demands Dr Hans-Ulrich Engel, President of Deutsches...

EU consultation on tax discrimination against equity commented on (in German)

We have participated in the EU Commission's consultation on equity discrimination. The Commission's proposals all relate to the possibilities of providing tax incentives at company level for the use of equity. In our commentary, we...

Börse München (Südseiten): Strengthening Germany as a Financing Location

"Why do vaccine manufacturers like BioNTech SE or CureVac go public in the USA, even though they were co-financed here in Germany with German taxpayers' money?" asks Dr Norbert Kuhn in his article. The conclusion: more capital via...

Börse am Sonntag (Anlagetrends): Rejuvenation for the DAX (in German)

More than 30 years after its foundation, the German leading index DAX was expanded from 30 to 40 stocks. However, the MDAX is losing its heavyweights as a result of the reform, criticises Dr. Christine Bortenlänger. No matter which...

EMIR regulation: Make the intra-group exemption as lean as possible

Within the framework of the ESMA consultation on reporting under EMIR we are calling for clarifications, particularly with regard to the reporting exemption for intra-group transactions.

Deka: From investing to meaningful investment (in German)

Dr. Christine Bortenlänger and the Head of Economics at Deka Bank, Dr. Holger Bahr, spoke with business journalist Patrick Dewayne about the future of the securities culture. Topics included the attractiveness of shares for asset...

EFRAG Working Paper ‘Climate Standard Prototype’: Too extensive reporting requirements

In our letter to Jean-Paul Gauzès, President of the European Financial Reporting Advisory Group (EFRAG), we welcome the orientation of the working paper towards existing international frameworks such as the TCFD. On the other hand, we...

A new start in pension policy is needed (in German)

Our pension system is facing major challenges due to demographic developments. Nevertheless, pensions played a rather subordinate role in the Bundestag election campaign. Yet there are good proposals from the various federal parties on...

Going Public: A new start in pension policy is possible (in German)

Pensions play a rather subordinate role in the Bundestag election campaign. In their article, Dr Norbert Kuhn and Donato Di Dio write that there are good proposals from the various parties on how pensions with shares can be made more...

Helping the European Green Bond Standard Achieve Global Relevance Companies need legal certainty and more flexibility

Deutsches Aktieninstitut welcomes the proposed voluntary nature for the Regulation on European green bonds (EU GBS) and the intention to ensure its co-existence with existing green bond standards. Furthermore, we support the alignment...

Stop the sweet poison! (in German)

5,400,000,000 and 0. These two numbers are emblematic of the fiscal and monetary policy packages that the countries of Europe and the European Central Bank have put together to ward off the various crises of recent years. But the...

Modernisation of the General Assembly needed (in German)

Corona has made us realise that the Annual General Meeting needs to be modernised. This is not just a matter of anchoring the virtual General Meeting in the Stock Corporation Act as an equivalent alternative to the General Meeting with...

Going Public: Modernisation of the Annual General Meeting is overdue

Digitalisation makes it possible for shareholders to attend shareholder meetings of German companies from anywhere in the world. To ensure that companies can continue to use the virtual format, politicians must address the reform of...

Strengthening Germany as a financing location (in German)

Why do vaccine manufacturers like BioNTech or CureVac go public in the USA and not in Germany? Why is this questionable for the economy as a whole and what should politics do for the financing of growth companies? We have investigated...

Talk is silver, action is golden (in German)

Deutsches Aktieninstitut expects the political parties to follow up the promises made in their election programs with action after the Bundestag elections. In particular, when it comes to old-age provision, savings with stocks must...

Audit Committee Quarterly extra: Sustainable Corporate Governance - Is the environment "in itself" a stakeholder of the company? (in German)

Within the framework of Sustainable Corporate Governance, the EU Commission plans to oblige corporate bodies to pursue a sustainability strategy and to balance the interests of all stakeholders in their decisions. In her contribution,...

Market-based solutions are key for climate protection (in German)

Ein zentrales Thema im Bundestagswahlkampf 2021 ist der Klimaschutz. Waldbrände in der Türkei und in Kalifornien, Tornados in Tschechien und Ostfriesland, aber vor allem die Flutkatastrophe an Ahr und Erft haben uns vor Augen geführt,...

Going Public: Strengthening Germany as a financing location (in German)

Why do vaccine manufacturers like BioNTech or CureVac go public in the USA and not in Germany? The decisive factor for listing in the USA is the much more attractive capital market ecosystem with financially strong, specialised pension...

Kurvenlage Frist term 2021

Thematic Focus: German Federal Election

Consultation of the EU Commission on the extension of the EU taxonomy: Await and evaluate experiences with the implementation of the environmental taxonomy first

The Platform on Sustainable Finance's recommendations to establish a social taxonomy and expand the environmental taxonomy to include environmentally harmful and neutral activities are premature at this point. Companies are currently...

International Sustainability Standards Board to Frankfurt (in German)

Deutsches Aktieninstitut and its members support the application of Frankfurt as financial center to host the proposed International Sustainability Standards Board. As one of the leading international financial centers and headquarter...

DAX 40: More players in the upper stock league (in German)

It is not only in soccer that transfers dominate the news. The DAX is also receiving support and is expanding from 30 to 40 companies. Tomorrow evening after the close of the stock market, the candidates will be announced who will move...

Going Public: Climate protection: Market-based solutions as the key to success (in German)

The future German government must work to ensure that sustainability rules are target-oriented, practice-oriented and, if possible, internationally uniform. Dr. Uta-Bettina von Altenbockum and Jan Bremer therefore call for...

Börse Online: Before the TV duel - stock exchange association calls for more debate on old-age provision with shares during the election campaign (in German)

In this interview, Dr. Franz-Josef Leven comments on the Bundestag election campaign. He criticises that the topic of old-age provision hardly plays a role in the political contest and makes a plea for old-age provision with shares. In...

ESMA should adapt guidelines on delay in the disclosure of inside information

Additional own funds requirements for banks under Pillar 2 of Basel III should not be considered inside information per se. This is the key message of our position on a consultation paper of the European Securities and Markets...

Data transfer between EMIR trade repositories must be as simple as possible

According to the Market Infrastructure Regulation EMIR banks must report derivative transactions on behalf of non-financial companies. It is therefore up to the non-financial companies, to stop reporting for themselves, which was...

Cautious sustainable corporate governance needed (in German)

The EU Commission plans that companies should pay more attention than ever to their environment and stakeholders in the interest of sustainability. A new federal government must urgently push for more common sense in this discussion. ...

Going Public: Prudent Sustainable Corporate Governance Necessary (in German)

The EU Commission is proposing that companies should be obliged to balance the interests of all their stakeholders. However, such a general obligation will not lead to companies being managed more sustainably, criticises Dr. Cordula...

Targeted and proportionate compliance regulatory framework needed to strengthen business competitiveness (in German)

Many legislative proposals and regulations in the area of corporate compliance overshoot the mark. They are impractical and have a detrimental effect on the competitiveness of companies. This has to be changed. Der Wirecard-Skandal...

Absolut|spezial: Generation-appropriate pensions and efficient capital markets (in German)

Equity-oriented pension provision would strengthen the German capital market in the long term and improve its competitiveness, comments Dr. Christine Bortenlänger. The next federal government has the chance to anchor equity savings in...

Going Public: Targeted and proportionate compliance legal framework to strengthen corporate competitiveness (in German)

Many legislative proposals and regulations in the area of corporate compliance overshoot the mark. They are impractical and have a detrimental effect on the competitiveness of companies, criticises Jan Bremer. With a view to the...

No ban on the issue of bearer shares!

In its consultation, the anti-money laundering organisation Financial Action Task Force proposes to heavily regulate the issuance of bearer shares. In our response, we reject the proposed ban and general restrictions on the issuance of...

€URO-Magazin: "Nobody needs the financial transaction tax" (in German)

A new Bundestag will be elected at the end of September. In the €URO interview, Dr. Franz-Josef Leven talks about the election programmes of the parties and what they mean from a shareholder's point of view. In particular, he...

No successful BaFin reform without a reform of its financing! (in German)

As a result of the Wirecard case, a reform of the Federal Financial Supervisory Authority (BaFin) is on the agenda. The Balance sheet control is to be reorganized and transferred from the German Financial Reporting Enforcement Panel....

Going Public: No successful BaFin reform without reform of its financing! (in German)

In the wake of the Wirecard affair, a reform of the German Federal Financial Supervisory Authority (BaFin) is pending. The Balance sheet control is to be reorganised and removed from the German Financial Reporting Enforcement Panel....

Combating financial illiteracy in Germany (in German)

Financial literacy is an important part of general education. Nevertheless, economics remains a neglected subject in many schools. A call for better financial education in Germany. „Ich bin fast 18 und hab‘ keine Ahnung von Steuern,...

A wheel in the gearbox in the fight against the consequences of flooding (in German)

The flood disaster in mid-July devastated cities and communities in North Rhine-Westphalia, Rhineland-Palatinate and Bavaria. Many volunteers are or were deployed on site - including our deputy managing director and long-time Malteser...

Retail Investor Protection Legislation must Avoid Bureaucracy

The EU Commission currently evaluates the legislative framework for retail investor protection. We applaud this initiative and call for a better balance of the framework. The EU legislation for informing retail investors and providing...

Going Public: Fighting financial illiteracy in Germany (in German)

Financial literacy is an important part of general education. Yet the subject of economics ekes out a shadowy existence in many schools. What is needed is a fundamental understanding of economics and finance, taught by well-trained,...

Loosening the bonds of stock corporation law for corporate financing (in German)

Companies raise money on the capital market for innovation and growth. But inflexible stock corporation law makes corporate financing difficult in this country. Countries like the Netherlands show that things can be better....

Existing financial market regulation is sufficient to cover new technology companies

In a consultation on digital finance, ESMA is discussing possible regulatory steps for companies that own a financial services provider within the group. This is taking place against the background that big tech companies are...

Going Public: Modernise stock corporation law - more flexible financing with shares (in German)

Companies raise money on the capital market for innovation and growth. But inflexible stock corporation law makes corporate financing more difficult in this country. Countries like the Netherlands show that things can be better....

Fair taxation of shares (in German)

With regard to investing in equities, tax policy has been sending out the wrong signals for years. The flat rate tax and the repeatedly discussed financial transaction tax reduce the attractiveness of long-term equity investments. With...

Going Public (Life Sciences): Biotechnology Shares in Germany - Deutsches Aktieninstitut Calls for a "New Equity Culture" (in German)

In an interview with Life Sciences, Dr Christine Bortenlänger talks about the ten recommendations of Deutsches Aktieninstitut for the federal elections and why Germany is not attractive as a financial centre for young biotechnology...

More IPOs made in Germany (in German)

Internationally, IPOs in Germany are rare. Many young, German growth companies in particular have recently found their fortune on the American stock exchanges in their search for capital. Why is this the case and what must policymakers...

Going Public: Taxing shares fairly (in German)

After the federal elections, a new federal government should clearly align its compass in tax policy in favour of shares, demands Dr. Norbert Kuhn. Capital gains from share transactions should be tax-exempt again after a one-year...

Sustainability Reporting - Developing an international framework!

In our comments on the Draft EU Corporate Sustainability Reporting Directive, we advocate that sustainability reporting should follow a legally secure, consistent, flexible and proportionate framework. Such a framework must be embedded...

Capital/Finance 4.0: Sustainable financing is the latest trend (in German)

Sustainable finance has arrived in the finance departments of German companies, as our study with Börse Stuttgart shows. However, the reporting processes for sustainable financing instruments are more complex than for traditional...

Foreign listings of BioNTech, CureVac & Co. (in German)

The study "Foreign Listings of BioNTech, CureVac & Co. - Recommendations for policymakers for more IPOs in Germany", in cooperation with RITTERSHAUS Rechtsanwälte, answers the question why German high-growth companies go public abroad....

Lex Wirecard (in German)

Almost exactly one year to the day after Wirecard's bankruptcy, the "Gesetz zur Stärkung der FInanzmarktintegrität" (FISG) comes into force, with which the legislator wants to prevent cases like Wirecard in the future. The legislator...

Sustainable Corporate Finance - Quo vadis? (in German)

Sustainable financing instruments are booming. However, many bureaucratic hurdles still stand in the way of those responsible for finance in companies. Policymakers must act and make ESG regulation more practical. Egal, ob Porsche...

Eliminate ambiguities in the application of the requirements from the EU taxonomy

In our letter addressed to the members of the ECON Committee in the EU Parliament, we stress the legal ambiguities that companies are confronted with in the context of the EU taxonomy, as central terms are not specified. Although the...

New Concept of EU Sustainability Reporting must include the Corporate Perspective (in German)

In our comments on the Draft EU Corporate Sustainability Reporting Directive, we advocate for including the corporate perspective into the development of new sustainability reporting obligations. A successful transformation process to...

German federal election 2021: German capital markets needs a fitness programme (in German)

Efficient capital markets contribute to securing prosperity. Deutsches Aktieninstitut therefore calls on the next federal government to promote equities in Germany and to make the German capital market fit for the future. In a...

Promoting Shares in Germany - Suggestions for the 2021 Bundestag Election (in German)

For the Bundestag elections in 2021, we demand that the framework conditions for shares as an investment and financing instrument be improved. In addition to the design of the tax framework, it is important to strengthen Germany as a...

Börsen-Zeitung: Finance for Future? – The framework has to be right (in German)

In their guest article, Dr. Christine Bortenlänger, Managing Director of Deutsches Aktieninstitut, and Dr. Michael Völter, Chairman of the Executive Board of Vereinigung Baden-Württembergische Wertpapierbörse, call for the rules of the...

Der Konzern: Assessment of audit quality by the audit committee - Effective quality improvement or toothless paper tiger? (in German)

Jan Bremer, Head of the Legal Department, Nico Zimmermann, Capital Market Law and Corporate Governance Officer, Deutsches Aktieninstitut, and Prof. Dr. Franca Ruhwedel, Rhine-Waal University of Applied Sciences, present the key...

No extension of ESMA's competence due to Wirecard

In our response to the EU consultation on more supervisory convergence in Europe, we advocate that experts from the business community be more and better involved in ESMA's regulatory work. In addition, we warn that ESMA's competences...

SPACs - Come to stay? (in German)

In February 2021, it was said: SPACs have landed in Europe. After less than four months, some are already talking about the SPAC hype being over again. Are the shell companies now a fashion phenomenon, or are they a serious financing...

Süddeutsche Zeitung: Expectations for a sustainable fiscal and monetary policy in Germany and Europe (in German)

Together with Edmund Stoiber, Peer Steinbrück and other authors, Dr. Christine Bortenlänger calls for a turnaround in economic and financial policy. Among other things, the German government should reduce new debt and return to...

Assuring the quality of the statutory audit - recommendations from practice (in German)

Industry knowledge, professional experience and tone from the top play a key role in audit quality. This is shown by the study published today by Deutsches Aktieninstitut "Audit Quality Indicators & Beyond", which looks at the topic of...

Audit Quality Indicators & Beyond – A survey of auditors, audit committee members and chief financial officers on the audit committee's assessment of audit quality (in German)

A reliable audit is in the interest of all stakeholders. The Wirecard case has once again brought the discussion on audit quality into sharper focus. Due to the importance of the topic, we have investigated the question of how the...

Support offered for work on EU sustainability reporting standard (in German)

In order to enable globally operating companies to efficiently report on sustainability, Deutsches Aktieninstitut calls for the planned EU standard to be aligned with international requirements and standards. The member companies of...

The Annual General Meeting of the future is (also) virtual (in German)

For 150 years, shareholders and management met physically at face-to-face AGMs. Then Corona appeared, and the virtual AGM replaced the face-to-face meeting overnight. The discussion about the greater use of digital opportunities has...

Corporate finance and sustainability. What ESG means in practice for finance managers (in German)

The market for green financing is booming. Many companies are already using esg instruments for their investments in environmentally and climate-friendly technologies.Together with the Stuttgart stock exchange, we asked financial...

hkp: Employee equity ownership receives better framework conditions

The Finance Committee of the German Bundestag has decided to increase the tax allowance for employee equity ownership to 1,440 euros. In an interview with Constantin Härthe, Dr Norbert Kuhn welcomes the increase as progress, but...

Anti Money laundering: interconnection of public registers crucial (in German)

In our statement on the Transparency Financial Information Act Money Laundering (TraFinG Gw), we see a need for improvements to the proposals introduced by the Federal Government to convert the transparency register to a full register....

Tagesspiegel: 3:0 for England

In her contribution, Dr. Christine Bortenlänger calls for politicians to better involve the business community in overcoming the Corona crisis, but also in solving other challenges. The United Kingdom is a model for good cooperation....

BOARD: Reform of the Annual General Meeting to be tackled before the Bundestag elections

The general meeting of the future must be made fit for the future, state Dr Christine Bortenlänger and Sven Erwin Hemeling. This requires a legal framework that safeguards investor rights and at the same time creates legal certainty...

Stocks are not buns

In a YouTube interview shortly before Easter, Finance Minister Olaf Scholz reacted in an unusually emotional way to a critical question about the financial transaction tax. He said that the criticism of the share tax was pretextual...

Preventing competitive disadvantages in public country-by-country reporting

We are concerned that the planned publication of tax data on European companies could put them at a competitive disadvantage vis-à-vis their global competitors. Competitors will be able to draw valuable information on corporate...

Frankfurter Rundschau: Capital market is more than Riester pension

In his commentary, Dr Franz-Josef Leven contradicts the opinion of Hans-Jürgen Urban, Executive Member of the Board of IG Metall, and Markus Kurth, Member of the Bundestag for the Greens, that the capital market is not a useful means...

Handelsblatt Orange Podcast: Is it still worth getting involved in the stock market?

The DAX reached a new record high in April. The Orange podcast "Businessclass" asks whether it is still worth investing in the stock market. As one of the experts reporting on the Germans' increased interest in the stock market, Dr...

No compulsory shareholder identification (in German)

According to the plans of the federal government, listed companies are to be obliged under tax legislation to carry out a shareholder query on the day of the general meeting in order to transmit the resulting data to the Federal...

Kurvenlage - Second Term 2020

Thematic focus: Future

Börse am Sonntag: Saving stocks is very popular

The shareholder boom brought Germany almost three million new equity savers. Interest in equity funds was particularly strong. In her article, Dr Christine Bortenlänger explains the reasons for the increased interest in funds and ETFs...

Limit the supply chain to direct suppliers

In our statement on the government draft on corporate due diligence in supply chains, we argue that the law should be manageable for companies and it should be implementable in corporate practice. This is the only way to achieve the...

Reporting obligations of the Taxonomy Regulation - application date has to be changed

In a letter to EU Commissioner McGuiness, we plead for a postponement of the application date of the reporting obligations to the Taxonomy Regulation. According to Article 8 of the Taxonomy Regulation, companies are required to report...

Stock buybacks are an important instrument of equity management (in German)

German Press Release: The acquisition of own stock reduces a company's equity capital. At first glance, this makes little sense, as it seems to contradict the purpose of equity financing - raising capital. That this is not the case is...

Stock buybacks are an important instrument of equity management (in German)

The acquisition of own stock reduces a company's equity capital. At first glance, this makes little sense, as it seems to contradict the purpose of equity financing - raising capital. That this is not the case is proven by the special...

Wirecard legislation: two-tier balance sheet control must remain (in German)

A new law is intended to restore confidence in Germany as a financial centre following the Wirecard scandal. In the Finance Committee of the Bundestag, our colleague, Dr Gerrit Fey, represented the position of capital market-oriented...

Going Public: Lucrative Employee Shares

In the course of the general shareholder boom in 2020, the number of employee shareholders has also increased significantly. However, in order to turn this development into a long-term trend, further political support is needed, says...

Manager Magazin: In training camp with Christine Bortenlänger

In the section "Im Trainingslager mit", managers report on their sporting passion and what they learn for their (professional) life. In the March issue, Dr Christine Bortenlänger talks about her passion for team sports and her goal of...

ZDF "Volle Kanne": New generation of shareholders

In the Corona crisis, Germans have discovered their love for stocks. The number of shareholders is as high as it was 20 years ago. The magazine "Volle Kanne" interviewed experts on this topic in a feature. Dr Gerrit Fey outlines the...

Going Public: Outlook 2021 - Developments in Capital Markets Law

As in previous years, sustainable finance is a top priority for the EU Commission in 2021. In his guest article, Maximilian Lück calls for the EU Commission to step up the pace on the issue of the Capital Markets Union. The companies...

Return Triangle for employee shares (in German)

The return triangle for employee shares developed by experts of the hkp/// group calculates returns of, by way of examples, employee share ownership programs of the indices DAX, MDAX, TecDAX und SDAX, and for companies belonging to the...

Stocks conquer the pockets of young shareholders (in German)

Our latest shareholder figures show: In 2020, more than 12 million people owned shares, equity-based funds or ETFs. That is an increase of almost 3 million people. Younger people have also invested courageously in the stock market. Is...

Frankfurter Allgemeine Zeitung: Well meant! Well done?

The President of Deutsches Aktieninstitut, Dr Hans-Ulrich Engel, subjects the newly adopted "Finanzmarktintegritätsstärkungsgesetz" to a practical check. He describes the risks of short rotation periods, calls for advisory services not...

Shareholder numbers 2020: Germans are becoming more and more enthusiastic about stocks

In the Corona year 2020, almost as many people were involved in the stock market as last at the turn of the millennium. In Germany compared to 2019, around 2.7 million more people are now saving in shares, equity funds or ETFs. Just...

Stock Market Participation in Germany on record high

Deutsches Aktieninstitut has published its updated shareholder figures for Germany. With 12.4 million people, a particularly large number were invested in shares in the Corona year 2020. The young generation in particular discovered...

Börsen-Zeitung: Financial market integrity - Not at the expense of compliant companies!

With the recently discussed Financial Market Integrity Strengthening Act (Finanzmarktintegritätsstärkungsgesetz), the political processing of the Wirecard case is entering the decisive phase. In her contribution, Dr Christine...

HV conference wrap-up: "Controlled experimentation" (in German)

Hardly any other topic is currently stirring up more emotions among the stakeholders of the capital market than the question of how to proceed with the annual general meeting in the future. Our conference "Annual General Meeting Today...

Inpact Media: Have young people suddenly discovered the stock market?

Corona has given an additional boost to the youth trend that Deutsches Aktieninstitut has been observing in stock investing since 2014, states Dr Franz-Josef Leven. Corona lockdown, more free time, social media and financial...

HV-Magazin: Legal uncertainty at an unseasonable time

The short-term rule changes for the virtual general meeting at the end of 2020 have led to uncertainty among companies, especially with regard to the newly introduced right to ask questions. According to Dr Franz-Josef Leven, it would...

Der Aufsichtsrat: The future of shareholder meetings - Updates are needed

The traditional general meeting needs an update. Dr Christine Bortenlänger and Sven Erwin Hemeling outline in their article how the general meeting can be further developed so that companies can hold physical and virtual general...

Zeitschrift für das gesamte Kreditwesen: Equity culture 2020 - much light, but also shadow

Dr Christine Bortenlänger analyses in her article how the equity culture has developed over the past year. Overall, the equity culture has been robust despite Corona and Wirecard. To strengthen it further, however, a clear signal for...

Virtual Annual General Meetings 2020 - Review and Outlook (in German)

How has the 2020 virtual AGM proved itself? What can companies learn from last year's experience? And what makes a good virtual AGM in the first place? In our study, CFOs, AGM service providers, shareholder representatives and...

Audit Committee Quarterly: Wirecard legislation - Avoiding negative consequences for law-abiding companies

With the draft of a law to strengthen financial market integrity (FISG), it is becoming apparent what regulatory consequences can be expected after the Wirecard case. In their article for the Audit Committee Quarterly, Dr Christine...

marktEINBLICKE: Light and shadow in the new stock market year

The stock market world will also have to live with imponderables in 2021. In addition to Corona, six German state elections and the federal elections in September will provide sufficient excitement in the new year. If you want to relax...

Courage to reform pensions - What Germany can learn from other countries (in German)

The pension clock is ticking: Over twelve million baby boomers will retire in the next ten years. The number of young people newly entering the workforce and paying contributions is significantly lower. Without higher pension...

MiFID-Review: Better Regulation for efficient Capital Markets

In its position paper regarding the MiFID-review of the European Commission Deutsches Aktieninstitut considers improvements with respect to rules concerning investor protection, transparency, research, commodity derivative markets and...

Shortening trading hours on stock exchanges harm capital markets

We reject recent proposals to shorten trading hours on stock exchanges in the EU. From the point of view of publicly listed companies, shortening trading hours would restrict their ability to raise liquidity on capital markets for...

