Publications

Studies

Annual General Meetings in Germany: Are German annual general meetings attractive attractive enough for the future?

The virtual Annual General Meeting made necessary by the COVID-19 pandemic has reignited the discussion about a general modernization of the Annual General Meeting. Beyond the debate about the right format, criticism of the Annual...

Press releases

Making Annual General Meetings in Germany more attractive

Shareholder representatives and companies are calling for a more open dialogue between the board of directors and shareholders at the annual general meeting. Together with the commercial law firm Freshfields Bruckhaus Deringer,...

Kurvenlage

Kurvenlage - Semi-Annual Report, First term 2024, Focus: Europe after the election (in German)

"The only way to secure our future is the one I want to talk about today - it is up to us, up to you, to take this path. It lies in the re-foundation of a sovereign, united and democratic Europe. Together, we must find the courage to...

In the media

BOARD: Companies & ESG - Transformation or just reporting

In an article for BOARD, Henriette Peucker, Managing Director, and Dr. Cordula Heldt, Head of Corporate Governance and Company Law, present the key findings of our ESG study with a focus on governance issues. Together with the law firm...

In the media

HV-Magazin: A guide through the ESRS jungle

There are still many unanswered questions regarding the implementation of the European Sustainability Reporting Standards. In her article for the HV-Magazin, Dr. Uta-Bettina von Altenbockum, Head of Press and Sustainability, presents...

In the media

Cash Online: How the pension portfolio can be a success

With its Pension Package II, the German government has taken the first steps towards reforming the statutory pension insurance system in order to ensure pension stability after 2025. In addition, a fundamental reform of subsidised...

Position papers

Simplification of the written form in company law desired

We welcome the discussion initiated by the Federal Ministry of Justice on the exemption from written form requirements in company law and are in favour of reducing them. The prerequisite is that these lead to simplification in practice...

Position papers

More consistency in investment limits for funds

According to the EU UCITS Directive, actively managed mutual funds may only invest up to ten percent of their clients' money in shares of a one single company. However, fast-growing companies with above-average share price performance...

Press releases

From practitioners for practitioners – A guide to implementing the European Sustainability Reporting Standards

The ESRS guide "Implementing the European Sustainability Reporting Standards – a position paper by practitioners" published today by Deutsches Aktieninstitut contains recommendations from companies for companies on how to apply the...

Position papers

The implementation of European sustainability standards – a position paper by practitioners

The implementation of the European Sustainability Reporting Standards (ESRS) raises key questions on issues such as double materiality, the scope of consolidation, definitions of terms and the internal control system for sustainability...

In the media

Die Aktiengesellschaft (AG): Companies & ESG – transformation or just reporting?

The development towards more sustainable value creation is making progress, but it is proving challenging. We analysed the challenges and opportunities of the sustainability transformation for listed companies as part of our study...

In the media

Audit Committee Quarterly II/2024: Efficient capital markets – what role do equities play in pension provision?

Efficient capital markets are an important prerequisite for financing the energy transition and digitalisation. In the US, institutional investors such as pension funds are ensuring that more funds are available for corporate financing...

Position papers

Company pension schemes: Involve large sections of the workforce – reconsider guarantees

The Federal Ministry of Labour and Social Affairs has consulted on the draft of a second law to strengthen