Setting the right priorities (in German)

With a view to the third round of negotiations on the future partnership between the European Union and Great Britain, Deutsches Aktieninstitut demands in its current position paper that the negotiators set priorities. Market access...

MiFID Ancillary Activity Exemption should be reviewed

Non-financial companies, using commodity derivatives, have to notify their competent authorities that this derivative business is ancillary to their main business. Complex calculations are often the consequence. Therefore, Deutsches...

EU-UK negotiations: Setting the right priorities

On the occasion of the third negotiation round between the European Union and Great Britain, Deutsches Aktieninstitut demands balanced provisions on financial and non-financial issues in a possible free trade agreement. In the area of...

Deutsches Aktieninstitut comments on Interim Report of German Sustainable Finance Council (in German)

On the occasion of the consultation of the German Federal Government Sustainable Finance Council’s Interim Report, Deutsches Aktieninstitut has criticized a lack of confidence in market-economical solutions when it comes to the...

What needs to be done to ease private capital injections to cope with COVID-19-crisis (in German)

Companies raising capital from private investors should benefit from alleviations in order to limit the impacts of the current crisis and to concentrate government recapitalization-measures on those companies, that are temporarily...

SE companies need more flexibility

Companies with their legal statute of a Societas Europaea (SE) are currently required to hold their general meetings within the first six months following the end of the previous financial year. However, the corona pandemic with social...

Ensuring a risk free access for EU companies to non-EU benchmarks

Deutsches Aktieninstitut welcomes the opportunity to comment on the European Commission’s Inception Impact Assessment on the review of the Benchmarks Regulation (BMR). We welcome the initiative to improve the BMR, to ensure the...

Kurvenlage - Semi Annual Report of Deutsches Aktieninstitut, Second Term 2019 (in German)

Editorial Focus: Europa after its Election

General Meetings without compulsory attendance become possible (in German)

Deutsches Aktieninstitut welcomes the draft on the General Meeting without the shareholders’ personal attendance. Due to the lack of the necessary infrastructure, the possibility to ask questions during the online General Meeting must...

Corona: Deutsches Aktieninstitut requests emergency parliamentary act for the benefit of listed companies (in German)

Governmental orders to ban public assemblies and to curtail public life in order to prevent the spread of the corona-virus largely affect the general assemblies of listed companies in the current season. In order to maintain the...

At times of Corona: General meetings without compulsory attendance required (in German)

The bans and restrictions on events in response to the corona pandemic make it extremely difficult for companies to hold general meetings as face-to-face events. In a position paper published today, Deutsches Aktieninstitut therefore...

Acting calmly also in times of corona (in German)

In an extremely difficult stock market phase, the German day of the share ("Tag der Aktie") moves shares as an investment form into the limelight. Despite the current slump on the stock markets, the longer the investment horizon of a...

A shareholders' meeting is no soccer match (in German)

With a view to the beginning of the annual general meeting season, Deutsches Aktieninstitut is calling for individual case examinations to be permitted at annual general meetings. Companies that are legally obliged to hold...

Stricter liability of the Management Board is to be rejected (In German)

The AFD parliamentary group wants to reform §148 AktG in order to make it easier to make the Executive Board of private companies easier liable. Deutsches Aktieninstitut sees no reason to tighten the current law. On the contrary, it...

Shareholder numbers 2019: Interest down (in German)

After two years of rising shareholder numbers, the positive trend came to a halt in 2019. In 2019 there were a total of around 9.7 million people in Germany who owned shares or equity funds. Compared to the previous year, almost...

Shareholder interest down in 2019 (in German)

In 2019, the number of share owners fell by around 660,000 people compared to the previous year, as the Deutsches Aktieninstitut states in its shareholder figures published today. The year 2019 thus represents a setback for German...

ESEF: Disclosure solution avoids unnecessary legal risks (in German)

Deutsches Aktieninstitut supports that the German legislator decided to make ESEF only mandatory for the disclosure of the yearly financial report. This avoids unnecessary legal risks that would result if ESEF was applied already in...

A long-term plus with shares (In German)

Deutsches Aktieninstitut has published its new Return Triangles. As the Return Triangles show, shares are always an attractive investment for asset accumulation in the long term. Deutsches Aktieninstitut therefore calls for shares to...

EU Benchmark Regulation: Removing Barriers and Avoiding Negative Impact on Non-Financial Companies in the EU

Two years after the entry into force of the Benchmark Regulation, uncertainties for non-financial companies remain. These uncertainties should be removed when the Regulation is reviewed. Deutsches Aktieninstitut calls, among other...

Retain the REMIT-Carve-Out in its current form

In its consultation on the position limits regime ESMA discusses, wether specific gas and power contracts should be classified as derivatives under MiFID II. This would endanger many energy provider to become a bank which would...

EU taxonomy: Ensure practicability (in German)

On the occasion of the trilogue negotiations on the EU taxonomy, Deutsches Aktieninstitut expressed its concerns regarding the design of the taxonomy in a letter to the Permanent Representation of Germany to the European Union....

Basel IV and the Cost of Hedging

The regulation of banks will be tightened again soon, as the implementation of the so-called "Basel IV" framework in the EU is on the agenda. Among other things, banks will then have to reserve more equity capital for positions in...

Financial Transaction Tax - Private investors will foot the bill (in German)

Deutsches Aktieninstitut rejects the bill on the financial transaction tax recently presented by the German Minister of Finance. The planned stock market tax makes the purchase of shares more expensive and thus less attractive. This...

Sustainability and corporate governance: no new regulation (in German)

On the occasion of the consultation on Sustainable Corporate Governance held by the EU Commission, Deutsches Aktieninstitut expressed its concerns about the consultation questionnaire and the consultation procedure in a letter to DG...

Deutsches Aktieninstitut calls for a practice-oriented design of the EU taxonomy (in German)

In the framework of the hearing of the Finance Committee of the German Bundestag, Deutsches Aktieninstitut commented on Sustainable Finance. The complexity of the planned taxonomy specifications will present companies in the financial...

Digital tax, yes; Financial Transaction Tax, no

Deutsches Aktieninstitut comments the OECD Secretariat Proposal for a "Unified Approach" regarding an introduction of a digital tax. Generally, Deutsches Aktieninstitut welcomes the approach. Nevertheless, it should be ensured that...

Franco-German Economic Forum: President of Deutsches Aktieninstitut calls for closer cooperation at company level

The first Franco-German Corporate Executives and Institutional Investors Forum of Deutsches Aktieninstitut focused on European economic and capital market policy. France and Germany must work more closely together on these issues in...

Investing is the new way of saving (in German)

On World Savings Day, many children open a savings book for the first time. But the savings book is no attractive form of investment in the long run. The low interest rate policy means that Germans are losing assets in real terms. A...

Deutsches Aktieninstitut, DDV and DSW: Total losses from securities transactions must continue to be recognized for tax purposes (in German)

Considering investor protection and private old-age provision, Deutsche Aktieninstitut, Deutsche Derivate Verband (DDV) and DSW (Deutsche Schutzvereinigung für Wertpapierbesitz) jointly call on the Grand Coalition to revise the income...

ESEF ministerial draft overshoots the mark (in German)

The submitted ministerial draft on the European Single Electronic Format (ESEF) law is critically seen by Deutsches Aktieninstitut. The fact that annual financial statements are to be prepared in XHTML/iXBRL format is neither required...

Restarting Europe

Digitization, climate change and global trade conflicts: only together will politics and the business community be able to solve the pressing issues of our time. On the occasion of the start of the new term of office of the EU...

Deutsches Aktieninstitut calls for more Cooperation between Politics and Business in Europe (in German)

A consistent finalization of the Capital Market Union, purposeful action for a sustainable economy and the strengthening of European companies in international competition: These key issues form the focus of today's published European...

Consultation on ESMA-Guidelines on Disclosure Requirements

In its response to the ESMA consultation on Guidelines on Disclosure Requirements under the Prospectus Regulation, Deutsches Aktieninstitut welcomes that ESMA provides the possibility to refer to existing financial reporting rather...

Money Laundering Directive: Reducing additional legal uncertainty and unnecessary bureaucracy (in German)

In their statement on the government draft for the implementation of the 5th EU Money Laundering Directive, Deutsche Aktieninstitut and the Federation of German Industries (BDI) demand to avoid additional legal uncertainty and...

No one-sided burden on German companies

Deutsches Aktieninstitut firmly rejects the introduction of a public country-by-country reporting at EU level. The disclosure of sensitive company data puts German companies at a disadvantage in international competition. "The...

Deutsches Aktieninstitut comments on the technical report on the EU taxonomy

Deutsches Aktieninstitut participates in the consultation on the taxonomy report of the Technical Expert Group (TEG). Deutsches Aktieninstitut demands that all sectors and industries affected by the taxonomy be included in the debate....

Total losses should be recognised for tax purposes further on (in German)

The German government intends to abondon the recognition of total share losses for tax purposes. Deutsches Aktieninstitut strictly opposes this proposal as it, among others, contradicts different judgements provided by the Federal...

No Taxation on Shares, Mr. Scholz!

In a letter addressed to Federal Minister of Finance Olaf Scholz, Dr. Hans-Ulrich Engel, President of Deutsches Aktieninstitut, warns against the negative effects of the planned tax on shares for German economy and society. The tax on...

Kurvenlage - Semi Annual Report of Deutsches Aktieninstitut, First Term 2019 (in German)

Editorial Focus: Old Age Provision

Deutsches Aktieninstitut participates in consultation on German Sustainability Code (in German)

In the context of the revision of the German Sustainability Code (DNK), Deutsches Aktieninstitut opposes additional reporting and documentation requirements for companies. When defining materiality, flexibility and proportionality...

Behaviour and preferences of German shareholders 2018 (in German)

How do shareholders inform themselves? What are their preferences regarding dividend payments? Do they regard shares as instruments of wealth building? These and other related questions are analysed by this study which was prepared by...

Issuance of debt instruments works without public intervention

The European Central Bank is plannung a central technical plattform for the issuance of bonds (European Destribution of Debt Instruments, EDDI). In a preliminary comment Deutsches Aktieninstitut is rather sceptical about the project as...

ESMA's call for evidende on MiFID II position limits: Retain well-proved exemptions

In its answer to ESMA's call for evidence on position limits Deutsches Aktieninstitut underlines the importance of well-proved exemptions. That concerns especially the hedging exemption, i.e. that non-financial companies are not...

Use Shares and make the Pension System fit for the Future - what Germany can learn from other Countries (in German)

The comparing study focuses on the experiences of countries like Australia, Sweden, the United Kingdom and the US as regards the use of shares in the pension system. It is the aim of the study to outline what Germany can learn from...

A Safe Pension with Equities

In other countries, shares make a significant contribution to securing the standard of living of people in old age. This is the result of a study published today by Deutsches Aktieninstitut entitled "Altersvorsorge mit Aktien...

Proposal regarding real estate transaction tax has a negative impact on stock-listed companies (in German)

Deutsches Aktieninstitut repeats its fundamental opposition regarding the proposal for a real estate transfer tax released by the Federal Minstry of Finance which harms badly stock listing of companies. At least it is of utmost...

Ensuring practical and effective anti-money laundering prevention (in German)

Commenting on the proposal for a law implementing the 5th EU Money Laundering Directive, Deutsches Aktieninstitut and Bundesverband der Deutschen Industrie ask to avoid higher legal uncertainty and bureaucracy for industrial companies....

Reporting exemption for intra-group transactions: Proposal for a workable notification procedure

In accordance with EMIR-Refit intra-group transactions where at least one counterparty is a non-financial company are exempted from the reporting obligation. The national competent authority has to be notified about the exemption. The...

Hans-Ulrich Engel Re-Elected as President of Deutsches Aktieninstitut (in German)

At today's General Meeting and Management Meeting, the executive committee and managing board of Deutsches Aktieninstitut were newly elected. Dr. Hans-Ulrich Engel, Vice Chairman and CFO of BASF SE, was confirmed as President for a...

Deutsches Aktieninstitut is committed to interaction between European institutions and companies (in German)

With a view to the European elections on May 26, the President of Deutsches Aktieninstitut, Dr. Hans-Ulrich Engel, calls for more unity and confidence. The challenges facing Europe can only be mastered together and the European economy...

Europe can deliver!

The European elections are coming up. The European Union is exposed to multilateral and complex challenges ranging from the rise of populist and EU sceptic movements over Brexit to the question on how the EU can maintain and strengthen...

Friedrich von Metzler receives the Meritum Ehrenpreis der Deutschen Wirtschaft 2019 - the Förderpreis is awarded to Rock it Biz (in German)

Deutsches Aktieninstitut awards Friedrich von Metzler for his outstanding civic commitment and his commitment to the social market economy with the Meritum prize of the German Economy. The banker receives the honorary prize for his...

Strengthening Capital Markets through New Technologie (in German)

Deutsches Aktieninstitut welcomes the objective to strengthen the role of Germany as a top location for digitization and being a leader in using new technologies like blockchain. In this context, electronic securities and token...

Proposal to refine the German law regarding general terms of business (in German)

Deutsches Aktieninstitut proposal takes up the initiative of the German government to evaluate the law regarding the general terms of business. Financial services' master agreements concluded by professional clients should be exempted...

ESG from the perspective of institutional investors – what listed companies should know

Institutional investors increasingly integrate environmental, social and governance (ESG) into the assessment of business and strategy of portfolio companies. This trend is documented in this survey conducted by Deutsches...

Sustainability Becoming Mainstream for Investors

Besides the usual financial criteria, environmental and social topics, as well as corporate governance, are becoming ever more important to institutional investors when valuing companies and making investment decisions. A study...

Aktieninstitut critisise a potential mandatory audit of ESEF-reports (in German)

Starting in 2020 listed companies will be obliged to file annual reports as an XHTML-file, in which core financial information has to be tagged in iXBRL. This is laid down in a Delegated Regulation on the EU Transparency Directive....

For a practicable Green Bond Standard

On the occasion of the consultation of the preliminary recommendations for an EU Green Bond Standard presented by the Technical Expert Group on Sustainable Finance (TEG), Deutsches Aktieninstitut has expressed the need for practicable...

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, Second Term 2018 (in German)

Editorial Focus: Digitization

Less Bureaucracy in MiFID and PRIIPs (in German)

In its position paper as regards the MiFID II/MiFIR-consultation of the Federal Ministry of Finance Deutsches Aktieninstitut states that the respective rule design should be less bureaucratic. This holds especially true for the rules...

Deutsches Aktieninstitut Demands Proporationate and Realistic Climate Reporting

On the occasion of the EU consultation on a review of the non-binding guidelines for the European CSR-Directive, Deutsches Aktieninstitut has pointed at the necessity of adopting a proportionate and realistic framework on climate...

With Four Simple Rules to an Successful Share Investment (in German)

On the occasion of the day of shares, on March 18, Deutsches Aktieninstitut encourages savers to invest in shares or equity funds. Who seizes the opportunities of share investment can look forward to attractive returns. You only have...

Number of Shareholders Rises to Over 10 Million in 2017 (Shareholding Statistics of Deutsches Aktieninstitut, 2018) (in German)

In 2018, the number of shareholders and investors in equity funds rose by 250,000. This is almost every 6th citizen. In total more than 10.3 million citizens or 16.2 percent of the Germans older than 14 years owned shares or equity...

Number of Shareholders Increases by a Quarter of a Million (in German)

In 2018, for the fourth time running the number of shareholders and equity funds holders has risen in Germany. The survey “Shareholding Statistics of Deutsches Aktieninstitut 2018" (in German) - published today - shows that on an...

Investor protection: Building an efficient EU wide mechanism for investor-state dispute settlement

Effective protection against discriminatory measures is an essential requirement for European investors to invest in Europe. Around 200 investment protection agreements between the Member States of the European Union are currently...

Sustainable Finance Taxonomy: Deutsches Aktieninstitut again raises concerns

After the European Parliament’s decision to postpone the joint vote of the ECON and ENVI committees on the EU Commission’s proposal for a sustainable finance taxonomy, Deutsches Aktieninstitut has again hinted the Committee-members at...

Do not endanger long-term wealth building and old-age provisions by the real estate transfer taxes (in German)

Deutsches Aktieninstitut opposes a proposal of the German state finance ministers regarding the real estate transfer tax. The proposal would represent a significant and inappropriate tax burden for many stock listed companies. In its...

Hard Brexit: Ensure Risk Heding of non-financial Companies with Derivatives (in German)

The Deutsche Aktieninstitut and the Association of German Chambers of Industry and Commerce (DIHK) state in their comments on the German draft bill on fiscal measures accompanying the Brexit that the legislator has to ensure the risk...

German Brexit-Steuerbegleitgesetz should also cover new business (in German)

Deutsches Aktieninstitut and The Association of German Chambers of Commerce and Industry (DIHK) commented on the proposal for the German Brexit-Steuerbegleitgesetz. They welcome that the provisions include a transition period for...

Revision of the German Corporate Governance Code (in German)

Deutsches Aktieninstitut has commented on the revision of the German Corporate Governance Code proposed by Regierungskommission Deutscher Corporate Governance Kodex. The determination of independence of Supervisory Board members by...

The Case for Extending the Transitional Period for the Use of Third Country Benchmarks in the EU

Only one year before the EU Benchmark Regulation will be fully in force, there is a high level of uncertainty among non-financial companies, which financial instruments and services referencing to benchmarks will be possible as of 1...

Shares Remain Attractive Investments (in German)

In view of the downturn of share prices investors should not be getting nervous. On the long run shares have been and are attractive investments with manageable risk. This demonstrate the new Return-Triangles of Deutsches...

More Shareholders in Germany - Overcoming Missunderstandings and Desinterest (in German)

Misunderstandings, bad feelings and a significant level of desinterest prevent Germans from investing money into shares. Even historically low interest rates have not increased their interest in equity investments. This is the core...

Less Misunderstandings, More Shareholders (in German)

The Survey of Börse Stuttgart and Deutsches Aktieninstitut reflects the attitude of the Germans on shares // Inspite of low interest rates great reservations // Personal experience creates positive attitude // Integration of share...

Simplifications are Needed

After ESMA forwarded the outcome of the various consultations on the specification of the new European Prospectus Regulation, the EU Commission has recently launched a consultation for a draft delegated Regulation. The draft Level 2...

EU Contingency Action Plan should cover UK Regulated Markets

Deutsches Aktieninstitut together with BDI, BDEW, EFET, Energy UK, Eurelectric, IOGP and VCI welcomes very much the EU Commission’s Communication of 13 November 2018 on Brexit Preparedness. Especially, they appreciate that the EU...

The EU Market Abuse Regulation after Two Years: Survey Signals Need to Action (in German)

Listed companies observe increasing bureaucratic burden as well as decreasing legal certainty from the EU Market Abuse Regulation. In particular, regarding the obligation to publish inside information companies call for guidance. This...

Less Legal Certainty and More Bureaucracy – The European Market Abuse Regulation in the Practical Test (in German)

Companies are pleading for more precise legal provisions on ad-hoc publicity and less red tape regarding insider lists and managers´ transactions. This shows the survey “Two Years of EU Market Abuse Regulation”, which has been...

Sustainable Finance: Taxonomy – Deutsches Aktieninstitut Critical on Amendments of ECON and ENVI

In its letter addressed to both the ECON and the ENVI committee of the European Parliament on the occasion of the joint committee-debate on the development of a sustainable finance-taxonomy, Deutsches Aktieninstitut warns of the...

Corporate Bonds are not in the Scope of PRIIPs

Deutsches Aktieninstitut comments the ESA's consultation paper on PRIIPs and points out that corporate bonds are not in the scope of the respective EU-regulation. As there is a lasting uncertainty in the market clarification by the...

National Expertise in Prospectus Supervision for a Strong Europe

Deutsche Aktieninstitut and BDI are concerned about the European Commission's proposal to grant ESMA the power for scrutiny and approval of certain prospectuses. For this reason, they approached the various MEPs together with a...

Return Triangle for Employee Shares: Benefits for Employees, Companies and the Society (in German)

The return triangle for employee shares developed by experts of the hkp/// group calculates returns of, by way of examples, employee share ownership programs of the indices DAX, MDAX, TecDAX und SDAX, and for companies belonging to the...

Third country regimes in the Investment Firm Review

Deutsches Aktieninstitut together with further European associations commented on the changes made to third country regimes through the investment firm review. The associations support the Commission's proposal to strengthen the...

Comments regarding the implementation of the EU Anti-Money Laundering Directives in Germany (in German)

In a letter to BMF, Deutsches Aktieninstitut identifies issues, which should be considered in the upcoming national implementation of the 5th EU Anti-Money Laundering Directive. Industrial holdings should be excluded from the obliged...

EU Digital Services Tax- Exclusion of Financial Markets Activities from Scope of Proposal

Deutsches Aktieninstitut as co-signers of an association letter to EU Finance Ministers shares concerns on the broad scope of the EU Commission proposal on the introduction of a EU Digital Services Tax. Financial markets activities...

Politics and Business Are Called Upon to Revive the European Spirit (in German)

The chairman of the Committee on Foreign Affairs, David McAllister, and Christopher Delbrück, Member of the Board of Deutsches Aktieninstitut, demand to strengthen the democracy and the entrepreneurial freedom in the European Union in...

Proportionality and Coherence are Key Factors for Guidance on Risk Description in Prospectuses

Regarding the consultation on the ESMA Guidelines on presentation of risk factors in the prospectus Deutsches Aktieninstitut points out the right balance between the objective of ESMA to avoid overly generic/lengthy descriptions of...

Action Plan Financing Sustainable Growth

Deutsches Aktieninstitut supports the overarching aims of Commission’s Action Plan on Sustainable Finance. However, we do see some legislative plans and practical transposition-measures as problematic. Our concerns relate among others...

Proposal for the fourth amendment of the German Reorganization of Companies Act (UmwG) (in German)

Deutsches Aktieninstitut welcomes the proposal to give companies with British legal forms the possibility to reorganize safely into a German legal form. Expanding the scope of application for cross-border mergers to allow foreign...

Deutsches Aktieninstitut Warns of Imbalanced Legislation for EU Representative Action

Deutsches Aktieninstitut fears that the EU Commission’s legislative proposal on representative actions will – if adopted unchanged – create more problems than it will solve. The level of safeguards against abusive litigation remains...

European Union exit negotiations with the United Kingdom: minimising Brexit risks and strengthening the European capital market (in German)

The third position paper of Deutsches Aktieninstitut on the Brexit negotiations uses the example of customs duties and product approvals as well as derivatives and data protection to show what companies can do themselves to solve the...

Non-Financial Companies Need Uncleared OTC Derivatives for Hedging Purposes

Non-financial companies use OTC derivatives to hedge against currency, interest rate and commodity price risks related to business operations. This position paper summarises why non-financial companies need derivatives that are not...

Comments of Deutsches Aktieninstitut on the EU Commission’s Draft Directive on the Protection of Persons reporting breaches of Union law

In its comments on the EU Commission’s Draft Directive, Deutsches Aktieninstitut criticizes the significant imbalances of the Commission’s proposal, which focuses exclusively and one-dimensionally on the protection of the whistleblower...

Bank Regulation: Amendments to the Risk Reduction Package Take the Right Direction

At the start of trilogues on the risk reduction package Deutsches Aktieninsitut encourages co-legislators to agree an the amendment put forward by both the European Parliament and the Council to the so-called supervisory review and...

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, First Term 2018 (in German)

Editorial Focus: IPO

Deutsches Aktieninstitut’s Response to the EU Commission’s Fitness Check Public Reporting for Companies

In its response to the Fitness Check Public Reporting for Companies, Deutsches Aktieninstitut criticizes disproportional reporting obligations causing high compliance costs to companies without offering corresponding benefits to...

Proposals for the Revision of the German Corporate Governance Codex (in German)

Deutsches Aktieninstitut takes a position to the indicated structural changes of the German Corporate Governance Codex and makes content-related suggestions for said revision of the Codex. From the perspective of Deutsches...

Recommendations Concerning the Implementation of the EU Shareholder Rights Directive

Deutsches Aktieninstitut has made proposals concerning the implementation of the EU Shareholder Rights Directive upfront the draft implementing act of the Ministry of Justice in the field of corporate governance. The position...

Creation of EU-wide legal framework of investment protection for intra EU investments urgently needed!

Numerous investment protection agreements with investor protection clauses and investor-state arbitration provisions provide the highest degree of legal certainty for investments. However, the latter is called into question by the...

Happy Birthday DAX – New Return Triangle Shows the Attractiveness of Regular Investments in Shares (in German)

On the occasion of the 30th anniversary of the German share index DAX Deutsches Aktieninstitut presents its new DAX-Return Triangle for the long-term monthly financial investment.   You can download the Return Triangle here. ...

Ready for Takeover?

Together with White [&] Case, Deutsches Aktieninstitut has released a benchmark study to provide information on how German companies position themselves as bidders or as potential targets for a public takeover. Companies from DAX,...

Smaller Companies Need to Prepare Themselves Better for a Possible Takeover

How do German listed companies assess the likelihood of becoming the target of a takeover? How well prepared are they? Do they plan to buy a listed company? Answers to these questions delivers the survey “Ready for Takeover?” published...

Comments on the upcoming trilogue-negotiations

Deutsches Aktieninstitut publishes its recommandations for the upcoming negotiations between the EU-Commission, the Council and the Parliament. It strictly opposes the proposal of the Parliament that ESMA should frequently review the...

German Federal Government's Draft of a Civil Proceedings Model Case Act (in German)

In its comments on the German Federal Government's draft of a civil proceedings model case act, Deutsches Aktieninstitut calls for the adoption of stricter rules assessing the admission-procedure of claims in order to prevent abusive...

Challenge Future - Politics and economy need to cooperate

At its annual reception in the Gesellschaftshaus of BASF in Ludwigshafen Deutsches Aktieninstitut, celebrating its 65th anniversary, addressed upcoming future challenges. As honoured guest, the General Secretary of the CDU, Annegret...

The New Deal for Consumers: An Open Door to Abusive Litigation

French, German and Italian companies fear that the European Commission’s proposal on collective redress will end up in abusive litigation. Combining a high level of consumer protection with the proper functioning of the internal market...

Deutsches Aktieninstitut warns of Collective Redress-mechanisms on the European level

Ahead of the publication of the European Commission’s plans on Collective Redress scheduled for 11 April, Deutsches Aktieninstitut has expressed its concerns as regards the adoption of imbalanced European Collective Redress-mechanisms...

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 2nd Term 2017 (in German)

Focus: Sustainability

Alleviations of reporting obligations for non-financial companies needed

Deutsches Aktieninstitut welcomes the EU Commission`s consultation on a fitness check of supervisory reporting requirements under European financial markets regulation. In its response, Deutsches Aktieninstitut illustrates with...

Have you already started saving in shares? (in German)

At the day of shares the Deutsche Aktieninstitut reminds the public that with shares - permanently invested - you can earn good returns. It is important not be focused on the right timing of the investment but to invest in shares on a...

Consultation on Draft Regulatory Technical Standards (RTS) under the New Prospectus Regulation

In its response to the consultation on draft RTS, concretizing the new European Prospectus Regulation in more detail, Deutsches Aktieninstitut stresses the importance of more flexibility in drawing up prospectuses. For instance,...

Going and Being Public - the View of Small and Mid Seized Companies (in German)

Deutsches Aktieninstitut jointly published the results of a survey among small and mid seized listed companies and capital market experts regarding the going and being public. Apart from the necessity to invest more in shares via the...

Consultation regarding SME Listings: Reduce Administrative Burden – Mobilise Capital of Retail Investors

Deutsches Aktieninstitut supports the aim of the European Commission to reduce administrative burden for stock listed SMEs. In its position paper on the respective consultation Deutsches Aktieninstitut stresses that capital market...

Legislative Proposal on the Use of Options within the EU Prospectus Regulation and on the Adaptation of Financial Markets Legislation (in German)

In its letter to the German Federal Ministry for Finance (BMF), Deutsches Aktieninstitut recommends to refrain from introducing any national restrictions to the prospectus exceptions provided under the new European Prospectus...

Guideline for the Implementation of Employee Share Schemes (in German)

Together with EY Deutsches Aktieninstitut released a guideline explaining the steps for a successful implementation of employee share schemes (planning, design, compliance, communication and administration). These steps are illustrated...

The Implementation of Employee Shares Made Easy (in German)

The Deutsche Aktieninstitut and EY have published the “Guideline for the implementation of employee share schemes” today. The Guideline describes the five phases of planning, designing, compliance, communication and administration and...

Proposal to reform the European Supervisory Authorities sets wrong priorities

From the point of view of Deutsches Aktieninstitut, the proposal of the EU Commission disproportionately extends the competences of the European Securities and Markets Authority (ESMA) without sufficiently addressing the issue of...

Number of Shareholders Rises to Over 10 Million in 2017 (Shareholding Statistics of Deutsches Aktieninstitut, 2017) (in German)

The number of shareholders and investors in equity funds rised signficantly by 1.1 million to over 10 million in 2017. This equals 15,7 percent of the German population in the age of above 14 years, so that the pre-crisis level has...

Number of Shareholders Rises to over more than 10 Millions

In 2017 the number of shareholders and equity fund holders has risen significantly. On an annual average it was almost 1.1 million higher than in the previous year. In total more than 10 million citizens in Germany owned shares or...

Consulation on Institutional investors´Duties Regaring Sustainability - Dialogue with Companies Necessary

In a letter addressed to Ugo Bassi, Director “Financial Markets” within DG FISMA of the European Commission, Deutsches Aktieninstitut advocated the need for market-based solutions as regards the recent consultation on institutional...

„Return-Triangle“ visualises top long-term performance of shares (in German)

Shares are profitable and therefore an attractive financial investment. That impressively illustrates the new “Return-Triangle” of Deutsches Aktieninstitut. It can be downloaded now at www.dai.de. The message is: Shares give good...

Standardised Key Information Document as Important Signal for Share Advisory - Improvement of Details necessary

Deutsches Aktieninstitut welcomes the proposed BMF-regulation for a standardised key informations document for shares. In order to relieve share advisory in banks the requirements should strictly take into concern already existing...

CRD 5/CRR 2 Should Take Care of Non-Financial-Companies Risk Management Needs

The EU bank regulation reform proposal is currently debated in the European Parliament and the Council. We are particularily concerned about the amendments to the supervisory review and evaluation process (SREP). The proposed changes...

The Impact of MiFID II Rules on the Availabily of Research: Information for Issuers (in German)

After the entry into force of the evaluated Markets for Financial Instruments Directive (MiFID II/MiFIR) rules for the availability of research will change. Which research services are in the scope of the new rules and how stock-listed...

Exemptions for intra-group Transactions under EMIR are Justified

The positon paper lays out the benefits of derivative transactions between a centralised treasury unit and the operative subsidiaries of a non-financial group. These transactions are risk-neutral. Therefore, exemptions from the...

EU Vice-President Dombrovskis Counts on the Support of Companies as regards the Capital Markets Union

At the reception of Deutsches Aktieninstitut today in Brussels EU Vice-President Valdis Dombrovskis and the president of Deutsches Aktieninstitut Dr. Hans-Ulrich Engel advocated for the integration of European capital markets. The...

German Trade Associations Publish Brexit Compendium

Renowned German trade associations today have published a digital, cross sectoral “Brexit compendium”, with the aim of bundling the interests of the German economy .The position papers of participating trade associations on Brexit can...

Companies Demand more Asset Formation among Employees (in German)

With the „Berlin Appeal for more asset formation among employees” high-level representatives of the German economy and of trade associations call upon the future German government to create a better framework for employee equity...

Second Position Paper: Exit Negotiations Between the European Union and the United Kingdom: Minimise Brexit Risks and Strengthen the European Capital Market (now available in English)

The current position paper of Deutsches Aktieninstitut on the exit negotiations between the European Union and the United Kingdom complements the first position paper from February 2017 and covers further relevant topics, e.g....

Brexit: Transitional Agreements Now! (in German)

Today, Deutsches Aktieninstitut has published its second position paper on the Brexit negotiations. As the time for negotiations is advanced, Deutsche Aktieninstitut calls upon the negotiators to agree on transitional agreements in...

ESMA Consultation on the Format and Content of the Prospectus

Deutsches Aktieninstitut welcomes the suggestions made by ESMA for prospectus simplification, such as removing the auditor's report in case of profit estimates and forecasts. At the same time, however, it warns against new burdens,...

Response to the Questionnaire of the High Level Expert Group on Sustainable Finance

In its response to the questionnaire on the early recommendations of the High Level Expert Group on Sustainable Finance, Deutsches Aktieninstitut underlines its support for and the importance of a sustainable economic development, to...

EMIR Refit - Impact on Corporates

In a joint association paper Deutsches Aktieninstitut generally welcomes the proposal of the EU-Commission to reduce administrative burden of EMIR especially for non-financial companies. Nevertheless, the paper also describes several...

„Wahlprüfsteine“ of Deutsches Aktieninstitut for the German Parliamentary Election 2017 (in German)

Issues regarding capital markets have in future to be placed much higher on the political agenda. Deutsches Aktieninstitut has inquired what the political parties have in mind with regard to important capital market matters and has...

Whoever wants to lead has to speak clearly (in German)

Deutsches Aktieninstitut calls upon political parties to show more support for important capital market issues like a share oriented old age provision and more IPOs in Germany. The responses of the political parties to the...

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 1st Term 2017 (in German)

Focus: Federal Election 2017

Deutsches Aktieninstitut Supports Global Code of Conduct for the Markets for Foreign Exchange

On the 25th of May 2017 a code of conduct for FX markets (“FX Global Code”) was published, which has been developed by an international cross-sectorial expert group led by major central banks. Deutsches Aktieninstitut supports the...

EMIR-Review: EU-Commission's Proposal is Heading in the Right Direction

Deutsche

Whistleblower Protection does not Require EU Regulatory Action

In its short position on the occasion of the EU Commission’s public consultation on whistleblower protection, Deutsches Aktieninstituts supports the implementation of well-balanced protection mechanisms into the compliance management...

Companies welcome relief brought by Commission’s derivative end-user proposals

Companies welcome the Commission’s commitment to the existing commercial hedging exemption for companies from clearing and margining, and the move to an asset-by-asset class assessment for this exemption. The hedging exemption is...

Alleviate Custody of Employee Shares (in German)

In its comment on the national adoption of the Fourth EU-Anti-Money-Laundering Directive Deutsches Aktieninstituts asks for reliefs for the custody of employee shares.

German Parliamentary Elections 2017 – Sending a Strong Signal for Shares (in German)

Shares support the asset building of Germans and are indispensable for corporate finance. In its position paper for the German parliamentary elections, published today, Deutsches Aktieninstitut calls upon the political parties to...

Promotion of Shares in Germany - Suggestions of Deutsches Aktieninstitut Concerning the German Parliamentary Elections 2017 (in German)

The legislative period is coming to an end but the pressing economic and socio-political issues will remain. In its position paper concerning the German parliamentary election Deutsches Aktieninstitut is emphasizing the key issues that...

Stregthening IPOs in Germany - Five Priorities (in German)

German markets for IPOs are less developed compared to other countries. In order to improve this situation the regulatory and fiscal framework should be adjusted. The paper describes five measures with a focus on the equity culture in...

EU Capital Market Union Must Reflect the Needs of Listed Companies and Corporate Users of Derivatives

Deutsches Aktieninstitut urges the EU Commission to reflect consequently the needs of companies seeking capital market finance and using derivates for risk management purposes in the Capital Markets Union. The current direction of the...

Share Investment - The Illusionary Giant (in German)

On share´s day Deutsche Aktieninstitut calls for more political commitment for share investments. Shares are an important element for asset building and the old age provisions of the citizens. Therefore it is essential to reduce...

Employee Share Ownership as Pivotal Part of the Capital Markets Union

In its position paper Deutsches Aktieninstitut asks the European Commission to include emloyee share ownership as a further action point in the Capital Markets Union project. It is necessary to scrutinise existing European legislation...

Kurvenlage – Semi-Annual Report of Deutsches Aktieninstitut, 2nd Term 2016 (in German)

Focus: Brexit

First Position Paper: Exit Negotiations between the European Union and the United Kingdom: Minimise Brexit Risks and Strengthen the European Capital Market

In its position paper “Exit negotiations between the European Union and the United Kingdom: Minimise Brexit Risks and Strengthen the European Capital Market”, Deutsches Aktieninstitut has identified the essential issues with relevance...

Minimise Brexit Risks and Strengthen the European Capital Market (In German)

In its position paper “Exit negotiations between the European Union and the United Kingdom: Minimise Brexit Risks and Strengthen the European Capital Market” published today, the Deutsche Aktieninstitut submits proposals to the...

No Going beyond the Requirements of the CSR-Directive

The Deutsche Aktieninstitutwelcomes the opportunity to comment the issue finches for the non-binding guidelines on non-financial reporting. The Commission is supposed to present the guidelines in order to facilitate the disclosure of...

Number of Shareholders Remains Stable at Nine Million - Politicians Are Called Upon to Act (in German)

The number of shareholders and private investors in equity fonds has remained stable, as Deutsches Aktieninstitut notes in its study on the number of shareholders published today. In the annual average the number was just under nine...

Number of Shareholders Keeps Constant at 9 Million in 2016 (Shareholding Statistics of Deutsches Aktieninstitut, 2016) (in German)

The number of shareholders and investors in equity funds kept constant at 9 million in 2016. This equals 14 percent of the German population in the age of above 14 years. The high level of market volalitility in the first half of the...

„Return-Triangle“ Sends a Clear Message: The Country Needs More Shares (in German)

Shares are profitable and are therefore an attractive financial investment. That impressively illustrates the new “Return-Triangle” of Deutsches Aktieninstitut. It can be downloaded now at www.dai.de. The message is: Shares give good...

Impact of the Prohibition of or Constraints on the Use of Internal Model Approaches on Non-Financial Companies Should Be Evaluated Carefully

The Basel Committee on Banking Regulation suggests to constrain the use of internal model approaches by banks for calculatng credit risks. For example, banks shall be forced to apply the standardised approach only for large...

Regulation of derivative markets EMIR: Costs of the clearing obligation and reporting

Deutsches Aktieninstitut provides data for the imp

Response Regarding the Proposed Amendments to the German Corporate Governance Code for 2017 (in German)

The amendments aiming at keeping the Code lean are in principle welcomed. Furthermore there is need for discussion and change in particular regarding subjects as communication between the investor and the chairman of the supervisory...

For the Future Functioning of Old Age Provisions in Germany Shares Are Essential (in German)

“For the Future Functioning of Old Age Provisions in Germany Shares Are Essential”: This is the result of the study “Securing the Standard of Living in Old Age – Reducing the Pension Gap with Shares” published today by Deutsches...

Anti-Money Laundering Directive – Non-Redundancy of National Beneficial Owner-ship Registers (in German)

With the fourth EU Anti-Money Laundering Directive and its current amendment, every EU member state has, among other changes for companies, to implement a beneficial ownership register. Deutsches Aktieninstitut wrote a letter to the...

No Audit Obligation of the Supervisory Board! - Transposition of European CSR-Directive to Be Finalized (In German)

Deutsches Aktieninstitut welcomes the objective of the government draft bill for a ‘one to one’-transposition of the European CSR Directive into German law. This intention should be pursued in an even more consistent manner. From the...

Accepting Challenges - Moving Ahead

The position paper „Accepting Challenges – Moving Ahead“ points out five central measures that need to be taken in order to successfully realize the European Capital Markets Union. Amongst others these include alleviations regarding...

Deutsches Aktieninstitut Demands Closer Integration of European Capital Markets (in German)

In its latest position paper “Accepting Challenges – Moving Ahead: Deeper Integration of EU-Capital Markets despite the Brexit Vote” Deutsches Aktieninstitut is committed to ensuring, that the European Capital Markets Union is pursued...

Baumann Calls on Politics and Economy to Strengthen the European Union (in German)

At the autumn reception of Deutsches Aktieninstitut, held today in Brussels, Werner Baumann, President of Deutsches Aktieninstitut and CEO of Bayer AG, requested more support for Europe. Politics and economy had together to convince...

Proposal for an Amendment of the Insolvency Law provides Legal Clarity regarding Close-out-netting-clauses (in German)

Deutsches Aktieninstitut welcomes the proposal to amend the insolvency law released by the Federal Ministry of Justice and Consumer Protection. The proposal provides legal certainty regarding the effectiveness of...

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 1st Term 2016 (in German)

Focus: Retirement Planning

Guiding Principles for the Dialogue between Investor and Supervisory Board (In German)

Deutsches Aktieninstitut supports the new guiding principles for the dialogue between investors and supervisory board published today by the initiative “Developing Shareholder Communication”.

Hessian Finance Minister Schäfer: „Employee shares offer above-average returns” (In German)

At a conference of the Deutsches Aktieninstitut and the Global Equity Organization the Finance Minister of Hesse Dr. Thomas Schäfer and Hauke Stars, Member of the Executive Board of Deutsche Börse AG, discussed an increased employee...

Brexit: Something Has to Happen – Keep on as Usual is not an Option! (in German)

After the decision of the British voters to leave the European Union Deutsches Aktieninstitut demands of the German politicians to rapidly implement measures improving the framework conditions for capital markets in Germany. This is...

Impact of the Net Stable Funding Ratio on Prices and Availability of Derivatives Used for Hedging Purposes by Non-Financial Companies Needs Careful Evaluation

The Net Stable Funding Ration (NSFR) shall ensure that banks have sufficient midterm funding. This position paper is Deutsches Aktieninstitut's comment to a targeted consultation of the EU Commission on the implementation of the NSFR...

Public disclosure of country by country reports for taxation purposes to be rejected (in German)

In its position paper, Deutsches Aktieninstitut rejects the EU Commission’s proposal for a mandatory public disclosure of tax-relevant information in form of country by country reports by multinational companies. According to Deutsches...

Changes to ECB Fixings: Remaining Concerns of Non-Financial Companies

Starting with Juli 2016 the ECB reference rates for the FX markets will published at 4pm which is two hours after the fixing is calculated. The main objective of this change is to prevent manipulation of the fixings. This position...

Baumann Is Calling for an Improved Inclusion of Shares in Retirement Provisions (in German)

This year the traditional reception of Deutsches Aktieninstitut took place at the Tropicarium of BAYER CropScience AG in Monheim. Besides Werner Baumann, President of Deutsches Aktieninstitut, Professor Dr. Axel Weber, Chairman of the...

Implementation of the CSR-Directive with a Sense of Proportion – Draft for Implementing the Directive 2014/95/EU

In its comments on the ministerial draft statute for transposing the CSR-directive into German law, Deutsches Aktieninstitut welcomes the freedom of choice for companies to prepare a separate non-financial report instead of the...

EU-Consultation on Non-Binding Guidelines Regarding the CSR-Directive

Deutsches Aktieninstitut participated at the EU-Commission´s Online Consultation preparing the non-binding guidelines for the CSR-Directive. The consultation was open until 15 April. Deutsches Aktieninstitut emphasizes that the planned...

Retail Financial Services - Deutsches Aktieninstitut’s response to the EU Commission’s Green Paper

Deutsches Aktieninstitut appreciates the initiative of the EU Commission to determine, how the market for retail financial services can be further opened up, whilst maintaining an adequate level of consumer and investor protection....

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 2nd Term 2015 (in German)

Focus: Capital Markets Union

Use the MiFID-Delay to Fix Shortcomings of the Level-1-Text

Deutsches Aktieninstitut asks the legislator to use the proposed MiFID-delay to fix shortcomings of the level-1-text. Besides others this applies for the treatment of emission allowances within the ancillary activity exemption and the...

Prospectus Regulation - Recommendations to put good ideas into practice

The position paper comments on the draft of the EU Commission, published on the 11/30/2015. Deutsches Aktieninstitut opposes the idea of allocating risk factors into categories and restricting their number in the summary since this...

EBA Guidelines on CVA Risks Will Likely Result in Negative Consequences for the Risk Management of Non-Financial Companies

EBA consults whether banks should face additional own funds requirements for the so called CVA-risks resulting from derivative positions with non-financial companies (NFCs). The position paper shows that the EBA proposal would erode...

Number of Shareholders in Germany Up by Half a Million in 2015 - Negative Trend Broken (Shareholding Statistics of Deutsches Aktieninstitut, 2015) (in German)

The Germans' confidence in shares has returned in 2015. The number of shareholders and investors in equity funds rised to 9 million which is the highest level since three years. This equals 14 percent of the German population in the...

Positive Signals for Equity Culture: Number of Shareholders Rises in 2015 (In German)

The number of shareholders and private investors in equity funds in Germany increased by 560.000 in 2015, as has been shown in a study of Deutsches Aktieninstitut on the number of shareholders published today. In total we have now well...

Evidence and recommendations on how to improve the legislative process

We offer a lot evidence of rules inconsistent with other provisions or rules running counter to overarching principles. Among others the increased level of bureaucracy is contradictory to the idea of facilitating the capital market...

Updated "Return-Triangle" published – Don´t Get Upset by Drops in Share Prices (In German)

As the Return-Triangle of Deutsches Aktieninstitut shows, shares or equity funds are perfectly suited for wealth building. The updated version illustrating the development of prices and dividends in 2015 is available for download at...

No Case for Mandatory XBRL Reporting of Listed Companies

Deutsches Aktieninstitut criticises ESMA for the proposal to make XBRL reporting mandatory for listed companies by 2020. Such an obligation would cause significant additional compliance costs and risks for issuers although there is no...

Reform of investment funds' taxation should not further discriminate shares (in German)

In its comment on the proposal to reform the taxation of investment funds Deutsches Aktieninstitut states that disadvantages for the long-term wealth building and the corporate finance should be avoided.

Promote public equity financing - Implement the recommandations of the round table initiated by minister Gabriel (in German)

In order to promote public equity financing and equity culture in Germany Deutsches Aktieninstitut suggests to implement the recommandations developed by the round table initiated by the economics minister Gabriel as soon as possible. ...

Deutsches Aktieninstitut: Fast Implementation of IPO Round Table's Action-Points is needed (in German)

The final report of the Round Table “More IPOs of young growth companies in Germany” has been presented at the end of September. In its Paper, published today, Deutsches Aktieninstitut submits proposals how the recommendations of the...

The Need for Safety meets Risk Aversion - Bankenverband and Deutsches Aktieninstitut on Safety and Risk (in German)

The joint conference of Bankenverband and Deutsches Aktieninstitut focused on the question whether we need another risk culture in order to find new answers for the current challenges. Alongside other speakers Jürgen Fitschen, Co-Chief...

EU Commission's proposal to revitalize the securitisation market is insufficient

To revitalize the securitisation market in Europe is at the core of the Capital Markets Union. Regarding this aim the respective proposals of the European Commission are insufficient, which the joint position paper of Deutsches...

Shareholder Rights Directive: Deutsches Aktieninstitut's position for the trialogues

The positiov of German listed companies for the trialogues on the Shareholder Rights Directive is summarized in two position papers of Deutsches Aktieninstitut. In a joint position paper with the Bundesverband der Deutschen Industrie...

Equity Investment in Foundations – Break Down Reservations (in German)

Allocating assets partly into equities can help foundations to better serve their charitable objectives – not only at the currently low interest rates. This is a central result of a study of Deutsches Aktieninstitut and UBS...

EU-Commission Vice-President Katainen Calls for More Commitment to TTIP at Deutsches Aktieninstitut's Autumn-Reception (in German)

At the traditional Autumn Reception in Brussels Werner Baumann, President of Deutsches Aktieninsitut, and Jyrki Katainen, EU Vice-President and Commissioner for Jobs, Growth, Investment and Competitiveness, emphasized the importance of...

Deutsches Aktieninstitut comments on draft amendments of the Prospectus Directive

With this letter to Mr. Lueder Deutsches Aktienistitut comments on the brought to light proposals of the EU Commission. Overall, Deutsches Aktieninstitut appreciates the attempt to facilitate capital market finance and support several...

Associations object ESMA's proposal to abolish the EMIR hedging exemption

Deutsches Aktieninstitut opposes jointly with five other important German associations (BDI, BGA, DIHK, EFET und VDT) the proposal of ESMA to abandon the hedging exemption for non-financial companies under the derivative markets...

Proposal to tax investment funds harms equity culture (in German)

Deutsches Aktieninstitut comments on the proposal launched by the Bundesfinanzministeriums regarding the reform of the taxation of investment funds. It is crucial that dividends should be taxed twice, on fund and on investor level, and...

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 1st Term 2015 (in German)

Focus: 50 years German stock corporation law

EMIR evaluation - reduce the administrative burden for non-financial companies

Deutsches Aktieninstitut contributes to the EU-Commission'

Best Practice Principles of Proxy Advisors - a Step in the Right Direction

Transparency and reliability of proxy advisors have improved over the past decade as has the incorporation of national specifics of corporate governance into the voting guidlines. However, listed companies still miss a possibility to...

Proposal for the calculation of the ancillary activity thresholds under MiFID II

Jointly with 19 other associations Deutsches Aktieninstitut launches a proposal for the calculation of t

The Journey is the Reward - Lean Implementation of the CSR-Directive Leads to a Better Non Financial Statement (In German)

Regarding the implementation of the CSR-Directive Deutsches Aktieninstitut pleads not to include small and medium sized enterprises or additional reporting aspects but to implement the directive one-to-one. Clarifications regarding the...

Comment on the consultation regarding bilateral collateralisation of derivatives

In its comment on the second consultation paper of the European Supervisory Authorities EBA, ESMA and EIOPA regarding bilateral collateralisation of derivatives Deutsches Aktieninstitut addresses concerns that initial margins should be...

Non-Financial Companies Aren't Shadow Banks

Deutsches Aktieninstitut is concerned that EBA is about to requalify all non-financial companies with centralised treasury or finance activities as shadow banks for regulatory purposes. This will be the outcome of a defintion that EBA...

Transposition of the EU Audit Reform Goes Too Far (in German)

In this position paper Deutsches Aktieninstitut and the Federation of German Industries (BDI) criticize the far-reaching consequences of the German transposition act of the EU audit reform as it partially undermines well-tried...

Promote Employee Share Ownership - a Joint Call for Action of Ten Associations (in German)

The joint call for action to promote employee share ownership in Germany of ten associations - including Deutsches Aktieninstitut - asks the legislator to improve the institutional framework regarding employee particiption in order to...

Employee Share-Ownership – Associations call for Political Action (in German)

In its call for action “For an agenda employee share-ownership” published today, ten well-known German associations ask from politicians to improve the general framework of employee share-ownership and to speak up for more employee...

Buildung a Capital Markets Union: Strengthening the Demand-Side

In its comments Deutsches Aktieninstitut supports the European Commission’s initiative on building a Capital Markets Union. Further to the steps proposed by the Commission the demand-side of capital markets should, however, be...

Regulation Should not Impede Securitisation of SME Loans

In its joint position paper on the EU-Commission's consultation "An EU framework for simple, transparent and standardised securitisations" Deutsches Aktieninstitut, DIHK and BDI asks the legislator to not impede the securitisation of...

Equity Culture Begins in the Minds of People - what Germans Feel about Share Investments (in German)

The Germans still show a number of misunderunstandings about and prejudices against shares that form an obstacle for a deeper equity culture. However, the potential for improvement is higher than the number of shareholders in Germany...

Share investment is a Matter of Mindset – New Study about the Attitude of Germans towards Shares (in German)

Misunderstandings, prejudices and uncertainties influence the relationship of Germans to share investments. This has been ascertained by a study of Deutsches Aktieninstitut and Stuttgart Stock Exchange, examining the attitude of...

Board of Deutsches Aktieninstitut Confirms Werner Bauman as President (in German)

At its constitutive meeting the newly elected board of Deutsches Aktieninstitut unanimously confirmed Werner Baumann, Chief Strategy and Portfolio Officer of Bayer AG, as President of Deutsches Aktieninstitut.

Regulation of the Rating Market Should be Appropriate

The position paper of Deutsches Aktieninstitut, BDI and DIHK on ESMA's consultation "Call for Evidence" regarding the rating market aks for an appropriate framework that should not impede corporate financing by bonds. This applies...

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 2nd Term 2014 (in German)

Focus: A New Start in Brussels

ESMA Consultation Regarding MiFID II/MiFIR: Risk Management with Derivatives Should not be Impacted Negatively

In its answers to ESMA's consultation on draft technical standards regarding MiFID II/MiFIR Deutsches Aktieninstitut points out that the risk management by non-financial companies should not be negatively affected by the rules. This...

ESMA's Technical Advice on MiFID II/MiFIR: Unintended Consequences for the Equity Culture Should be Avoided

In its position papers regarding the "technical advice" of ESMA on MiFID II/MiFIR Deutsches Aktieninstitut states that the new rules should not impact equity culture in Europe negatively. This applies especially for the offering of...

Despite the Ongoing Bull Market the Number of Shareholders in Germany is Declining (in German)

In 2014 about half a million people bid their shares or shares in funds farewell. Despite rising prices at the stock exchanges the number of share investors dropped the second year in a row. Only 8.4 million Germans, i.e. about 13...

ESMA Consultation on EMIR Reporting: Reduce Complexity of Reporting Requirements

In order to enhance data quality under EMIR Deutsches Aktieninstitut recommends in its position regarding the ESMA consultation on EMIR reporting to decrease complexity. Perspectively, the introduction of an one-sided reporting regime...

Numbers of Shareholders Down by 500.000, Negative Wealth Effect for Private Households (Shareholding Statistics of Deutsches Aktieninstitut, 2014) (in German)

The equity culture in Germany takes the second hit in row. In 2014 the number of sharholders and holders of equity funds declines by 500.000 - despite of rising share prices. Only 8.4 million Germans (13.1 percent of the population)...

New edition of the stock return triangle - shares promote private wealth building in the long run (in German)

Shares and equity funds promote wealth building of private households. This is demonstrated by the stock triangle of Deutsches Aktieninstitut, which visualizes the peformance of the companies of the DAX over the past 50 years. The new...

Third Country Rules under Benchmark Regulation Will Harm Non-Financial Companies

The third country provision according to the proposed EU Benchmark Regulation will have negative consequences for non-financial companies. As long as the home countries of the relevant benchmark providers do not enact a similar...

EBA Consultation Regarding Securitisations: Requirements Should be Appropriate

In a joined statement regarding the consultation of the European Banking Authority EBA on "simple, standard and transparent securitisations" Deutsches Aktieninstitut and BDI ask for appropriate requirements especially for ABS including...

ESMA Consultation on Commodity Derivatives: Take or Pay Clauses Should not be Treated as Derivatives

In its answer to ESMA's consultation on commodity derivatives Deutsches Aktieninstitut asks for the clarification that take or pay clauses in commodity contracts should not be treated as derivatives. Overall, a cash compensation due to...

RTS for prospectuses: ESMA has to stay within its mandate

ESMA consults on standards for the approval and publication of prospectuses, their advertisement and the incorporation of external information by reference. Among other issues the drafted Regulatory Technical Standards would limit the...

Strengthening the IPO Market in Germany (in German)

An intelligent regulatory framework is needed in order to better mobilize capital for IPOs. This is the key message of Deutsches Aktieninstitut in its positionpaper “The Stock Exchange - Strengthening the Engine for Growth: Mobilizing...

Strengthening IPO-market in Germany (in German only)

The position paper emphasizes the importance of functioning IPO-markets for growth financing and employment. An adequate regulatory framework should incentivise retail and institutional investors to invest more money in shares. An...

Employee Shareownership in Germany should be promoted (in German only)

The position paper describes the advantages of employee shareownership and proposes measures in order to enhance the attractiveness of this kind of employee financial participation. According to this tax incentives should be increased...

More enthusiasm for employee shares – simplification of regulatory framework and extension of tax relief needed (in German)

In its position paper “More enthusiasm for employee shares in Germany: Adequate Incentives – Less Obstacles” published today, Deutsches Aktieninstitut sees a need for politicians to engage more in the support of employee share-schemes....

"Without Capital Markets No Growth in Europe" (in German)

At the traditional Brussels reception of Deutsches Aktieninstitut the new EU Commissioner for Financial Stability, Lord Hill, and Markus Ferber, MEP, delivered speeches to more than 200 guests. Werner Baumann, President of Deutsches...

The Road to Growth - Guiding Principles for a Capital Markets Union

In the political guidelines for the next EU Commission Jean-Claude Juncker pledges to create a European Capital Markets Union in order to improve the financing of the European economy and in order to further integrate capital markets....

Position on EU Commission's proposal on Shareholders' Rights Directive (in German)

Deutsches Aktieninstituts welcomes the idea of promoting shareholders' engagement. However, the proposal of the EU Commission goes too far especially concerning the regulation on related parties' transactions. Furthermore Deutsches...

Aktieninstitut is concerned about the negative consequences of the EU benchmark regulation

The EU is about to regulate the processes of the provision of indices and benchmarks. From Deutsches Aktieninstitut’spoint of view summarised in this positio paper the proposed requirements for index providers go too far. The high...

Risk-mitigating techniques for OTC-derivatives: Global standards should not contradict already existing rules

Deutsches Aktieninstitut comments on the consultation paper of IOSCO regarding global standards for risk-mitigating techniques for non-cleared OTC-derivatives. We call for the clarification that the proposed global standards should not...

Delegated Acts to the Market Abuse Regulation: additional red tape for listed companies

This position paper critisises ESMA's draft delegated acts on the Market Abuse Regulation. Because ESMA's interpretation reaches too far listed companies in Europe face massive additional compliance risks and costs regarding insider...

ESMA is going too far with regard to the notification of managers' transactions

This position paper on ESMA's draft technical advice on the Market Abuse Regulation raises the concern that the notifications of managers' transactions will likely create misleading signals. According to ESMA's proposal transactions...

MiFID II: Treatment of research impairs SME's access to capital markets

In its draft technical advice regarding the evaluated Market in Financial Instruments Directive (MiFID II) ESMA proposes to prohibit the availability of research which is provided free of costs. We object this proposal as not...

No need for an electronic format for the purpose of financial reporting in Europe

Deutsches Aktieninstitut is concerned about a possible mandatory use of an single European electronic format for financial reports of listed companies. This is principally forseen in the revised Transparency Directive. The critique...

Bank regulation: Appropriate treatment of SME-asset-backed-securities

The joint letter to the EU-Commission (with BDI and VDT) addresses the debate on the technical regulatory standards regarding the liquidity coverage ratio (LCR) under Basel III. The definition of asset backed securities which are...

Appropriate regulation of investment advice - comment on the BMJV-study regarding the documentation requirements (in German)

On behalf of the Federal Ministry of Justice and Consumer Protection the Institute for Transparency conducted a study on the documentation of investment advice in financial institutions. Our comment welcomes the conclusion drawn in the...

Comment on ESMA's Consultation on MiFID II / MiFIR

We comment the work of ESMA regarding the draft technical standards and technical advise according to MiFID II / MiFIR. ESMA should properly take into account the specifics of non-financial companies using derivatives relating to their...

The European Commission´s strategy on Corporate Social Responsibility (CSR) 2011-2014: achievments, shortcomings and future challenges

In its answer to the Commission´s Online Consultation Deutsches Aktieninstitut emphasizes that after having adopted the Directive on disclosure of non-financial information no more legal steps by the Commission are necessary....

Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 1st Term 2014 (in German)

Focus: Europe has voted

Comment on the regulatory standards on bilateral collateralisation of derivatives

The position paper comments on the draft regulatory standards on bilateral collateralisation of derivatives released by the European supervisory authorities EBA, EIOPA and ESMA. The standards should not oblige all counterparties to...

As a result of regulation banks refrain more and more from providing investment advice in shares - a survey (in German)

As a result of the increasing regulation more and more banks refrain from providing investment advice for shares. This is the main outcome of a survey conducted among German credit institutions. Due to strict regulatory requirements 22...

Comment on the IDW position paper on the EMIR auditing process (in German)

We comment the draft position paper of Institut der Wirtschaftsprüfer in Deutschland (IDW) regarding the auditing process on the requirements of non-financial companies according to EMIR. So called „take-or-pay-clauses“ in contracts...

ESMA’s implementing measures under the Transparency Directive should ensure shareholder transparency

This position paper comments on the level-2-implementing measures of ESMA under the revised Transparency Directive. The main issue is ESMA's interpretation of the exemptions from the major sharehholdings notificatons requirements....

President of Deutsches Aktieninstitut rejects financial transaction tax (in German)

At the annual reception of Deutsches Aktieninstitut today, Werner Baumann, President of Deutsches Deutsches Aktieninstitut, called for dropping ultimately the plans to introduce a financial transaction tax in EU. The complete press...

Aktieninstitut is concerned about ESMA's proposal on the presentation of alternatives performance measures

ESMA plans to harmonise the presentation of so called alternative performances measures in the financial communication of listed companies. Frequently used measures such as EBITDA could only be presented with less prominence compared...

Aktieninstitut and Bundesverband der Deutschen Industrie are concerned about the EU proposal on Banking Structure

This position paper reemphasises the critique of Deutsches Aktieninstitut and the Bundesverband der Deutschen Industrie on a possible separation of banking activities in the EU as proposed by the EU Commission in January 2014. E.g.,...

Definition of FX derivatives should be practically applicable

The position paper refers to the consultation of the European

Deutsches Aktieninstitut critisizes the Proposal on a Reform of the Shareholder Rights Directive (in German)

The complete press release can be downloaded in German below.

Kurvenlage - Annual report of Deutsches Aktieninstitut 2013 (in German)

Focus: Employee Participation

Costs of the issue of shares or bonds are not borne by the client (in German)

According to the reviewed Markets in Financial Instruments Directive (MiFID II) all costs of a financial instrument should be made transparent to the client. Our comment focuses on the discussion whether the costs of the issuance of...

Number of shareholders stays constant, sharp drop in the number of holders of equity funds (shareholding statistics of Deutsches Aktieninstitut, 2013) (in German)

In 2013 there has been 600.000 people less investing in shares or equity funds compared to 2012 - a set back for the equity culture in Germany. This is a key result of the most recent issue of the shareholding statistics of Deutsches...

Number of shareholders declining: Aktieninstitut warns about negative long term consequences for private wealth building (in German)

Last year 600.000 people less than 2012 were invested in shares or equity funds. This is the key finding of the most recent shareowner statistics of Deutsches Aktieninstitut. Only 8.9 million Germans placed private savings into shares...

Aggregation of information on derivative transactions should not aggravate existing reporting requirements

A consultation paper released by the Financial Stability Board discusses different proposals on how information regarding derivative transactions could be aggregated on a global level. Our comment focuses inter alia on the necessity...

Take-or-pay-clauses should not regarded as derivatives (in German)

We object

No Financial Transaction Tax - Now! (in German)

The financial transaction tax is an important agenda item for the franco-German consultations this week. Deutsches Aktieninstitut calls for refraining from the tax as it would seriously harm the real economy and private investors. The...

Behavior and preferences of German shareholders (in German)

The study provides the results of asurvey among morethan 400,000 retail investors of Deutsche Post DHL. Answers to the following questions are given: What sources of information do retail investors use? Do they preferdividends or...

ESMA's implementing measures under the Market Abuse Regulation should be balanced

The implementing measures under the new European Market Abuse Regulation will likely go too far. This is the key concern Deutsches Aktieninstitut raises in a consultation of ESMA on this issue. ESMA's proposals will likely tighten...

No key information document for corporate bonds

The position paper comments the draft regulation on "key information documents for packaged retail products". The intention of the EU-parliament to extend the scope of the regulation on corporate bonds would have negative impacts. A...

Issuers should be allowed to react to proxy advisors' voting recommendations

This position paper comments on a draft code of conduct which has been presented in October 2013 by a group of proxy advisors to govern their transparency and business conduct. Deutsches appreciate the initiative as step forward in...

Proposed securitisation market regulations will impair the refinancing of the German real economy

The joint position paper of Deutsches Aktieninstitut, Bundesverband der Deutschen Industrie and Verband Deutscher Treasurer stresses the importance of the German securitisation market, especially with regard to sales and working...

Upcoming Regulation of Money Markets Funds will Impact Negatively the Real Economy

According to the analysis of Deutsches Aktieninsitut the role of money market funds for the cash management and the financing of non--financial companies will likely decrease. This will be the consequence of the EU Commission's...

Employee shareholdership: A survey among German listed companies (in German)

A study conducted by Deutsches Aktieninstitut and Ernst [&] Young (EY) shows that many stock listed companies already provide a share based compensation or intend to implement one. Nevertheless, the potential for employee...

Deutsches Aktieninstitut surveys status quo of employee shareownership in Germany (in German)

The complete press release in German is available for download below.

Recommandations for the forthcoming Federal Government (in German)

Deutsches Aktieninstitut released recommandations for the coaltion talks between CDU, CSU and SPD. It was stressed that the functioning of capital markets should be retained and improved. An adequate regulatory framework is decisive...

Enforcement of Financial Information 2013 (in German)

This joint study of Deutsches Aktieninstitut and PricewaterhouseCooopers summarises the experience of listed companies with the enforcement of accounts by the German enforcer, Deutsche Prüfstelle für Rechnungslegung (Financial...

Deutsches Aktieninstitut and PwC publish study on the enforcement of financial information by the Deutsche Prüfstelle für Rechnungslegung (in German)

The German enforcer, the Deutsche Prüfstelle für Rechnungslegung (Financial Reporting Enforcement Panel) has been assigned high marks / high intensity of examinations and critique for tight time limits / Influence on accounting...

Comment on the Implementation of EMIR

The starting date for the reporting obligation under EMIR will be likely mid February 2014. So far corporates face uncertainties regarding various issues which aggrevates the due implementation of the required processes. This holds...

Deutsches Aktieninstitut will provide the office of the Commission German Corporate Governance Code (in German)

In today's general meeting the members of Deutsches Aktieninstitut decided to provide the office of the Commission German Corporate Governance Code in the future. As an instrument of self-regulation the German Corporate Governance Code...

Number of shareholders on the rise, number of investors in equity funds decreases (Shareholding statistics of Deutsches Aktieninstitut, first half of 2013) (in German)

In the first half of the year 2013 the number of direct shareholders has increased by 7.1 percent. Compared to 2012 additional 323.000 people have decided to invest in shares, so that there are now 4.9 million direct shareholders in...

Number of shareholders on the rise, number of investors in equity funds down (in German)

In the first half of the year 2013 the number of direct shareholders has increased by 7.1 percent. Compared to 2012 additional 323.000 people have decided to invest in shares, so that there are now 4.9 million direct shareholders in...

Deutsches Aktieninstitut is going to become the office for the Government Commission of the German Corporate Governance Code (in German)

Study on the financial transaction tax: private households and non-financial companies will bear billions of additional costs (executive summary) (in German)

The financial transaction tax (FTT) would sum up to total costs of 5.0 to 7.3 billion Euros per year for private investors and companies of the real economy. This is the key result of an in-debth impact study for the German economy...

The Financial Transaction Tax – A Wrong Track?

Private investors and the real economy in Germany would be charged with costs ranging from 5.0 to 7.3 billion Euros if the financial transaction tax entered into force. This is the key-finding of an impact study conducted by Deutsches...

Deutsches Aktieninstitut and BDI comment on a EU consultation on the separation of banking

The separation of proprietary trading of banks from deposit taking and the provision of credit is currently intensively discussed. Advocates argue that such a separation will help to avoid future banking crisis. Deutsches...

Congratulations to 25 years of DAX (in German)

Deutsches Aktieninstitut congratulates to 25 year of DAX: The most famous German stock index does not only visualize the performance of the listed companies, but is an indicator for the development of the German economy as a whole. ...

Deutsches Aktieninstitut is concerned about ESMA's proposals regarding supplements to prospectuses

With this position paper Deutsches Aktieninstitut contributes to ESMA’s consultation on “Draft Regulatory Technical Standards on specific situations that require the publication of a supplement to the prospectus”. ESMA's proposals on...

Position on the European Commission's green paper on long-term financing of the European Economy

Deutsches Aktieninstitut welcomes the objective of the green paper to foster long-term financing. For this reason regulatory barriers which encumber investors such as banks, insurers, institutional and retail investors need to be...

Position on the EU directive on the disclosure of nonfinancial and diversity information by certain large companies and groups

With this position paper Deutsche Aktieninstitut contributes to the German und European debate on non-financial reporting which has gained momentum after the EU Commission legislative proposal on the respective issues. In particular,...

Deutsches Aktieninstitut comments on the upcoming European Securities Law Legislation

Deutsches Aktieninstitut supports many of the EU Commission's objectives regarding the planned harmonisation of the EU securities law, e.g. the improvement of the cross-border identification of shareholders as well as thier...

Financial Transaction Tax will hurt massively the companies of the real economy (in German)

The financial transaction tax will cause massive burden for the real economy. In an analysis Deutsches Aktieninstitut calculated the impacts of the new tax on 24 large German companies. Even under conservative assumptions the estimated...

German minister Peter Altmaier calls for stable conditions for investors in energy infrastructure (in German)

Press releases

Sustainability

European sustainability standards at risk of becoming a bureaucratic monster (in German)

In its statement on the consultation on European sustainability standards published today, Deutsches Aktieninstitut calls for the standards to be streamlined and more practicable. Furthermore, convergence with the sustainability...

About us

Bremer heads EU liaison office (in German)

Jan Bremer is the new Head of the EU Liaison Office of Deutsches Aktieninstitut in Brussels since 1 August 2022. In his function, he represents the around 200 member companies and strengthens the dialogue with European politics. ...

Corporate governance and company law

Open future of the virtual AGM (in German)

Today, the Bundestag will pass the law on the introduction of virtual general meetings. The government draft has been further developed in some points. The next AGM season will show whether the law passes the practical test. Deutsches...

Retirement provision

Zukunftsfinanzierungsgesetz aims to bring shares into the centre of society (in German)

The Federal Minister of Finance and the Federal Minister of Justice today presented key points for a Zukunftsfinanzierungsgesetz. Deutsches Aktieninstitut welcomes this initiative, which is intended to make shares more attractive as an...

Corporate governance and company law

Draft law for virtual AGMs fails at the public hearing within the German Bundestag (in German)

The hearing of experts on the introduction of virtual general meetings took place today in the Legal Affairs Committee of the German Bundestag. It once again made clear that the draft law on the introduction of virtual general meetings...

Investment in shares and securities

Making saving in shares more attractive (in German)

New calculations by Deutsches Aktieninstitut show that the reintroduction of tax exemption for equity income after a holding period would be an attractive incentive to promote equity savings in Germany. The introduction of an...

About us

Europe must position itself strategically (in German)

In view of the war in Ukraine and the accompanying political and economic upheavals, Bundesbank Executive Board member Burkhard Balz and the President of Deutsches Aktieninstitut Dr Hans-Ulrich Engel demanded strength through joint...

About us

GermanDream receives the Meritum Förderpreis der Deutschen Wirtschaft (in German)

Deutsches Aktieninstitut honours the initiative GermanDream with the Meritum Förderpreis der Deutschen Wirtschaft. The founder Düzen Tekkal has made an outstanding contribution to democracy and the social market economy with her...

Corporate governance and company law

Virtual Annual General Meetings: Missing the practical mark - revision urgently needed! (in German)

The draft law on the introduction of virtual general meetings introduced by the Federal Cabinet does not stand up to a practical test and urgently needs to be improved, demand the Deutsches Aktieninstitut together with BDI, Bitkom,...

About us

Klaus-Dieter Sohn heads the Legal Department at Deutsches Aktieninstitut (in German)

Klaus-Dieter Sohn has been the new Head of the Legal Department at Deutsches Aktieninstitut since 2 May 2022. In his new function, he strengthens the capital market law expertise of Deutsches Aktieninstitut with its more than 200...

Corporate governance and company law

Draft on virtual AGM creates legal uncertainty (in German)

The German Federal Cabinet today approved the draft law on the introduction of virtual AGMs. The Corona pandemic has shown how important it is for companies to be able to hold general meetings virtually in times of crisis. However, the...

Sustainability

For global and coordinated sustainability standards

French and German companies deem it crucial that they should be involved in the development of future sustainability reporting standards by the International Sustainability Standards Board (ISSB). For this reason, the President of...

Corporate governance and company law

ESG has arrived in the companies (in German)

Sustainability, with its facets of environmental, social and governance (ESG) has reached the everyday life of listed companies. The shift towards sustainable management has left the strategic level and is influencing the business...

Sustainability

Engel welcomes establishment of the International Sustainability Standards Board in Frankfurt (in German)

The President of Deutsches Aktieninstitut, Dr Hans-Ulrich Engel, today signed a Memorandum of Understanding for the start-up financing of the newly founded International Sustainability Standards Board together with representatives of...

Investment in shares and securities

Updated Return Triangles - long-term investment beats time of entry (in German)

Broadly diversified investments in equities in combination with a long-term investment strategy lead to high returns for investors, as the Return Triangles of the Deutsches Aktieninstitut published today make clear. This applies to...

Investment in shares and securities

Shareholder numbers remain at a high level (in German)

Almost 12.1 million Germans were invested in shares, funds or ETFs in 2021, according to the shareholder numbers published today by Deutsches Aktieninstitut. This is the third-highest level in the surveys and, despite a decrease of...

Investment in shares and securities

Financial literacy is part of general education (in German)

On the occasion of the Education Day, Deutsches Aktieninstitut calls on the new federal government to commit to more economic education in Germany. This requires a separate school subject of economics and a national agenda for more...

Sustainability

Frankfurt will become headquarters of the new International Sustainability Standards Board

Deutsches Aktieninstitut welcomes the decision of the IFRS Foundation to locate the International Sustainability Standards Board in Frankfurt. This offers the opportunity to achieve the necessary convergence between international and...

Retirement provision

Ampel-Koalition must realign funded pension provision (in German)

The top priority for the coming federal government must be the introduction of a low-cost, equity-based funded pension scheme. A recent paper by Deutsches Aktieninstitut and the Federation of German Consumer Organisations (vzbv) in...

Investment in shares and securities

Focus on saving shares on World Savings Day tomorrow (in German)

Investing in shares is becoming increasingly popular. And rightly so, because those who invested broadly and for the long term in shares were able to enjoy average annual returns of six to nine percent in the past. „Seit 1924 wird am...

About us

Engel re-elected President, Peter newly elected to the Executive Committee (in German)

At the General Assembly of Deutsches Aktieninstitut, which takes place every two years, the Executive Committee was newly elected today. From among its members, the Committee elected the Presidium, which now has 13 members with the new...

Capital market financing

Aktieninstitut for strengthening the German capital market (in German)

In order to successfully master the challenges of climate change and the necessary transformation of the economy, the next German government must rely on the capital market, demands Dr Hans-Ulrich Engel, President of Deutsches...

Financial market regulation and real economy

Talk is silver, action is golden (in German)

Deutsches Aktieninstitut expects the political parties to follow up the promises made in their election programs with action after the Bundestag elections. In particular, when it comes to old-age provision, savings with stocks must...

Sustainability

International Sustainability Standards Board to Frankfurt (in German)

Deutsches Aktieninstitut and its members support the application of Frankfurt as financial center to host the proposed International Sustainability Standards Board. As one of the leading international financial centers and headquarter...

Investment in shares and securities

DAX 40: More players in the upper stock league (in German)

It is not only in soccer that transfers dominate the news. The DAX is also receiving support and is expanding from 30 to 40 companies. Tomorrow evening after the close of the stock market, the candidates will be announced who will move...

Investment in shares and securities

German federal election 2021: German capital markets needs a fitness programme (in German)

Efficient capital markets contribute to securing prosperity. Deutsches Aktieninstitut therefore calls on the next federal government to promote equities in Germany and to make the German capital market fit for the future. In a...

Corporate governance and company law

Assuring the quality of the statutory audit - recommendations from practice (in German)

Industry knowledge, professional experience and tone from the top play a key role in audit quality. This is shown by the study published today by Deutsches Aktieninstitut "Audit Quality Indicators & Beyond", which looks at the topic of...

Sustainability

Support offered for work on EU sustainability reporting standard (in German)

In order to enable globally operating companies to efficiently report on sustainability, Deutsches Aktieninstitut calls for the planned EU standard to be aligned with international requirements and standards. The member companies of...

Capital market financing

Stock buybacks are an important instrument of equity management (in German)

German Press Release: The acquisition of own stock reduces a company's equity capital. At first glance, this makes little sense, as it seems to contradict the purpose of equity financing - raising capital. That this is not the case is...

Investment in shares and securities

Stock Market Participation in Germany on record high

Deutsches Aktieninstitut has published its updated shareholder figures for Germany. With 12.4 million people, a particularly large number were invested in shares in the Corona year 2020. The young generation in particular discovered...

Brexit

Setting the right priorities (in German)

With a view to the third round of negotiations on the future partnership between the European Union and Great Britain, Deutsches Aktieninstitut demands in its current position paper that the negotiators set priorities. Market access...

Corporate governance and company law

General Meetings without compulsory attendance become possible (in German)

Deutsches Aktieninstitut welcomes the draft on the General Meeting without the shareholders’ personal attendance. Due to the lack of the necessary infrastructure, the possibility to ask questions during the online General Meeting must...

Corporate governance and company law

At times of Corona: General meetings without compulsory attendance required (in German)

The bans and restrictions on events in response to the corona pandemic make it extremely difficult for companies to hold general meetings as face-to-face events. In a position paper published today, Deutsches Aktieninstitut therefore...

Investment in shares and securities

Acting calmly also in times of corona (in German)

In an extremely difficult stock market phase, the German day of the share ("Tag der Aktie") moves shares as an investment form into the limelight. Despite the current slump on the stock markets, the longer the investment horizon of a...

Corporate governance and company law

A shareholders' meeting is no soccer match (in German)

With a view to the beginning of the annual general meeting season, Deutsches Aktieninstitut is calling for individual case examinations to be permitted at annual general meetings. Companies that are legally obliged to hold...

Investment in shares and securities

Shareholder interest down in 2019 (in German)

In 2019, the number of share owners fell by around 660,000 people compared to the previous year, as the Deutsches Aktieninstitut states in its shareholder figures published today. The year 2019 thus represents a setback for German...

Investment in shares and securities

A long-term plus with shares (In German)

Deutsches Aktieninstitut has published its new Return Triangles. As the Return Triangles show, shares are always an attractive investment for asset accumulation in the long term. Deutsches Aktieninstitut therefore calls for shares to...

Financial market regulation and real economy

Financial Transaction Tax - Private investors will foot the bill (in German)

Deutsches Aktieninstitut rejects the bill on the financial transaction tax recently presented by the German Minister of Finance. The planned stock market tax makes the purchase of shares more expensive and thus less attractive. This...

Financial market regulation and real economy

Franco-German Economic Forum: President of Deutsches Aktieninstitut calls for closer cooperation at company level

The first Franco-German Corporate Executives and Institutional Investors Forum of Deutsches Aktieninstitut focused on European economic and capital market policy. France and Germany must work more closely together on these issues in...

Investment in shares and securities

Investing is the new way of saving (in German)

On World Savings Day, many children open a savings book for the first time. But the savings book is no attractive form of investment in the long run. The low interest rate policy means that Germans are losing assets in real terms. A...

Capital market financing

Deutsches Aktieninstitut, DDV and DSW: Total losses from securities transactions must continue to be recognized for tax purposes (in German)

Considering investor protection and private old-age provision, Deutsche Aktieninstitut, Deutsche Derivate Verband (DDV) and DSW (Deutsche Schutzvereinigung für Wertpapierbesitz) jointly call on the Grand Coalition to revise the income...

Financial market regulation and real economy

Deutsches Aktieninstitut calls for more Cooperation between Politics and Business in Europe (in German)

A consistent finalization of the Capital Market Union, purposeful action for a sustainable economy and the strengthening of European companies in international competition: These key issues form the focus of today's published European...

Financial market regulation and real economy

No one-sided burden on German companies

Deutsches Aktieninstitut firmly rejects the introduction of a public country-by-country reporting at EU level. The disclosure of sensitive company data puts German companies at a disadvantage in international competition. "The...

Investment in shares and securities

No Taxation on Shares, Mr. Scholz!

In a letter addressed to Federal Minister of Finance Olaf Scholz, Dr. Hans-Ulrich Engel, President of Deutsches Aktieninstitut, warns against the negative effects of the planned tax on shares for German economy and society. The tax on...

Retirement provision

A Safe Pension with Equities

In other countries, shares make a significant contribution to securing the standard of living of people in old age. This is the result of a study published today by Deutsches Aktieninstitut entitled "Altersvorsorge mit Aktien...

About us

Hans-Ulrich Engel Re-Elected as President of Deutsches Aktieninstitut (in German)

At today's General Meeting and Management Meeting, the executive committee and managing board of Deutsches Aktieninstitut were newly elected. Dr. Hans-Ulrich Engel, Vice Chairman and CFO of BASF SE, was confirmed as President for a...

Capital market financing

Deutsches Aktieninstitut is committed to interaction between European institutions and companies (in German)

With a view to the European elections on May 26, the President of Deutsches Aktieninstitut, Dr. Hans-Ulrich Engel, calls for more unity and confidence. The challenges facing Europe can only be mastered together and the European economy...

Investment in shares and securities

Friedrich von Metzler receives the Meritum Ehrenpreis der Deutschen Wirtschaft 2019 - the Förderpreis is awarded to Rock it Biz (in German)

Deutsches Aktieninstitut awards Friedrich von Metzler for his outstanding civic commitment and his commitment to the social market economy with the Meritum prize of the German Economy. The banker receives the honorary prize for his...

Sustainability

Sustainability Becoming Mainstream for Investors

Besides the usual financial criteria, environmental and social topics, as well as corporate governance, are becoming ever more important to institutional investors when valuing companies and making investment decisions. A study...

Investment in shares and securities

With Four Simple Rules to an Successful Share Investment (in German)

On the occasion of the day of shares, on March 18, Deutsches Aktieninstitut encourages savers to invest in shares or equity funds. Who seizes the opportunities of share investment can look forward to attractive returns. You only have...

Investment in shares and securities

Number of Shareholders Increases by a Quarter of a Million (in German)

In 2018, for the fourth time running the number of shareholders and equity funds holders has risen in Germany. The survey “Shareholding Statistics of Deutsches Aktieninstitut 2018" (in German) - published today - shows that on an...

Brexit

Hard Brexit: Ensure Risk Heding of non-financial Companies with Derivatives (in German)

The Deutsche Aktieninstitut and the Association of German Chambers of Industry and Commerce (DIHK) state in their comments on the German draft bill on fiscal measures accompanying the Brexit that the legislator has to ensure the risk...

Investment in shares and securities

Shares Remain Attractive Investments (in German)

In view of the downturn of share prices investors should not be getting nervous. On the long run shares have been and are attractive investments with manageable risk. This demonstrate the new Return-Triangles of Deutsches...

Investment in shares and securities

Less Misunderstandings, More Shareholders (in German)

The Survey of Börse Stuttgart and Deutsches Aktieninstitut reflects the attitude of the Germans on shares // Inspite of low interest rates great reservations // Personal experience creates positive attitude // Integration of share...

Compliance

Less Legal Certainty and More Bureaucracy – The European Market Abuse Regulation in the Practical Test (in German)

Companies are pleading for more precise legal provisions on ad-hoc publicity and less red tape regarding insider lists and managers´ transactions. This shows the survey “Two Years of EU Market Abuse Regulation”, which has been...

Brexit

Politics and Business Are Called Upon to Revive the European Spirit (in German)

The chairman of the Committee on Foreign Affairs, David McAllister, and Christopher Delbrück, Member of the Board of Deutsches Aktieninstitut, demand to strengthen the democracy and the entrepreneurial freedom in the European Union in...

Investment in shares and securities

Happy Birthday DAX – New Return Triangle Shows the Attractiveness of Regular Investments in Shares (in German)

On the occasion of the 30th anniversary of the German share index DAX Deutsches Aktieninstitut presents its new DAX-Return Triangle for the long-term monthly financial investment.   You can download the Return Triangle here. ...

Capital market financing

Smaller Companies Need to Prepare Themselves Better for a Possible Takeover

How do German listed companies assess the likelihood of becoming the target of a takeover? How well prepared are they? Do they plan to buy a listed company? Answers to these questions delivers the survey “Ready for Takeover?” published...

Financial market regulation and real economy

Challenge Future - Politics and economy need to cooperate

At its annual reception in the Gesellschaftshaus of BASF in Ludwigshafen Deutsches Aktieninstitut, celebrating its 65th anniversary, addressed upcoming future challenges. As honoured guest, the General Secretary of the CDU, Annegret...

Compliance

The New Deal for Consumers: An Open Door to Abusive Litigation

French, German and Italian companies fear that the European Commission’s proposal on collective redress will end up in abusive litigation. Combining a high level of consumer protection with the proper functioning of the internal market...

Investment in shares and securities

Have you already started saving in shares? (in German)

At the day of shares the Deutsche Aktieninstitut reminds the public that with shares - permanently invested - you can earn good returns. It is important not be focused on the right timing of the investment but to invest in shares on a...

Investment in shares and securities

The Implementation of Employee Shares Made Easy (in German)

The Deutsche Aktieninstitut and EY have published the “Guideline for the implementation of employee share schemes” today. The Guideline describes the five phases of planning, designing, compliance, communication and administration and...

Investment in shares and securities

Number of Shareholders Rises to over more than 10 Millions

In 2017 the number of shareholders and equity fund holders has risen significantly. On an annual average it was almost 1.1 million higher than in the previous year. In total more than 10 million citizens in Germany owned shares or...

Investment in shares and securities

„Return-Triangle“ visualises top long-term performance of shares (in German)

Shares are profitable and therefore an attractive financial investment. That impressively illustrates the new “Return-Triangle” of Deutsches Aktieninstitut. It can be downloaded now at www.dai.de. The message is: Shares give good...

Financial market regulation and real economy

EU Vice-President Dombrovskis Counts on the Support of Companies as regards the Capital Markets Union

At the reception of Deutsches Aktieninstitut today in Brussels EU Vice-President Valdis Dombrovskis and the president of Deutsches Aktieninstitut Dr. Hans-Ulrich Engel advocated for the integration of European capital markets. The...

Brexit

German Trade Associations Publish Brexit Compendium

Renowned German trade associations today have published a digital, cross sectoral “Brexit compendium”, with the aim of bundling the interests of the German economy .The position papers of participating trade associations on Brexit can...

Investment in shares and securities

Companies Demand more Asset Formation among Employees (in German)

With the „Berlin Appeal for more asset formation among employees” high-level representatives of the German economy and of trade associations call upon the future German government to create a better framework for employee equity...

Brexit

Brexit: Transitional Agreements Now! (in German)

Today, Deutsches Aktieninstitut has published its second position paper on the Brexit negotiations. As the time for negotiations is advanced, Deutsche Aktieninstitut calls upon the negotiators to agree on transitional agreements in...

Capital market financing

„Wahlprüfsteine“ of Deutsches Aktieninstitut for the German Parliamentary Election 2017 (in German)

Issues regarding capital markets have in future to be placed much higher on the political agenda. Deutsches Aktieninstitut has inquired what the political parties have in mind with regard to important capital market matters and has...

Capital market financing

Whoever wants to lead has to speak clearly (in German)

Deutsches Aktieninstitut calls upon political parties to show more support for important capital market issues like a share oriented old age provision and more IPOs in Germany. The responses of the political parties to the...

Financial market regulation and real economy

Companies welcome relief brought by Commission’s derivative end-user proposals

Companies welcome the Commission’s commitment to the existing commercial hedging exemption for companies from clearing and margining, and the move to an asset-by-asset class assessment for this exemption. The hedging exemption is...

Investment in shares and securities

German Parliamentary Elections 2017 – Sending a Strong Signal for Shares (in German)

Shares support the asset building of Germans and are indispensable for corporate finance. In its position paper for the German parliamentary elections, published today, Deutsches Aktieninstitut calls upon the political parties to...

Investment in shares and securities

Share Investment - The Illusionary Giant (in German)

On share´s day Deutsche Aktieninstitut calls for more political commitment for share investments. Shares are an important element for asset building and the old age provisions of the citizens. Therefore it is essential to reduce...

Brexit

Minimise Brexit Risks and Strengthen the European Capital Market (In German)

In its position paper “Exit negotiations between the European Union and the United Kingdom: Minimise Brexit Risks and Strengthen the European Capital Market” published today, the Deutsche Aktieninstitut submits proposals to the...

Investment in shares and securities

Number of Shareholders Remains Stable at Nine Million - Politicians Are Called Upon to Act (in German)

The number of shareholders and private investors in equity fonds has remained stable, as Deutsches Aktieninstitut notes in its study on the number of shareholders published today. In the annual average the number was just under nine...

Investment in shares and securities

„Return-Triangle“ Sends a Clear Message: The Country Needs More Shares (in German)

Shares are profitable and are therefore an attractive financial investment. That impressively illustrates the new “Return-Triangle” of Deutsches Aktieninstitut. It can be downloaded now at www.dai.de. The message is: Shares give good...

Retirement provision

For the Future Functioning of Old Age Provisions in Germany Shares Are Essential (in German)

“For the Future Functioning of Old Age Provisions in Germany Shares Are Essential”: This is the result of the study “Securing the Standard of Living in Old Age – Reducing the Pension Gap with Shares” published today by Deutsches...

Capital market financing

Deutsches Aktieninstitut Demands Closer Integration of European Capital Markets (in German)

In its latest position paper “Accepting Challenges – Moving Ahead: Deeper Integration of EU-Capital Markets despite the Brexit Vote” Deutsches Aktieninstitut is committed to ensuring, that the European Capital Markets Union is pursued...

Investment in shares and securities

Baumann Calls on Politics and Economy to Strengthen the European Union (in German)

At the autumn reception of Deutsches Aktieninstitut, held today in Brussels, Werner Baumann, President of Deutsches Aktieninstitut and CEO of Bayer AG, requested more support for Europe. Politics and economy had together to convince...

Corporate governance and company law

Guiding Principles for the Dialogue between Investor and Supervisory Board (In German)

Deutsches Aktieninstitut supports the new guiding principles for the dialogue between investors and supervisory board published today by the initiative “Developing Shareholder Communication”.

Investment in shares and securities

Hessian Finance Minister Schäfer: „Employee shares offer above-average returns” (In German)

At a conference of the Deutsches Aktieninstitut and the Global Equity Organization the Finance Minister of Hesse Dr. Thomas Schäfer and Hauke Stars, Member of the Executive Board of Deutsche Börse AG, discussed an increased employee...

Capital market financing

Brexit: Something Has to Happen – Keep on as Usual is not an Option! (in German)

After the decision of the British voters to leave the European Union Deutsches Aktieninstitut demands of the German politicians to rapidly implement measures improving the framework conditions for capital markets in Germany. This is...

Investment in shares and securities

Baumann Is Calling for an Improved Inclusion of Shares in Retirement Provisions (in German)

This year the traditional reception of Deutsches Aktieninstitut took place at the Tropicarium of BAYER CropScience AG in Monheim. Besides Werner Baumann, President of Deutsches Aktieninstitut, Professor Dr. Axel Weber, Chairman of the...

Investment in shares and securities

Positive Signals for Equity Culture: Number of Shareholders Rises in 2015 (In German)

The number of shareholders and private investors in equity funds in Germany increased by 560.000 in 2015, as has been shown in a study of Deutsches Aktieninstitut on the number of shareholders published today. In total we have now well...

Investment in shares and securities

Updated "Return-Triangle" published – Don´t Get Upset by Drops in Share Prices (In German)

As the Return-Triangle of Deutsches Aktieninstitut shows, shares or equity funds are perfectly suited for wealth building. The updated version illustrating the development of prices and dividends in 2015 is available for download at...

Capital market financing

Deutsches Aktieninstitut: Fast Implementation of IPO Round Table's Action-Points is needed (in German)

The final report of the Round Table “More IPOs of young growth companies in Germany” has been presented at the end of September. In its Paper, published today, Deutsches Aktieninstitut submits proposals how the recommendations of the...

Financial market regulation and real economy

The Need for Safety meets Risk Aversion - Bankenverband and Deutsches Aktieninstitut on Safety and Risk (in German)

The joint conference of Bankenverband and Deutsches Aktieninstitut focused on the question whether we need another risk culture in order to find new answers for the current challenges. Alongside other speakers Jürgen Fitschen, Co-Chief...

Financial market regulation and real economy

EU-Commission Vice-President Katainen Calls for More Commitment to TTIP at Deutsches Aktieninstitut's Autumn-Reception (in German)

At the traditional Autumn Reception in Brussels Werner Baumann, President of Deutsches Aktieninsitut, and Jyrki Katainen, EU Vice-President and Commissioner for Jobs, Growth, Investment and Competitiveness, emphasized the importance of...

Investment in shares and securities

Employee Share-Ownership – Associations call for Political Action (in German)

In its call for action “For an agenda employee share-ownership” published today, ten well-known German associations ask from politicians to improve the general framework of employee share-ownership and to speak up for more employee...

Investment in shares and securities

Share investment is a Matter of Mindset – New Study about the Attitude of Germans towards Shares (in German)

Misunderstandings, prejudices and uncertainties influence the relationship of Germans to share investments. This has been ascertained by a study of Deutsches Aktieninstitut and Stuttgart Stock Exchange, examining the attitude of...

Corporate governance and company law

Board of Deutsches Aktieninstitut Confirms Werner Bauman as President (in German)

At its constitutive meeting the newly elected board of Deutsches Aktieninstitut unanimously confirmed Werner Baumann, Chief Strategy and Portfolio Officer of Bayer AG, as President of Deutsches Aktieninstitut.

Investment in shares and securities

Despite the Ongoing Bull Market the Number of Shareholders in Germany is Declining (in German)

In 2014 about half a million people bid their shares or shares in funds farewell. Despite rising prices at the stock exchanges the number of share investors dropped the second year in a row. Only 8.4 million Germans, i.e. about 13...

Investment in shares and securities

New edition of the stock return triangle - shares promote private wealth building in the long run (in German)

Shares and equity funds promote wealth building of private households. This is demonstrated by the stock triangle of Deutsches Aktieninstitut, which visualizes the peformance of the companies of the DAX over the past 50 years. The new...

Capital market financing

Strengthening the IPO Market in Germany (in German)

An intelligent regulatory framework is needed in order to better mobilize capital for IPOs. This is the key message of Deutsches Aktieninstitut in its positionpaper “The Stock Exchange - Strengthening the Engine for Growth: Mobilizing...

Investment in shares and securities

More enthusiasm for employee shares – simplification of regulatory framework and extension of tax relief needed (in German)

In its position paper “More enthusiasm for employee shares in Germany: Adequate Incentives – Less Obstacles” published today, Deutsches Aktieninstitut sees a need for politicians to engage more in the support of employee share-schemes....

Capital market financing

"Without Capital Markets No Growth in Europe" (in German)

At the traditional Brussels reception of Deutsches Aktieninstitut the new EU Commissioner for Financial Stability, Lord Hill, and Markus Ferber, MEP, delivered speeches to more than 200 guests. Werner Baumann, President of Deutsches...

Investment in shares and securities

President of Deutsches Aktieninstitut rejects financial transaction tax (in German)

At the annual reception of Deutsches Aktieninstitut today, Werner Baumann, President of Deutsches Deutsches Aktieninstitut, called for dropping ultimately the plans to introduce a financial transaction tax in EU. The complete press...

Investment in shares and securities

Deutsches Aktieninstitut critisizes the Proposal on a Reform of the Shareholder Rights Directive (in German)

The complete press release can be downloaded in German below.

Investment in shares and securities

Number of shareholders declining: Aktieninstitut warns about negative long term consequences for private wealth building (in German)

Last year 600.000 people less than 2012 were invested in shares or equity funds. This is the key finding of the most recent shareowner statistics of Deutsches Aktieninstitut. Only 8.9 million Germans placed private savings into shares...

Investment in shares and securities

No Financial Transaction Tax - Now! (in German)

The financial transaction tax is an important agenda item for the franco-German consultations this week. Deutsches Aktieninstitut calls for refraining from the tax as it would seriously harm the real economy and private investors. The...

Investment in shares and securities

Deutsches Aktieninstitut surveys status quo of employee shareownership in Germany (in German)

The complete press release in German is available for download below.

Publicity and transparency

Deutsches Aktieninstitut and PwC publish study on the enforcement of financial information by the Deutsche Prüfstelle für Rechnungslegung (in German)

The German enforcer, the Deutsche Prüfstelle für Rechnungslegung (Financial Reporting Enforcement Panel) has been assigned high marks / high intensity of examinations and critique for tight time limits / Influence on accounting...

Corporate governance and company law

Deutsches Aktieninstitut will provide the office of the Commission German Corporate Governance Code (in German)

In today's general meeting the members of Deutsches Aktieninstitut decided to provide the office of the Commission German Corporate Governance Code in the future. As an instrument of self-regulation the German Corporate Governance Code...

Investment in shares and securities

Number of shareholders on the rise, number of investors in equity funds down (in German)

In the first half of the year 2013 the number of direct shareholders has increased by 7.1 percent. Compared to 2012 additional 323.000 people have decided to invest in shares, so that there are now 4.9 million direct shareholders in...

Corporate governance and company law

Deutsches Aktieninstitut is going to become the office for the Government Commission of the German Corporate Governance Code (in German)

Investment in shares and securities

The Financial Transaction Tax – A Wrong Track?

Private investors and the real economy in Germany would be charged with costs ranging from 5.0 to 7.3 billion Euros if the financial transaction tax entered into force. This is the key-finding of an impact study conducted by Deutsches...

Investment in shares and securities

Congratulations to 25 years of DAX (in German)

Deutsches Aktieninstitut congratulates to 25 year of DAX: The most famous German stock index does not only visualize the performance of the listed companies, but is an indicator for the development of the German economy as a whole. ...

Investment in shares and securities

Financial Transaction Tax will hurt massively the companies of the real economy (in German)

The financial transaction tax will cause massive burden for the real economy. In an analysis Deutsches Aktieninstitut calculated the impacts of the new tax on 24 large German companies. Even under conservative assumptions the estimated...

Sustainability

German minister Peter Altmaier calls for stable conditions for investors in energy infrastructure (in German)

In the media

Investment in shares and securities

hr-Info: Losing for the first time - How do young people fare on the stock market?

In an interview  with hr-Info, Dr Gerrit Fey explains why more young people have discovered the stock market for themselves in 2020. Technical achievements, social media and Corona were important factors for this. In addition, more and...

Investment in shares and securities

Vz news: "Investing in shares is not a sprint"

In an interview with VZ Vermögenszentrum, Dr Christine Bortenlänger underlines the superiority of shares as an investment. In phases of high price increases, shares as fixed assets offer good protection against inflation and they...

Investment in shares and securities

Update Wirtschaft: Interview with Dr Gerrit Fey

Anne-Catherine Beck spoke with Dr Gerrit Fey about the reasons why shares are an attractive investment and why more and more young people are investing in them. In addition to uncomplicated access to share trading through the...

Investment in shares and securities

FAZ insert: Even in phases of weak stock markets, it pays to keep investing (in German)

The war in Ukraine has changed the environment for shares. Nevertheless, assets such as shares have not become less attractive, emphasises Dr Christine Bortenlänger in an interview. The returns on the stock market are attractive enough...

Investment in shares and securities

Going Public: Better through the crisis with employee participation (in German)

Employee share ownership, old-age provision and the tax framework for equity investment - these are urgent issues for the future that must not be pushed into the background despite the current geopolitical challenges, demands Dr...

Corporate governance and company law

Capital Online: An Annual General Meeting is not a Zoom Conference

The government draft on the virtual general meeting (AGM) is far from what is practicable and in the interest of shareholders and companies. As a result, the government draft on the virtual AGM shifts all the deficits of the...

Investment in shares and securities

FOCUS-MONEY: "It's better to speculate than not to invest" (in German)

Interviewed by Heike Bangert from Focus Money, Dr. Christine Bortenlänger spoke about topics related to shares. She emphasised that we in Germany have a lot of catching up to do when it comes to saving for shares compared to countries...

Corporate governance and company law

Frankfurter Allgemeine Zeitung: Saving the virtual AGM (in German)

The government draft on the virtual general meeting follows the idea of transferring the analogue general meeting one-to-one into the digital world, criticises Dr Christine Bortenlänger. However, when anchoring the virtual AGM as an...

Corporate governance and company law

BOARD: Designing legal regulations for virtual general meetings in a sensible way (in German)

The legislator has presented a draft bill on the introduction of virtual AGMs of public listed companies, with which the government wants to create a seamless transition in time from the regulations on virtual general meetings under...

Financial market regulation and real economy

Going Public: Developments in Capital Markets Law - Keeping an Eye on the Overall Burden for Companies

What 2022 has in store for companies in the area of capital market law was outlined by Dr Uta-Bettina von Altenbockum and Dr Gerrit Fey in their contribution to GoingPublic's Corporate Finance Law Special. In addition to the EU Listing...

Investment in shares and securities

Ideas: Shares give people a share in the success of the economy - Interview with Dr. Franz-Josef Leven, Deputy Managing Director of Deutsches Aktieninstitut

What is the state of the equity culture in Germany? In an interview with the ideas magazine of Société Générale, Dr. Franz-Josef Leven talks about the questions of whether dividends are the better interest rate in times of high...

Investment in shares and securities

Ntv podcast "What the finance": Meaningful shopping on the stock exchange (in German)

What are shares actually, how many shareholders are there in Germany, what is the best way to invest and "are women at some point too old to buy shares"? In an interview with Sabrina Marggraf, Dr Christine Bortenlänger talks about the...

Investment in shares and securities

Badische Neueste Nachrichten: "It's a marathon" (in German)

In an interview with Dirk Neubauer, Dr. Christine Bortenlänger emphasises that building up wealth with shares is a marathon with ups and downs. What is important at the end of the day, she says, is that investors feel comfortable with...

Corporate governance and company law

Echtgeld.tv (Youtube): Discussion on the virtual AGM (in German)

On the occasion of the draft bill of the Federal Ministry of Justice on the virtual general meeting, Dr Christine Bortenlänger talks to the Youtube hosts Tobias Kramer and Christian W. Röhl about the planned regulations. The central...

Investment in shares and securities

Zeitschrift für das Gesamte Kreditwesen: Tutoring for Germany (in German)

Economic knowledge and financial literacy ensure increasing prosperity and are central building blocks for a self-determined society. However, Germany is struggling to recognise this and take the necessary steps, write Dr. Christine...

Sustainability

REthinking Finance: Without sufficient capital, the sustainability transformation will not succeed!

In the interview, Dr Christine Bortenlänger and Dr Michael Völter, the former CEO of the Stuttgart Stock Exchange, give an overview of the main results of the joint study "Corporate Finance in the Sign of Sustainability - What ESG...

Investment in shares and securities

FinanzBusiness: "Many in Germany can learn from their grandmothers and grandfathers".

In 2021, almost 12.1 million people in Germany were invested in shares, equity funds or ETFs - the third highest level since our survey began in 1997. In an interview with Sonja Ingerl, Dr Gerrit Fey talks about the new shareholder...

Investment in shares and securities

Capital: "Since the financial crisis we count almost four million new shareholders" (in German)

In 2021, almost 12.1 million people in Germany were invested in shares, equity funds or ETFs - the third highest level since our survey began in 1997. In an interview with Nadine Oberhuber, Dr. Christine Bortenlänger talks about the...

Capital market financing

Bankenverband: Shares - the ideal instrument for old-age provision and asset formation (in German)

According to the coalition agreement, the new federal government wants to strengthen the capital cover in old-age provision. In his contribution, Dr. Norbert Kuhn explains the advantages of investing in shares and how they can be used...

Investment in shares and securities

marktEINBLICKE: Outlook 2022 (in German)

How the stock market year 2022 develops also depends to a large extent on the traffic light government. Will it get a grip on problems like Corona? What impulses will it provide on the world political stage? But four state elections,...

Retirement provision

Going Public: "Prejudices against shares are reduced" (in German)

With the introduction of funded pensions, the current pension system is to be restructured according to the ideas of the new traffic light government. But what are we to think of a statutory equity pension? This would lead to positive...

Capital market financing

Audit Committee Quarterly: From quarry pond to ocean - growth financing in Germany (in German)

Growth companies often go to the US to raise money for research and innovation from investors because of the well-developed US ecosystem. This is mainly due to financially strong investors such as pension funds. The German ecosystem,...

Sustainability

BOARD: Sustainability reporting - the next level!

In their contribution to BOARD, Dr. Christine Bortenlänger and Dr. Uta-Bettina von Altenbockum deal with the status quo of sustainability reporting. Although the EU taxonomy has not yet been finalised, the EU is already working on the...

Capital market financing

Börsen-Zeitung: Securing pensions and growth financing - two birds with one stone (in German)

The new federal government has it in its hands: more shares in old-age provision can secure people's standard of living in old age and at the same time improve the financing of growth companies. In addition, the stock corporation law...

Investment in shares and securities

Going Public (Spezial Mitarbeiterbeteiligung): Employee Share Ownership - Set the Traffic Light to Green (in German)

Since the middle of the year, a higher tax allowance for employee share ownership has been in effect. However, the new traffic light coalition should also remove regulatory hurdles, demands Dr Norbert Kuhn in his article for Going...

Investment in shares and securities

Capital/GELD: Shares via App (in German)

The stock market has reached the pocket. Inexpensive apps make it easier for young investors to get started on the stock market and financial influencers get young people excited about the stock market & co, writes Donato Di Dio in his...

Corporate governance and company law

Audit Committee Quarterly: Audit quality assessment requires structured discussion in the audit committee (in German)

In future, audit committees will have to deal with the quality of the audit. How this is to be assessed, however, is left open by the legislator. Audit quality indicators are an appropriate means of assessment, as the Deutsches...

Investment in shares and securities

Zeitschrift für das gesamte Kreditwesen: New government must set impulses per share (in German)

Germany is still far behind in terms of the number of its shareholders in an international comparison, criticises Dr Christine Bortenlänger. However, shares with their attractive returns are crucial for successful asset accumulation...

Retirement provision

Deutschlandfunk Kultur: "Let's go - tackle!" (in German)

In an interview with Deutschlandfunk, Dr. Christine Bortenlänger talks about her expectations of the new federal government. The new traffic light coalition has addressed many issues correctly on the basis of the exploratory paper -...

Corporate governance and company law

HV-Magazin: Covid AGM remains - On to the next round! (in German)

In his contribution, Dr Franz-Josef Leven welcomes the fact that the legislator has extended the virtual general meeting until the end of August 2022. The extension of the COVID law was necessary because it is not foreseeable whether...

Capital market financing

Börse München (Südseiten): Strengthening Germany as a Financing Location

"Why do vaccine manufacturers like BioNTech SE or CureVac go public in the USA, even though they were co-financed here in Germany with German taxpayers' money?" asks Dr Norbert Kuhn in his article. The conclusion: more capital via...

Investment in shares and securities

Börse am Sonntag (Anlagetrends): Rejuvenation for the DAX (in German)

More than 30 years after its foundation, the German leading index DAX was expanded from 30 to 40 stocks. However, the MDAX is losing its heavyweights as a result of the reform, criticises Dr. Christine Bortenlänger. No matter which...

Investment in shares and securities

Deka: From investing to meaningful investment (in German)

Dr. Christine Bortenlänger and the Head of Economics at Deka Bank, Dr. Holger Bahr, spoke with business journalist Patrick Dewayne about the future of the securities culture. Topics included the attractiveness of shares for asset...

Retirement provision

Going Public: A new start in pension policy is possible (in German)

Pensions play a rather subordinate role in the Bundestag election campaign. In their article, Dr Norbert Kuhn and Donato Di Dio write that there are good proposals from the various parties on how pensions with shares can be made more...

Corporate governance and company law

Going Public: Modernisation of the Annual General Meeting is overdue

Digitalisation makes it possible for shareholders to attend shareholder meetings of German companies from anywhere in the world. To ensure that companies can continue to use the virtual format, politicians must address the reform of...

Corporate governance and company law

Audit Committee Quarterly extra: Sustainable Corporate Governance - Is the environment "in itself" a stakeholder of the company? (in German)

Within the framework of Sustainable Corporate Governance, the EU Commission plans to oblige corporate bodies to pursue a sustainability strategy and to balance the interests of all stakeholders in their decisions. In her contribution,...

Capital market financing

Going Public: Strengthening Germany as a financing location (in German)

Why do vaccine manufacturers like BioNTech or CureVac go public in the USA and not in Germany? The decisive factor for listing in the USA is the much more attractive capital market ecosystem with financially strong, specialised pension...

Sustainability

Going Public: Climate protection: Market-based solutions as the key to success (in German)

The future German government must work to ensure that sustainability rules are target-oriented, practice-oriented and, if possible, internationally uniform. Dr. Uta-Bettina von Altenbockum and Jan Bremer therefore call for...

Investment in shares and securities

Börse Online: Before the TV duel - stock exchange association calls for more debate on old-age provision with shares during the election campaign (in German)

In this interview, Dr. Franz-Josef Leven comments on the Bundestag election campaign. He criticises that the topic of old-age provision hardly plays a role in the political contest and makes a plea for old-age provision with shares. In...

Corporate governance and company law

Going Public: Prudent Sustainable Corporate Governance Necessary (in German)

The EU Commission is proposing that companies should be obliged to balance the interests of all their stakeholders. However, such a general obligation will not lead to companies being managed more sustainably, criticises Dr. Cordula...

Retirement provision

Absolut|spezial: Generation-appropriate pensions and efficient capital markets (in German)

Equity-oriented pension provision would strengthen the German capital market in the long term and improve its competitiveness, comments Dr. Christine Bortenlänger. The next federal government has the chance to anchor equity savings in...

Compliance

Going Public: Targeted and proportionate compliance legal framework to strengthen corporate competitiveness (in German)

Many legislative proposals and regulations in the area of corporate compliance overshoot the mark. They are impractical and have a detrimental effect on the competitiveness of companies, criticises Jan Bremer. With a view to the...

Investment in shares and securities

€URO-Magazin: "Nobody needs the financial transaction tax" (in German)

A new Bundestag will be elected at the end of September. In the €URO interview, Dr. Franz-Josef Leven talks about the election programmes of the parties and what they mean from a shareholder's point of view. In particular, he...

Corporate governance and company law

Going Public: No successful BaFin reform without reform of its financing! (in German)

In the wake of the Wirecard affair, a reform of the German Federal Financial Supervisory Authority (BaFin) is pending. The Balance sheet control is to be reorganised and removed from the German Financial Reporting Enforcement Panel....

Investment in shares and securities

Going Public: Fighting financial illiteracy in Germany (in German)

Financial literacy is an important part of general education. Yet the subject of economics ekes out a shadowy existence in many schools. What is needed is a fundamental understanding of economics and finance, taught by well-trained,...

Capital market financing

Going Public: Modernise stock corporation law - more flexible financing with shares (in German)

Companies raise money on the capital market for innovation and growth. But inflexible stock corporation law makes corporate financing more difficult in this country. Countries like the Netherlands show that things can be better....

Capital market financing

Going Public (Life Sciences): Biotechnology Shares in Germany - Deutsches Aktieninstitut Calls for a "New Equity Culture" (in German)

In an interview with Life Sciences, Dr Christine Bortenlänger talks about the ten recommendations of Deutsches Aktieninstitut for the federal elections and why Germany is not attractive as a financial centre for young biotechnology...

Capital market financing

Going Public: Taxing shares fairly (in German)

After the federal elections, a new federal government should clearly align its compass in tax policy in favour of shares, demands Dr. Norbert Kuhn. Capital gains from share transactions should be tax-exempt again after a one-year...

Capital market financing

Capital/Finance 4.0: Sustainable financing is the latest trend (in German)

Sustainable finance has arrived in the finance departments of German companies, as our study with Börse Stuttgart shows. However, the reporting processes for sustainable financing instruments are more complex than for traditional...

Sustainability

Börsen-Zeitung: Finance for Future? – The framework has to be right (in German)

In their guest article, Dr. Christine Bortenlänger, Managing Director of Deutsches Aktieninstitut, and Dr. Michael Völter, Chairman of the Executive Board of Vereinigung Baden-Württembergische Wertpapierbörse, call for the rules of the...

Corporate governance and company law

Der Konzern: Assessment of audit quality by the audit committee - Effective quality improvement or toothless paper tiger? (in German)

Jan Bremer, Head of the Legal Department, Nico Zimmermann, Capital Market Law and Corporate Governance Officer, Deutsches Aktieninstitut, and Prof. Dr. Franca Ruhwedel, Rhine-Waal University of Applied Sciences, present the key...

Financial market regulation and real economy

Süddeutsche Zeitung: Expectations for a sustainable fiscal and monetary policy in Germany and Europe (in German)

Together with Edmund Stoiber, Peer Steinbrück and other authors, Dr. Christine Bortenlänger calls for a turnaround in economic and financial policy. Among other things, the German government should reduce new debt and return to...

Investment in shares and securities

hkp: Employee equity ownership receives better framework conditions

The Finance Committee of the German Bundestag has decided to increase the tax allowance for employee equity ownership to 1,440 euros. In an interview with Constantin Härthe, Dr Norbert Kuhn welcomes the increase as progress, but...

Financial market regulation and real economy

Tagesspiegel: 3:0 for England

In her contribution, Dr. Christine Bortenlänger calls for politicians to better involve the business community in overcoming the Corona crisis, but also in solving other challenges. The United Kingdom is a model for good cooperation....

Corporate governance and company law

BOARD: Reform of the Annual General Meeting to be tackled before the Bundestag elections

The general meeting of the future must be made fit for the future, state Dr Christine Bortenlänger and Sven Erwin Hemeling. This requires a legal framework that safeguards investor rights and at the same time creates legal certainty...

Retirement provision

Frankfurter Rundschau: Capital market is more than Riester pension

In his commentary, Dr Franz-Josef Leven contradicts the opinion of Hans-Jürgen Urban, Executive Member of the Board of IG Metall, and Markus Kurth, Member of the Bundestag for the Greens, that the capital market is not a useful means...

Investment in shares and securities

Handelsblatt Orange Podcast: Is it still worth getting involved in the stock market?

The DAX reached a new record high in April. The Orange podcast "Businessclass" asks whether it is still worth investing in the stock market. As one of the experts reporting on the Germans' increased interest in the stock market, Dr...

Investment in shares and securities

Börse am Sonntag: Saving stocks is very popular

The shareholder boom brought Germany almost three million new equity savers. Interest in equity funds was particularly strong. In her article, Dr Christine Bortenlänger explains the reasons for the increased interest in funds and ETFs...

Investment in shares and securities

Going Public: Lucrative Employee Shares

In the course of the general shareholder boom in 2020, the number of employee shareholders has also increased significantly. However, in order to turn this development into a long-term trend, further political support is needed, says...

About us

Manager Magazin: In training camp with Christine Bortenlänger

In the section "Im Trainingslager mit", managers report on their sporting passion and what they learn for their (professional) life. In the March issue, Dr Christine Bortenlänger talks about her passion for team sports and her goal of...

Investment in shares and securities

ZDF "Volle Kanne": New generation of shareholders

In the Corona crisis, Germans have discovered their love for stocks. The number of shareholders is as high as it was 20 years ago. The magazine "Volle Kanne" interviewed experts on this topic in a feature. Dr Gerrit Fey outlines the...

Financial market regulation and real economy

Going Public: Outlook 2021 - Developments in Capital Markets Law

As in previous years, sustainable finance is a top priority for the EU Commission in 2021. In his guest article, Maximilian Lück calls for the EU Commission to step up the pace on the issue of the Capital Markets Union. The companies...

Corporate governance and company law

Frankfurter Allgemeine Zeitung: Well meant! Well done?

The President of Deutsches Aktieninstitut, Dr Hans-Ulrich Engel, subjects the newly adopted "Finanzmarktintegritätsstärkungsgesetz" to a practical check. He describes the risks of short rotation periods, calls for advisory services not...

Corporate governance and company law

Börsen-Zeitung: Financial market integrity - Not at the expense of compliant companies!

With the recently discussed Financial Market Integrity Strengthening Act (Finanzmarktintegritätsstärkungsgesetz), the political processing of the Wirecard case is entering the decisive phase. In her contribution, Dr Christine...

Investment in shares and securities

Inpact Media: Have young people suddenly discovered the stock market?

Corona has given an additional boost to the youth trend that Deutsches Aktieninstitut has been observing in stock investing since 2014, states Dr Franz-Josef Leven. Corona lockdown, more free time, social media and financial...

Corporate governance and company law

HV-Magazin: Legal uncertainty at an unseasonable time

The short-term rule changes for the virtual general meeting at the end of 2020 have led to uncertainty among companies, especially with regard to the newly introduced right to ask questions. According to Dr Franz-Josef Leven, it would...

Corporate governance and company law

Der Aufsichtsrat: The future of shareholder meetings - Updates are needed

The traditional general meeting needs an update. Dr Christine Bortenlänger and Sven Erwin Hemeling outline in their article how the general meeting can be further developed so that companies can hold physical and virtual general...

Investment in shares and securities

Zeitschrift für das gesamte Kreditwesen: Equity culture 2020 - much light, but also shadow

Dr Christine Bortenlänger analyses in her article how the equity culture has developed over the past year. Overall, the equity culture has been robust despite Corona and Wirecard. To strengthen it further, however, a clear signal for...

Corporate governance and company law

Audit Committee Quarterly: Wirecard legislation - Avoiding negative consequences for law-abiding companies

With the draft of a law to strengthen financial market integrity (FISG), it is becoming apparent what regulatory consequences can be expected after the Wirecard case. In their article for the Audit Committee Quarterly, Dr Christine...

Investment in shares and securities

marktEINBLICKE: Light and shadow in the new stock market year

The stock market world will also have to live with imponderables in 2021. In addition to Corona, six German state elections and the federal elections in September will provide sufficient excitement in the new year. If you want to relax...

Column

Investment in shares and securities

Employee share ownership: Existing allowance is used - further increase ist desired

The proposed Zukunftsfinanzierungsgesetz released by the Geman Federal Ministry of Finance and the Federal Ministry of Justice provide an increase in the tax allowance for employee share ownership from the current 1,440 euros to 5,000...

Sustainability

European sustainability standards at risk of becoming a bureaucratic monster (in German)

In its statement on the consultation on European sustainability standards published today, Deutsches Aktieninstitut calls for the standards to be streamlined and more practicable. Furthermore, convergence with the sustainability...

Sustainability

Leaner and more practice-oriented European sustainability standards necessary

We welcome the opportunity to comment on the first set of draft European Sustainability Reporting Standards (ESRS). We fully support the standardization of sustainability reporting in order to provide companies with the right set of...

Sustainability

IFRS Sustainability Standards: Dialogue with EFRAG and EU Commission is urgently needed

At the end of March 2022, the International Sustainability Standards Boards (ISSB), under the umbrella of the IFRS Foundation, published drafts of the sustainability standards on general requirements and climate. We participated in the...

About us

Bremer heads EU liaison office (in German)

Jan Bremer is the new Head of the EU Liaison Office of Deutsches Aktieninstitut in Brussels since 1 August 2022. In his function, he represents the around 200 member companies and strengthens the dialogue with European politics. ...

Investment in shares and securities

hr-Info: Losing for the first time - How do young people fare on the stock market?

In an interview  with hr-Info, Dr Gerrit Fey explains why more young people have discovered the stock market for themselves in 2020. Technical achievements, social media and Corona were important factors for this. In addition, more and...

Investment in shares and securities

Zukunftsfinanzierungsgesetz: Holistic approach to the capital market (in German)

The key points for the Zukunftsfinanzierungsgesetz presented by Federal Minister of Finance Lindner and Federal Minister of Justice Buschmann provide important impulses. Whether tax-free capital gains or a higher employee capital...

Corporate governance and company law

Open future of the virtual AGM (in German)

Today, the Bundestag will pass the law on the introduction of virtual general meetings. The government draft has been further developed in some points. The next AGM season will show whether the law passes the practical test. Deutsches...

Sustainability

EU Green Bond Standard Needs to Adequately Reflect Corporate Practice

On the agreement in the European Parliament on the proposed EU standard for green bonds: Deutsches Aktieninstitut welcomes to a large part the changes proposed by the European Parliament and the Council. They are welcome step forward...

Financial market regulation and real economy

Payment Services Directive PSD2 must be practicable for companies

The EU Commission is currently evaluating the second Payment Services Directive PSD2, which has been in force since 2016. In our statement, we emphasise that the intra-group exemption must be clarified in a future PSD2 amendment....

Investment in shares and securities

Vz news: "Investing in shares is not a sprint"

In an interview with VZ Vermögenszentrum, Dr Christine Bortenlänger underlines the superiority of shares as an investment. In phases of high price increases, shares as fixed assets offer good protection against inflation and they...

Investment in shares and securities

Update Wirtschaft: Interview with Dr Gerrit Fey

Anne-Catherine Beck spoke with Dr Gerrit Fey about the reasons why shares are an attractive investment and why more and more young people are investing in them. In addition to uncomplicated access to share trading through the...

Investment in shares and securities

FAZ insert: Even in phases of weak stock markets, it pays to keep investing (in German)

The war in Ukraine has changed the environment for shares. Nevertheless, assets such as shares have not become less attractive, emphasises Dr Christine Bortenlänger in an interview. The returns on the stock market are attractive enough...

Investment in shares and securities

Going Public: Better through the crisis with employee participation (in German)

Employee share ownership, old-age provision and the tax framework for equity investment - these are urgent issues for the future that must not be pushed into the background despite the current geopolitical challenges, demands Dr...

Retirement provision

Zukunftsfinanzierungsgesetz aims to bring shares into the centre of society (in German)

The Federal Minister of Finance and the Federal Minister of Justice today presented key points for a Zukunftsfinanzierungsgesetz. Deutsches Aktieninstitut welcomes this initiative, which is intended to make shares more attractive as an...

Corporate governance and company law

Draft law for virtual AGMs fails at the public hearing within the German Bundestag (in German)

The hearing of experts on the introduction of virtual general meetings took place today in the Legal Affairs Committee of the German Bundestag. It once again made clear that the draft law on the introduction of virtual general meetings...

Digitisation

Digital euro must take needs of the real economy into account

In addition to the ECB's public consultation in 2021, the European Commission is conducting a "targeted consultation on a digital euro". In our response, we welcome the plans to introduce a digital euro. Increasing digitization in the...

Sustainability

Climate-related reporting in the US - consistency with ISSB global baseline essential

With reference to the US Securities and Exchange Commission's (SEC) consultation on climate-related disclosures, we deem it crucial and indispensable that the international dimension is taken into account in the reporting requirements...

Investment in shares and securities

Survey: Employee share ownership and tax allowance

Employee share ownership is an important point on the capital market policy agenda of the federal government. The tax allowance, which was already raised last year from 360 euros p.a. to 1,440 euros p.a., is to be increased again....

Retirement provision

Why a higher saver's lump sum does nothing for saving in shares (in German)

According to the coalition agreement, the federal government wants to increase the savers' lump sum to 1,000 euros. However, the increase will not help to make long-term share saving more attractive. Measures such as the introduction...

Sustainability

ESG rating agencies should be regulated

With a "targeted consultation", the EU Commission would like to gain a better insight into the functioning of the ESG ratings market. In our response, we point out that companies are confronted with a variety of different methodologies...

Corporate governance and company law

Capital Online: An Annual General Meeting is not a Zoom Conference

The government draft on the virtual general meeting (AGM) is far from what is practicable and in the interest of shareholders and companies. As a result, the government draft on the virtual AGM shifts all the deficits of the...

Investment in shares and securities

FOCUS-MONEY: "It's better to speculate than not to invest" (in German)

Interviewed by Heike Bangert from Focus Money, Dr. Christine Bortenlänger spoke about topics related to shares. She emphasised that we in Germany have a lot of catching up to do when it comes to saving for shares compared to countries...

Sustainability

Corporate due diligence in supply chains: Balanced and proportionate EU law is needed

In our position paper on the draft Corporate Sustainability Due Diligence Directive (CSDDD) we reject the proposed civil liability if companies failed to comply with the due diligence obligations. It is impossible for companies to...

Corporate governance and company law

Using the opportunities of virtual AGMs

The German government would like to establish the virtual general meeting permanently. The Bundestag is currently debating a corresponding bill of the government factions. However, it needs to be improved in a number of areas,...

Investment in shares and securities

Making saving in shares more attractive (in German)

New calculations by Deutsches Aktieninstitut show that the reintroduction of tax exemption for equity income after a holding period would be an attractive incentive to promote equity savings in Germany. The introduction of an...

Investment in shares and securities

Increasing the savings allowance shows little effect on investing with shares (in German)

In the model calculation, the financial effects of increasing the saver's allowance to 1,000 euros are examined with a view to equity investment and compared with other tax instruments. These include the cumulative savers' allowance,...

About us

Europe must position itself strategically (in German)

In view of the war in Ukraine and the accompanying political and economic upheavals, Bundesbank Executive Board member Burkhard Balz and the President of Deutsches Aktieninstitut Dr Hans-Ulrich Engel demanded strength through joint...

About us

Vorstandssitzung des Deutschen Aktieninstituts in München

About us

Jahresempfang des Deutschen Aktieninstituts und Verleihung des Meritum-Preises der Deutschen Wirtschaft 2022 in München

About us

GermanDream receives the Meritum Förderpreis der Deutschen Wirtschaft (in German)

Deutsches Aktieninstitut honours the initiative GermanDream with the Meritum Förderpreis der Deutschen Wirtschaft. The founder Düzen Tekkal has made an outstanding contribution to democracy and the social market economy with her...

Corporate governance and company law

Re-sharpen the implementation of the cross-border conversions, mergers and divisions Directive

With its draft bill, the Federal Ministry of Justice is transposing the EU of the cross-border conversions, mergers and divisions Directive into national law. We welcome the draft in general. It rightly makes it possible for...

Financial market regulation and real economy

EU Money Market Fund Regulation works well – no need for reform

Money market funds (MMFs) play a key role in the liquidity management of non-financial corporations. As an important cash management tool they allow corporates to deposit their short-term cash balances in a secure manner and with quick...

Compliance

Whistleblower draft goes in the right direction (in German)

The Federal Ministry of Justice has presented a draft bill on whistleblower protection. The legislative process in Germany should now be completed quickly so that companies based in Germany can promptly introduce a uniform...

Corporate governance and company law

Frankfurter Allgemeine Zeitung: Saving the virtual AGM (in German)

The government draft on the virtual general meeting follows the idea of transferring the analogue general meeting one-to-one into the digital world, criticises Dr Christine Bortenlänger. However, when anchoring the virtual AGM as an...

Corporate governance and company law

Virtual Annual General Meetings: Missing the practical mark - revision urgently needed! (in German)

The draft law on the introduction of virtual general meetings introduced by the Federal Cabinet does not stand up to a practical test and urgently needs to be improved, demand the Deutsches Aktieninstitut together with BDI, Bitkom,...

Corporate governance and company law

Government draft on the introduction of virtual general meetings: Missing the mark in practice - revision urgently needed! (in German)

At the end of April, the German government introduced its draft law on the introduction of virtual general meetings. However, this does not stand up to a practical test and urgently needs to be improved. This is what we are demanding...

Corporate governance and company law

BOARD: Designing legal regulations for virtual general meetings in a sensible way (in German)

The legislator has presented a draft bill on the introduction of virtual AGMs of public listed companies, with which the government wants to create a seamless transition in time from the regulations on virtual general meetings under...

About us

Conference "Virtual AGMs ante portas" in Frankfurt am Main

About us

Klaus-Dieter Sohn heads the Legal Department at Deutsches Aktieninstitut (in German)

Klaus-Dieter Sohn has been the new Head of the Legal Department at Deutsches Aktieninstitut since 2 May 2022. In his new function, he strengthens the capital market law expertise of Deutsches Aktieninstitut with its more than 200...

Financial market regulation and real economy

Do not jeopardise derivatives transactions via transparent platforms

In the context of a consultation "Trading venue parameter" of the European Securities and Markets Authority ESMA, we opposed subjecting digital trading platforms used by non-financial companies to conclude their derivatives to MiFID...

Corporate governance and company law

Draft on virtual AGM creates legal uncertainty (in German)

The German Federal Cabinet today approved the draft law on the introduction of virtual AGMs. The Corona pandemic has shown how important it is for companies to be able to hold general meetings virtually in times of crisis. However, the...

Sustainability

For global and coordinated sustainability standards

French and German companies deem it crucial that they should be involved in the development of future sustainability reporting standards by the International Sustainability Standards Board (ISSB). For this reason, the President of...

Financial market regulation and real economy

Going Public: Developments in Capital Markets Law - Keeping an Eye on the Overall Burden for Companies

What 2022 has in store for companies in the area of capital market law was outlined by Dr Uta-Bettina von Altenbockum and Dr Gerrit Fey in their contribution to GoingPublic's Corporate Finance Law Special. In addition to the EU Listing...

Corporate governance and company law

Companies well advanced in the transformation process towards sustainability (in German)

The topic of sustainability with its facets of environment, social issues and corporate governance is increasingly influencing our lives. Companies have to face the growing societal expectations, but also laws and regulations in this...

Sustainability

EU Sustainability Reporting Standards: highlighting concerns on complexity, prioritisation and proportionality

The members of Deutsches Aktieninstitut and its French partner association afep follow closely the developments on the future EU Sustainability Reporting Standards and are highly concerned about the working documents released so far by...

Publicity and transparency

European Single Access Point must not result in additional obligations for listed companies

The EU Commission’s proposal for a regulation establishing a European Single Access Point (ESAP) aims at making mandatory corporate information accessible in a European data portal. In general, we agree with this goal as it may improve...

Sustainability

Kurvenlage Second term 2021

Thematic Focus: Sustainability

Investment in shares and securities

DAX40 (in German)

Corporate governance and company law

Acceptance of the virtual general meeting increases (in German)

Investment in shares and securities

Ideas: Shares give people a share in the success of the economy - Interview with Dr. Franz-Josef Leven, Deputy Managing Director of Deutsches Aktieninstitut

What is the state of the equity culture in Germany? In an interview with the ideas magazine of Société Générale, Dr. Franz-Josef Leven talks about the questions of whether dividends are the better interest rate in times of high...

Capital market financing

Room for improvement with the implementation of Basel IV

In the implementation of the latest Basel Accords on banking regulation (Basel IV) by the EU Commission, we believe that the special features of the European corporate landscape must be better taken into account. European companies in...

Sustainability

Necessary transfer of ISSB standards into European law

In a joint letter, more than 40 companies have appealed to the Federal Ministers Buschmann and Lindner to advocate for a process in the final negotiations of the Corporate Sustainability Reporting Directive (CSRD) that enables the...

Investment in shares and securities

Ntv podcast "What the finance": Meaningful shopping on the stock exchange (in German)

What are shares actually, how many shareholders are there in Germany, what is the best way to invest and "are women at some point too old to buy shares"? In an interview with Sabrina Marggraf, Dr Christine Bortenlänger talks about the...

Sustainability

The European draft directive on supply chains overshoots the mark (in German)

German companies are currently in the process of implementing the requirements of the national supply chain due diligence law, which is to be applied from 2023. The EU has now presented a draft directive for an EU supply chain law....

Investment in shares and securities

Badische Neueste Nachrichten: "It's a marathon" (in German)

In an interview with Dirk Neubauer, Dr. Christine Bortenlänger emphasises that building up wealth with shares is a marathon with ups and downs. What is important at the end of the day, she says, is that investors feel comfortable with...

Corporate governance and company law

Echtgeld.tv (Youtube): Discussion on the virtual AGM (in German)

On the occasion of the draft bill of the Federal Ministry of Justice on the virtual general meeting, Dr Christine Bortenlänger talks to the Youtube hosts Tobias Kramer and Christian W. Röhl about the planned regulations. The central...

About us

Conference "Corporate Governance in Transition" in Frankfurt am Main

Corporate governance and company law

ESG has arrived in the companies (in German)

Sustainability, with its facets of environmental, social and governance (ESG) has reached the everyday life of listed companies. The shift towards sustainable management has left the strategic level and is influencing the business...

Corporate governance and company law

Companies in the transformation process (in German)

Where do German listed companies stand in the transformation process towards a sustainable economy? We explored this question with the law firm Hengeler Mueller in the joint study "Companies in the Transformation Process - Challenges...

Financial market regulation and real economy

Euro clearing must become more attractive

The EU Commission has launched a consultation on the expansion of clearing services across the EU. In our response to this consultation, we advocate further improvement on the clearing infrastructure in the European Union. One means...

Investment in shares and securities

Zeitschrift für das Gesamte Kreditwesen: Tutoring for Germany (in German)

Economic knowledge and financial literacy ensure increasing prosperity and are central building blocks for a self-determined society. However, Germany is struggling to recognise this and take the necessary steps, write Dr. Christine...

Corporate governance and company law

Enabling virtual AGMs with selective adjustments

We expressly welcome the draft bill of the Federal Ministry of Justice for a law to introduce virtual general meetings of public limited companies. It guarantees shareholders' rights - in a different way than in the presence general...

Corporate governance and company law

Sustainability issues appear too early for the Corporate Governance Code

In the context of the consultation of the German Corporate Governance Code 2022, the draft contains many good approaches to more sustainable corporate governance. However, many legislative projects are currently underway at German and...

Investment in shares and securities

#breakthebias - Finances are also women's business (in German)

This year's International Women's Day is themed #breakthebias. When it comes to finances, it is also time to overcome outdated clichés. Finances are not a man's business, quite the opposite: women should go about it with...

Compliance

The extensive catalogue of duties of listed companies (in German)

Under capital market law, companies must fulfil comprehensive transparency and compliance obligations. In doing so, they must also keep an eye on current regulatory developments, such as the planned EU Listing Act. Our Capital Markets...

About us

Signing of ISSB-Memorandum of Understanding in Frankfurt am Main

Sustainability

Engel welcomes establishment of the International Sustainability Standards Board in Frankfurt (in German)

The President of Deutsches Aktieninstitut, Dr Hans-Ulrich Engel, today signed a Memorandum of Understanding for the start-up financing of the newly founded International Sustainability Standards Board together with representatives of...

Sustainability

Amendments to the European Green Bond Standard Regulation: An Analysis

The members of the Committee on Economic and Monetary Affairs in the EU Parliament have presented their proposed amendments to the regulation of an EU Green Bond Standard. Very significantly, they aim to regulate the entire European...

Capital market financing

EU Listing Act is an opportunity for EU capital markets

With the consultation on the EU Listing Act, the European Commission is putting EU capital markets law to the test - including the EU Prospectus Regulation and the EU Market Abuse Regulation. We very much welcome this initiative. It...

Capital market financing

Transparency rules should consider specifics of hedging-derivatives carefully

The Commission has made proposals to revise the financial market regulation MiFID II/MiFIR. In our position paper, we criticise that the extended transparency rules would in particular make the use of customised hedging derivatives of...

Sustainability

REthinking Finance: Without sufficient capital, the sustainability transformation will not succeed!

In the interview, Dr Christine Bortenlänger and Dr Michael Völter, the former CEO of the Stuttgart Stock Exchange, give an overview of the main results of the joint study "Corporate Finance in the Sign of Sustainability - What ESG...

Capital market financing

EU Listing Act: Breakthrough for European Capital Markets? (in German)

With the Capital Markets Union, the European Commission wants to improve the economy's access to capital. The EU Listing Act, which is currently being consulted by the European Commission, is intended to help the project achieve a...

Corporate governance and company law

Existing regulation already guarantees high quality corporate reporting

In our response to the EU consultation on the quality of financial reporting, we show that neither effectiveness nor efficiency will be improved by any additional regulatory steps in corporate reporting. The EU legislation on corporate...

Investment in shares and securities

FinanzBusiness: "Many in Germany can learn from their grandmothers and grandfathers".

In 2021, almost 12.1 million people in Germany were invested in shares, equity funds or ETFs - the third highest level since our survey began in 1997. In an interview with Sonja Ingerl, Dr Gerrit Fey talks about the new shareholder...

Sustainability

CSRD: Endorsement process required for ISSB sustainability standards

In our position paper on the Corporate Sustainability Reporting Directive (CSRD), we call for an endorsement process to integrate the minimum standards of the International Sustainability Standards Board into European sustainability...

Investment in shares and securities

Germans stay the course when it comes to investing in equities (in German)

2021 was a good year for the equity culture in Germany. Almost 12.1 million equity savers were invested in shares or equity-based funds last year. Around every sixth person is thus involved in the stock market. Confidence in shares is...

Investment in shares and securities

Updated Return Triangles - long-term investment beats time of entry (in German)

Broadly diversified investments in equities in combination with a long-term investment strategy lead to high returns for investors, as the Return Triangles of the Deutsches Aktieninstitut published today make clear. This applies to...

Investment in shares and securities

DAX-Return-Triangle (in German)

By providing for sufficient diversification of an equity investment and focusing on the long term, investor can expect shares to achieve a high return, even without spending a lot of time on monitoring performance. This credo of...

Investment in shares and securities

DAX Return Triangle for savings plans (in German)

The DAX Return Triangle for savings plans shows that investing continiously and long-term in a broad equity portfolio has paid out in the past. Savers who invested month by month a constant ammount of money into a portfolio of DAX...

Investment in shares and securities

DAX Return Triangle (one-off investment): Long term investing improves the returns (in German)

Investment in shares and securities

Euro STOXX Return Triangle

The Euro STOXX Return Triangle visualises the performance of an investment in equities in the European currency area under the assummption of an one-off investment. The annual average return on a broadly diversified equities portfolio...

Investment in shares and securities

DAX Return Triangle for savings plans: Long term investing improves the returns (in German)

Financial market regulation and real economy

Improve investor protection in Europe!

European investors are repeatedly exposed to discriminatory state measures (for example expropriation) when investing across borders. However, national courts in some Member States do not fully protect investors because their judicial...

Investment in shares and securities

Capital: "Since the financial crisis we count almost four million new shareholders" (in German)

In 2021, almost 12.1 million people in Germany were invested in shares, equity funds or ETFs - the third highest level since our survey began in 1997. In an interview with Nadine Oberhuber, Dr. Christine Bortenlänger talks about the...

Investment in shares and securities

Shareholder numbers at a glance (in German)

Investment in shares and securities

Shareholder numbers remain at a high level (in German)

Almost 12.1 million Germans were invested in shares, funds or ETFs in 2021, according to the shareholder numbers published today by Deutsches Aktieninstitut. This is the third-highest level in the surveys and, despite a decrease of...

Investment in shares and securities

Interest in shares remains at a high level in 2021 (in German)

Investment in shares and securities

Shareholder numbers 2021: Continuing at a high level

In 2021, almost 12.1 million people in Germany were invested in shares, equity funds or equity-based ETFs. That is around one in six of our fellow citizens over the age of 14 and the third-highest level since our study began in 1997. ...

Investment in shares and securities

Saving with funds remains the most popular form of equity investment (in German)

Investment in shares and securities

Traditional West-East divide (in German)

Investment in shares and securities

The young are ahead in the growth of equity savers in 2021 (in German)

Investment in shares and securities

Not enough women take advantage of the opportunities offered by investing in equities (in German)

Investment in shares and securities

Both genders rely more heavily on funds (in German)

Financial market regulation and real economy

EMIR regulation must take green financial instruments into account and raise clearing thresholds

In its discussion paper, the European Securities and Markets Authority ESMA is reviewing the clearing regime under the derivatives regulation EMIR. In our position paper, we argue that financial instruments concluded in a...

Financial market regulation and real economy

What 2022 will bring for the capital market and the equity culture (in German)

Inflation, a new government and ambitious political projects: 2022 could bring many surprises. What does the new year hold in store for the capital market and equitiy culture? Please find the German column here.

Capital market financing

Bankenverband: Shares - the ideal instrument for old-age provision and asset formation (in German)

According to the coalition agreement, the new federal government wants to strengthen the capital cover in old-age provision. In his contribution, Dr. Norbert Kuhn explains the advantages of investing in shares and how they can be used...

Investment in shares and securities

marktEINBLICKE: Outlook 2022 (in German)

How the stock market year 2022 develops also depends to a large extent on the traffic light government. Will it get a grip on problems like Corona? What impulses will it provide on the world political stage? But four state elections,...

Retirement provision

From shares and bonds - 120 years of yield comparison (in German)

Compared to bonds, stocks have generated significantly higher returns over the past 120 years and at the same time have been associated with less risk. This is shown in our study "Kapitalgedeckte Altersvorsorge mit Aktien! 120 Jahre...

Retirement provision

Going Public: "Prejudices against shares are reduced" (in German)

With the introduction of funded pensions, the current pension system is to be restructured according to the ideas of the new traffic light government. But what are we to think of a statutory equity pension? This would lead to positive...

Capital market financing

Audit Committee Quarterly: From quarry pond to ocean - growth financing in Germany (in German)

Growth companies often go to the US to raise money for research and innovation from investors because of the well-developed US ecosystem. This is mainly due to financially strong investors such as pension funds. The German ecosystem,...

Sustainability

BOARD: Sustainability reporting - the next level!

In their contribution to BOARD, Dr. Christine Bortenlänger and Dr. Uta-Bettina von Altenbockum deal with the status quo of sustainability reporting. Although the EU taxonomy has not yet been finalised, the EU is already working on the...

Financial market regulation and real economy

PRIIPS Regulation: Corporate bonds do not need a key information document

The European Supervisory Authorities (ESAs) are consulting on the PRIIPS Regulation, which requires issuers of packaged investment instruments such as endowment policies or certificates to provide a key information document (KID) for...

Compliance

For a more nuanced anti-money laundering

The new EU anti-money laundering framework has some positive improvements. At the same time, we call for a more differentiated approach. The risk of money laundering varies greatly between business sectors. For this reason, the...

Investment in shares and securities

Financial literacy is part of general education (in German)

On the occasion of the Education Day, Deutsches Aktieninstitut calls on the new federal government to commit to more economic education in Germany. This requires a separate school subject of economics and a national agenda for more...

Investment in shares and securities

The new coalition is ready to go (in German)

The new federal government took office today. In order to achieve the goals it has set for itself, it has to get started right away, because the renewal of the state or Germany's climate neutrality are already mammoth tasks. Birgit...

Compliance

No ban on bearer shares!

The anti-money laundering organisation Financial Action Task Force proposes in its consultation to regulate the issuance of bearer shares more strongly. In our response, we reject stronger controls on these special securities without a...

Sustainability

Close cooperation between EFRAG and ISSB crucial for success of sustainability reporting standards (in German)

In April 2021, the EU Commission presented the Corporate Sustainability Reporting Directive (CSRD). The draft provides for the development of European standards for sustainability reporting. Sustainability reporting standards are also...

Capital market financing

Börsen-Zeitung: Securing pensions and growth financing - two birds with one stone (in German)

The new federal government has it in its hands: more shares in old-age provision can secure people's standard of living in old age and at the same time improve the financing of growth companies. In addition, the stock corporation law...

Investment in shares and securities

Going Public (Spezial Mitarbeiterbeteiligung): Employee Share Ownership - Set the Traffic Light to Green (in German)

Since the middle of the year, a higher tax allowance for employee share ownership has been in effect. However, the new traffic light coalition should also remove regulatory hurdles, demands Dr Norbert Kuhn in his article for Going...

Financial market regulation and real economy

Short sales: improve transparency – but well considered

The European Securities and Markets Authority ESMA consults possible changes to the EU Short Selling Regulation. Among other things, ESMA is discussing an obligation for supervisory authorities to provide information on aggregate short...

Investment in shares and securities

Capital/GELD: Shares via App (in German)

The stock market has reached the pocket. Inexpensive apps make it easier for young investors to get started on the stock market and financial influencers get young people excited about the stock market & co, writes Donato Di Dio in his...

Capital market financing

Corporate Treasury: Where is the journey heading with the "Ampel" coalition? (in German)

What can we expect from a traffic light coalition in the next few years when it comes to corporate finance? This question was discussed by Lothar Binding, long-standing finance policy spokesman of the SPD parliamentary group, Michael...

Corporate governance and company law

Audit Committee Quarterly: Audit quality assessment requires structured discussion in the audit committee (in German)

In future, audit committees will have to deal with the quality of the audit. How this is to be assessed, however, is left open by the legislator. Audit quality indicators are an appropriate means of assessment, as the Deutsches...

Sustainability

Frankfurt will become headquarters of the new International Sustainability Standards Board

Deutsches Aktieninstitut welcomes the decision of the IFRS Foundation to locate the International Sustainability Standards Board in Frankfurt. This offers the opportunity to achieve the necessary convergence between international and...

Retirement provision

Capital-funded old-age provision with shares! 120 years of shares and government bonds in the yield comparison (in German)

Our current study with the Verbraucherzentrale Bundesverband (vzbv) and FINVIA Family Office GmbH shows that a broadly diversified investment in equities can generate attractive returns over the long term without leading to higher...

Retirement provision

Ampel-Koalition must realign funded pension provision (in German)

The top priority for the coming federal government must be the introduction of a low-cost, equity-based funded pension scheme. A recent paper by Deutsches Aktieninstitut and the Federation of German Consumer Organisations (vzbv) in...

Investment in shares and securities

Zeitschrift für das gesamte Kreditwesen: New government must set impulses per share (in German)

Germany is still far behind in terms of the number of its shareholders in an international comparison, criticises Dr Christine Bortenlänger. However, shares with their attractive returns are crucial for successful asset accumulation...

Retirement provision

Deutschlandfunk Kultur: "Let's go - tackle!" (in German)

In an interview with Deutschlandfunk, Dr. Christine Bortenlänger talks about her expectations of the new federal government. The new traffic light coalition has addressed many issues correctly on the basis of the exploratory paper -...

Retirement provision

Statement on the increase of the savers' lump sum published (in German)

The Südschleswigsche Wählerverband South Schleswig Voters' Association has submitted a motion to increase the savers' lump sum. In our statement to the Finance Committee of the Schleswig-Holstein State Parliament, we emphasise that we...

Investment in shares and securities

Focus on saving shares on World Savings Day tomorrow (in German)

Investing in shares is becoming increasingly popular. And rightly so, because those who invested broadly and for the long term in shares were able to enjoy average annual returns of six to nine percent in the past. „Seit 1924 wird am...

Corporate governance and company law

HV-Magazin: Covid AGM remains - On to the next round! (in German)

In his contribution, Dr Franz-Josef Leven welcomes the fact that the legislator has extended the virtual general meeting until the end of August 2022. The extension of the COVID law was necessary because it is not foreseeable whether...

About us

Mitgliederversammlung in Düsseldorf

About us

Engel re-elected President, Peter newly elected to the Executive Committee (in German)

At the General Assembly of Deutsches Aktieninstitut, which takes place every two years, the Executive Committee was newly elected today. From among its members, the Committee elected the Presidium, which now has 13 members with the new...

Capital market financing

Aktieninstitut for strengthening the German capital market (in German)

In order to successfully master the challenges of climate change and the necessary transformation of the economy, the next German government must rely on the capital market, demands Dr Hans-Ulrich Engel, President of Deutsches...

About us

Annual General Meeting of the Future Project Group

Current issues: Government draft of a law on the introduction of virtual AGMModernization of the present AGM Exchange on the implementation of the virtual AGM according to the Covid law as well as voluntary additional offers for...

About us

Standards for Sustainability Reporting Project Group

Aktuelle Themen: Supporting the process of the development of standards for sustainability reporting of the European Financial Reporting Advisory Group/EFRAG Monitoring the process of the development of standards for sustainability...

About us

Accounting, Reporting & Audit Working Group

Current issues: European and German initiatives in the area of financial reporting and auditing of financial statementsPractical issues of implementing the European Single Electronic Format (ESEF) in the financial reporting...

About us

Roundtable „Stock Market Listing“

Current issues: Liquidity of sharesAnalyst coverageInvestor targeting and communicationCurrent regulatory developments (e.g. general meetings and sustainability) Contact: Dr. Norbert Kuhn, Deputy Head of Capital Markets...

Capital market financing

EU consultation on tax discrimination against equity commented on (in German)

We have participated in the EU Commission's consultation on equity discrimination. The Commission's proposals all relate to the possibilities of providing tax incentives at company level for the use of equity. In our commentary, we...

Capital market financing

Börse München (Südseiten): Strengthening Germany as a Financing Location

"Why do vaccine manufacturers like BioNTech SE or CureVac go public in the USA, even though they were co-financed here in Germany with German taxpayers' money?" asks Dr Norbert Kuhn in his article. The conclusion: more capital via...

Investment in shares and securities

Börse am Sonntag (Anlagetrends): Rejuvenation for the DAX (in German)

More than 30 years after its foundation, the German leading index DAX was expanded from 30 to 40 stocks. However, the MDAX is losing its heavyweights as a result of the reform, criticises Dr. Christine Bortenlänger. No matter which...

Financial market regulation and real economy

EMIR regulation: Make the intra-group exemption as lean as possible

Within the framework of the ESMA consultation on reporting under EMIR we are calling for clarifications, particularly with regard to the reporting exemption for intra-group transactions.

Investment in shares and securities

Deka: From investing to meaningful investment (in German)

Dr. Christine Bortenlänger and the Head of Economics at Deka Bank, Dr. Holger Bahr, spoke with business journalist Patrick Dewayne about the future of the securities culture. Topics included the attractiveness of shares for asset...

Sustainability

EFRAG Working Paper ‘Climate Standard Prototype’: Too extensive reporting requirements

In our letter to Jean-Paul Gauzès, President of the European Financial Reporting Advisory Group (EFRAG), we welcome the orientation of the working paper towards existing international frameworks such as the TCFD. On the other hand, we...

Retirement provision

A new start in pension policy is needed (in German)

Our pension system is facing major challenges due to demographic developments. Nevertheless, pensions played a rather subordinate role in the Bundestag election campaign. Yet there are good proposals from the various federal parties on...

Retirement provision

Going Public: A new start in pension policy is possible (in German)

Pensions play a rather subordinate role in the Bundestag election campaign. In their article, Dr Norbert Kuhn and Donato Di Dio write that there are good proposals from the various parties on how pensions with shares can be made more...

Sustainability

Helping the European Green Bond Standard Achieve Global Relevance Companies need legal certainty and more flexibility

Deutsches Aktieninstitut welcomes the proposed voluntary nature for the Regulation on European green bonds (EU GBS) and the intention to ensure its co-existence with existing green bond standards. Furthermore, we support the alignment...

Financial market regulation and real economy

Stop the sweet poison! (in German)

5,400,000,000 and 0. These two numbers are emblematic of the fiscal and monetary policy packages that the countries of Europe and the European Central Bank have put together to ward off the various crises of recent years. But the...

Corporate governance and company law

Modernisation of the General Assembly needed (in German)

Corona has made us realise that the Annual General Meeting needs to be modernised. This is not just a matter of anchoring the virtual General Meeting in the Stock Corporation Act as an equivalent alternative to the General Meeting with...

About us

18. Jahrestagung Hauptversammlung in Frankfurt am Main

Corporate governance and company law

Going Public: Modernisation of the Annual General Meeting is overdue

Digitalisation makes it possible for shareholders to attend shareholder meetings of German companies from anywhere in the world. To ensure that companies can continue to use the virtual format, politicians must address the reform of...

Capital market financing

Strengthening Germany as a financing location (in German)

Why do vaccine manufacturers like BioNTech or CureVac go public in the USA and not in Germany? Why is this questionable for the economy as a whole and what should politics do for the financing of growth companies? We have investigated...

Financial market regulation and real economy

Talk is silver, action is golden (in German)

Deutsches Aktieninstitut expects the political parties to follow up the promises made in their election programs with action after the Bundestag elections. In particular, when it comes to old-age provision, savings with stocks must...

Corporate governance and company law

Audit Committee Quarterly extra: Sustainable Corporate Governance - Is the environment "in itself" a stakeholder of the company? (in German)

Within the framework of Sustainable Corporate Governance, the EU Commission plans to oblige corporate bodies to pursue a sustainability strategy and to balance the interests of all stakeholders in their decisions. In her contribution,...

Sustainability

Market-based solutions are key for climate protection (in German)

Ein zentrales Thema im Bundestagswahlkampf 2021 ist der Klimaschutz. Waldbrände in der Türkei und in Kalifornien, Tornados in Tschechien und Ostfriesland, aber vor allem die Flutkatastrophe an Ahr und Erft haben uns vor Augen geführt,...

Capital market financing

Going Public: Strengthening Germany as a financing location (in German)

Why do vaccine manufacturers like BioNTech or CureVac go public in the USA and not in Germany? The decisive factor for listing in the USA is the much more attractive capital market ecosystem with financially strong, specialised pension...

Investment in shares and securities

Germany lags behind in terms of IPOs (in German)

Investment in shares and securities

10,000 Euros will turn into 30 years (in German)

Financial market regulation and real economy

Kurvenlage Frist term 2021

Thematic Focus: German Federal Election

Sustainability

Consultation of the EU Commission on the extension of the EU taxonomy: Await and evaluate experiences with the implementation of the environmental taxonomy first

The Platform on Sustainable Finance's recommendations to establish a social taxonomy and expand the environmental taxonomy to include environmentally harmful and neutral activities are premature at this point. Companies are currently...

Sustainability

International Sustainability Standards Board to Frankfurt (in German)

Deutsches Aktieninstitut and its members support the application of Frankfurt as financial center to host the proposed International Sustainability Standards Board. As one of the leading international financial centers and headquarter...

Investment in shares and securities

DAX 40: More players in the upper stock league (in German)

It is not only in soccer that transfers dominate the news. The DAX is also receiving support and is expanding from 30 to 40 companies. Tomorrow evening after the close of the stock market, the candidates will be announced who will move...

Sustainability

Going Public: Climate protection: Market-based solutions as the key to success (in German)

The future German government must work to ensure that sustainability rules are target-oriented, practice-oriented and, if possible, internationally uniform. Dr. Uta-Bettina von Altenbockum and Jan Bremer therefore call for...

Investment in shares and securities

Börse Online: Before the TV duel - stock exchange association calls for more debate on old-age provision with shares during the election campaign (in German)

In this interview, Dr. Franz-Josef Leven comments on the Bundestag election campaign. He criticises that the topic of old-age provision hardly plays a role in the political contest and makes a plea for old-age provision with shares. In...

Publicity and transparency

ESMA should adapt guidelines on delay in the disclosure of inside information

Additional own funds requirements for banks under Pillar 2 of Basel III should not be considered inside information per se. This is the key message of our position on a consultation paper of the European Securities and Markets...

Financial market regulation and real economy

Data transfer between EMIR trade repositories must be as simple as possible

According to the Market Infrastructure Regulation EMIR banks must report derivative transactions on behalf of non-financial companies. It is therefore up to the non-financial companies, to stop reporting for themselves, which was...

Corporate governance and company law

Cautious sustainable corporate governance needed (in German)

The EU Commission plans that companies should pay more attention than ever to their environment and stakeholders in the interest of sustainability. A new federal government must urgently push for more common sense in this discussion. ...

Corporate governance and company law

Going Public: Prudent Sustainable Corporate Governance Necessary (in German)

The EU Commission is proposing that companies should be obliged to balance the interests of all their stakeholders. However, such a general obligation will not lead to companies being managed more sustainably, criticises Dr. Cordula...

Compliance

Targeted and proportionate compliance regulatory framework needed to strengthen business competitiveness (in German)

Many legislative proposals and regulations in the area of corporate compliance overshoot the mark. They are impractical and have a detrimental effect on the competitiveness of companies. This has to be changed. Der Wirecard-Skandal...

Retirement provision

Absolut|spezial: Generation-appropriate pensions and efficient capital markets (in German)

Equity-oriented pension provision would strengthen the German capital market in the long term and improve its competitiveness, comments Dr. Christine Bortenlänger. The next federal government has the chance to anchor equity savings in...

Compliance

Going Public: Targeted and proportionate compliance legal framework to strengthen corporate competitiveness (in German)

Many legislative proposals and regulations in the area of corporate compliance overshoot the mark. They are impractical and have a detrimental effect on the competitiveness of companies, criticises Jan Bremer. With a view to the...

Compliance

No ban on the issue of bearer shares!

In its consultation, the anti-money laundering organisation Financial Action Task Force proposes to heavily regulate the issuance of bearer shares. In our response, we reject the proposed ban and general restrictions on the issuance of...

Investment in shares and securities

€URO-Magazin: "Nobody needs the financial transaction tax" (in German)

A new Bundestag will be elected at the end of September. In the €URO interview, Dr. Franz-Josef Leven talks about the election programmes of the parties and what they mean from a shareholder's point of view. In particular, he...

Corporate governance and company law

No successful BaFin reform without a reform of its financing! (in German)

As a result of the Wirecard case, a reform of the Federal Financial Supervisory Authority (BaFin) is on the agenda. The Balance sheet control is to be reorganized and transferred from the German Financial Reporting Enforcement Panel....

Corporate governance and company law

Going Public: No successful BaFin reform without reform of its financing! (in German)

In the wake of the Wirecard affair, a reform of the German Federal Financial Supervisory Authority (BaFin) is pending. The Balance sheet control is to be reorganised and removed from the German Financial Reporting Enforcement Panel....

Investment in shares and securities

Combating financial illiteracy in Germany (in German)

Financial literacy is an important part of general education. Nevertheless, economics remains a neglected subject in many schools. A call for better financial education in Germany. „Ich bin fast 18 und hab‘ keine Ahnung von Steuern,...

About us

A wheel in the gearbox in the fight against the consequences of flooding (in German)

The flood disaster in mid-July devastated cities and communities in North Rhine-Westphalia, Rhineland-Palatinate and Bavaria. Many volunteers are or were deployed on site - including our deputy managing director and long-time Malteser...

Investment in shares and securities

Retail Investor Protection Legislation must Avoid Bureaucracy

The EU Commission currently evaluates the legislative framework for retail investor protection. We applaud this initiative and call for a better balance of the framework. The EU legislation for informing retail investors and providing...

Investment in shares and securities

Going Public: Fighting financial illiteracy in Germany (in German)

Financial literacy is an important part of general education. Yet the subject of economics ekes out a shadowy existence in many schools. What is needed is a fundamental understanding of economics and finance, taught by well-trained,...

Capital market financing

Loosening the bonds of stock corporation law for corporate financing (in German)

Companies raise money on the capital market for innovation and growth. But inflexible stock corporation law makes corporate financing difficult in this country. Countries like the Netherlands show that things can be better....

Financial market regulation and real economy

Existing financial market regulation is sufficient to cover new technology companies

In a consultation on digital finance, ESMA is discussing possible regulatory steps for companies that own a financial services provider within the group. This is taking place against the background that big tech companies are...

Capital market financing

Going Public: Modernise stock corporation law - more flexible financing with shares (in German)

Companies raise money on the capital market for innovation and growth. But inflexible stock corporation law makes corporate financing more difficult in this country. Countries like the Netherlands show that things can be better....

Capital market financing

Fair taxation of shares (in German)

With regard to investing in equities, tax policy has been sending out the wrong signals for years. The flat rate tax and the repeatedly discussed financial transaction tax reduce the attractiveness of long-term equity investments. With...

Capital market financing

Going Public (Life Sciences): Biotechnology Shares in Germany - Deutsches Aktieninstitut Calls for a "New Equity Culture" (in German)

In an interview with Life Sciences, Dr Christine Bortenlänger talks about the ten recommendations of Deutsches Aktieninstitut for the federal elections and why Germany is not attractive as a financial centre for young biotechnology...

Capital market financing

More IPOs made in Germany (in German)

Internationally, IPOs in Germany are rare. Many young, German growth companies in particular have recently found their fortune on the American stock exchanges in their search for capital. Why is this the case and what must policymakers...

Capital market financing

Going Public: Taxing shares fairly (in German)

After the federal elections, a new federal government should clearly align its compass in tax policy in favour of shares, demands Dr. Norbert Kuhn. Capital gains from share transactions should be tax-exempt again after a one-year...

Sustainability

Sustainability Reporting - Developing an international framework!

In our comments on the Draft EU Corporate Sustainability Reporting Directive, we advocate that sustainability reporting should follow a legally secure, consistent, flexible and proportionate framework. Such a framework must be embedded...

Capital market financing

Capital/Finance 4.0: Sustainable financing is the latest trend (in German)

Sustainable finance has arrived in the finance departments of German companies, as our study with Börse Stuttgart shows. However, the reporting processes for sustainable financing instruments are more complex than for traditional...

Capital market financing

For more IPOs of growth companies in Germany, we need (in German)

Capital market financing

Number of IPOs in Germany remains low (in German)

Capital market financing

Share-oriented savings method creates dynamism (in German)

Capital market financing

Foreign listings of BioNTech, CureVac & Co. (in German)

The study "Foreign Listings of BioNTech, CureVac & Co. - Recommendations for policymakers for more IPOs in Germany", in cooperation with RITTERSHAUS Rechtsanwälte, answers the question why German high-growth companies go public abroad....

Corporate governance and company law

Lex Wirecard (in German)

Almost exactly one year to the day after Wirecard's bankruptcy, the "Gesetz zur Stärkung der FInanzmarktintegrität" (FISG) comes into force, with which the legislator wants to prevent cases like Wirecard in the future. The legislator...

Capital market financing

Sustainable Corporate Finance - Quo vadis? (in German)

Sustainable financing instruments are booming. However, many bureaucratic hurdles still stand in the way of those responsible for finance in companies. Policymakers must act and make ESG regulation more practical. Egal, ob Porsche...

Sustainability

Eliminate ambiguities in the application of the requirements from the EU taxonomy

In our letter addressed to the members of the ECON Committee in the EU Parliament, we stress the legal ambiguities that companies are confronted with in the context of the EU taxonomy, as central terms are not specified. Although the...

Sustainability

New Concept of EU Sustainability Reporting must include the Corporate Perspective (in German)

In our comments on the Draft EU Corporate Sustainability Reporting Directive, we advocate for including the corporate perspective into the development of new sustainability reporting obligations. A successful transformation process to...

Investment in shares and securities

German federal election 2021: German capital markets needs a fitness programme (in German)

Efficient capital markets contribute to securing prosperity. Deutsches Aktieninstitut therefore calls on the next federal government to promote equities in Germany and to make the German capital market fit for the future. In a...

Investment in shares and securities

Promoting Shares in Germany - Suggestions for the 2021 Bundestag Election (in German)

For the Bundestag elections in 2021, we demand that the framework conditions for shares as an investment and financing instrument be improved. In addition to the design of the tax framework, it is important to strengthen Germany as a...

Sustainability

Börsen-Zeitung: Finance for Future? – The framework has to be right (in German)

In their guest article, Dr. Christine Bortenlänger, Managing Director of Deutsches Aktieninstitut, and Dr. Michael Völter, Chairman of the Executive Board of Vereinigung Baden-Württembergische Wertpapierbörse, call for the rules of the...

Corporate governance and company law

Der Konzern: Assessment of audit quality by the audit committee - Effective quality improvement or toothless paper tiger? (in German)

Jan Bremer, Head of the Legal Department, Nico Zimmermann, Capital Market Law and Corporate Governance Officer, Deutsches Aktieninstitut, and Prof. Dr. Franca Ruhwedel, Rhine-Waal University of Applied Sciences, present the key...

Financial market supervision

No extension of ESMA's competence due to Wirecard

In our response to the EU consultation on more supervisory convergence in Europe, we advocate that experts from the business community be more and better involved in ESMA's regulatory work. In addition, we warn that ESMA's competences...

Capital market financing

SPACs - Come to stay? (in German)

In February 2021, it was said: SPACs have landed in Europe. After less than four months, some are already talking about the SPAC hype being over again. Are the shell companies now a fashion phenomenon, or are they a serious financing...

Financial market regulation and real economy

Süddeutsche Zeitung: Expectations for a sustainable fiscal and monetary policy in Germany and Europe (in German)

Together with Edmund Stoiber, Peer Steinbrück and other authors, Dr. Christine Bortenlänger calls for a turnaround in economic and financial policy. Among other things, the German government should reduce new debt and return to...

Corporate governance and company law

Assuring the quality of the statutory audit - recommendations from practice (in German)

Industry knowledge, professional experience and tone from the top play a key role in audit quality. This is shown by the study published today by Deutsches Aktieninstitut "Audit Quality Indicators & Beyond", which looks at the topic of...

Corporate governance and company law

Audit Quality Indicators & Beyond – A survey of auditors, audit committee members and chief financial officers on the audit committee's assessment of audit quality (in German)

A reliable audit is in the interest of all stakeholders. The Wirecard case has once again brought the discussion on audit quality into sharper focus. Due to the importance of the topic, we have investigated the question of how the...

Sustainability

Support offered for work on EU sustainability reporting standard (in German)

In order to enable globally operating companies to efficiently report on sustainability, Deutsches Aktieninstitut calls for the planned EU standard to be aligned with international requirements and standards. The member companies of...

Corporate governance and company law

The Annual General Meeting of the future is (also) virtual (in German)

For 150 years, shareholders and management met physically at face-to-face AGMs. Then Corona appeared, and the virtual AGM replaced the face-to-face meeting overnight. The discussion about the greater use of digital opportunities has...

Sustainability

Corporate finance and sustainability. What ESG means in practice for finance managers (in German)

The market for green financing is booming. Many companies are already using esg instruments for their investments in environmentally and climate-friendly technologies.Together with the Stuttgart stock exchange, we asked financial...

Sustainability

Corporate financing in the context of sustainability (in German)

Investment in shares and securities

hkp: Employee equity ownership receives better framework conditions

The Finance Committee of the German Bundestag has decided to increase the tax allowance for employee equity ownership to 1,440 euros. In an interview with Constantin Härthe, Dr Norbert Kuhn welcomes the increase as progress, but...

Compliance

Anti Money laundering: interconnection of public registers crucial (in German)

In our statement on the Transparency Financial Information Act Money Laundering (TraFinG Gw), we see a need for improvements to the proposals introduced by the Federal Government to convert the transparency register to a full register....

Financial market regulation and real economy

Tagesspiegel: 3:0 for England

In her contribution, Dr. Christine Bortenlänger calls for politicians to better involve the business community in overcoming the Corona crisis, but also in solving other challenges. The United Kingdom is a model for good cooperation....

Corporate governance and company law

BOARD: Reform of the Annual General Meeting to be tackled before the Bundestag elections

The general meeting of the future must be made fit for the future, state Dr Christine Bortenlänger and Sven Erwin Hemeling. This requires a legal framework that safeguards investor rights and at the same time creates legal certainty...

Investment in shares and securities

Stocks are not buns

In a YouTube interview shortly before Easter, Finance Minister Olaf Scholz reacted in an unusually emotional way to a critical question about the financial transaction tax. He said that the criticism of the share tax was pretextual...

Publicity and transparency

Preventing competitive disadvantages in public country-by-country reporting

We are concerned that the planned publication of tax data on European companies could put them at a competitive disadvantage vis-à-vis their global competitors. Competitors will be able to draw valuable information on corporate...

Retirement provision

Frankfurter Rundschau: Capital market is more than Riester pension

In his commentary, Dr Franz-Josef Leven contradicts the opinion of Hans-Jürgen Urban, Executive Member of the Board of IG Metall, and Markus Kurth, Member of the Bundestag for the Greens, that the capital market is not a useful means...

Investment in shares and securities

Handelsblatt Orange Podcast: Is it still worth getting involved in the stock market?

The DAX reached a new record high in April. The Orange podcast "Businessclass" asks whether it is still worth investing in the stock market. As one of the experts reporting on the Germans' increased interest in the stock market, Dr...

Corporate governance and company law

No compulsory shareholder identification (in German)

According to the plans of the federal government, listed companies are to be obliged under tax legislation to carry out a shareholder query on the day of the general meeting in order to transmit the resulting data to the Federal...

Financial market regulation and real economy

Kurvenlage - Second Term 2020

Thematic focus: Future

Investment in shares and securities

Plenty of new young shareholders in 2020 (in German)

Capital market financing

Green Bonds - Sustainable Bonds are trending (in German)

Investment in shares and securities

Starting saving early pays off (in German)

Investment in shares and securities

Börse am Sonntag: Saving stocks is very popular

The shareholder boom brought Germany almost three million new equity savers. Interest in equity funds was particularly strong. In her article, Dr Christine Bortenlänger explains the reasons for the increased interest in funds and ETFs...

Sustainability

Limit the supply chain to direct suppliers

In our statement on the government draft on corporate due diligence in supply chains, we argue that the law should be manageable for companies and it should be implementable in corporate practice. This is the only way to achieve the...

Sustainability

Reporting obligations of the Taxonomy Regulation - application date has to be changed

In a letter to EU Commissioner McGuiness, we plead for a postponement of the application date of the reporting obligations to the Taxonomy Regulation. According to Article 8 of the Taxonomy Regulation, companies are required to report...

Capital market financing

Stock buybacks are an important instrument of equity management (in German)

German Press Release: The acquisition of own stock reduces a company's equity capital. At first glance, this makes little sense, as it seems to contradict the purpose of equity financing - raising capital. That this is not the case is...

Capital market financing

Stock buybacks are an important instrument of equity management (in German)

The acquisition of own stock reduces a company's equity capital. At first glance, this makes little sense, as it seems to contradict the purpose of equity financing - raising capital. That this is not the case is proven by the special...

Corporate governance and company law

Wirecard legislation: two-tier balance sheet control must remain (in German)

A new law is intended to restore confidence in Germany as a financial centre following the Wirecard scandal. In the Finance Committee of the Bundestag, our colleague, Dr Gerrit Fey, represented the position of capital market-oriented...

Investment in shares and securities

Going Public: Lucrative Employee Shares

In the course of the general shareholder boom in 2020, the number of employee shareholders has also increased significantly. However, in order to turn this development into a long-term trend, further political support is needed, says...

About us

Manager Magazin: In training camp with Christine Bortenlänger

In the section "Im Trainingslager mit", managers report on their sporting passion and what they learn for their (professional) life. In the March issue, Dr Christine Bortenlänger talks about her passion for team sports and her goal of...

Investment in shares and securities

ZDF "Volle Kanne": New generation of shareholders

In the Corona crisis, Germans have discovered their love for stocks. The number of shareholders is as high as it was 20 years ago. The magazine "Volle Kanne" interviewed experts on this topic in a feature. Dr Gerrit Fey outlines the...

Financial market regulation and real economy

Going Public: Outlook 2021 - Developments in Capital Markets Law

As in previous years, sustainable finance is a top priority for the EU Commission in 2021. In his guest article, Maximilian Lück calls for the EU Commission to step up the pace on the issue of the Capital Markets Union. The companies...

Investment in shares and securities

Investing 50 Euro per month in stocks (in German)

Investment in shares and securities

Return Triangle for employee shares (in German)

The return triangle for employee shares developed by experts of the hkp/// group calculates returns of, by way of examples, employee share ownership programs of the indices DAX, MDAX, TecDAX und SDAX, and for companies belonging to the...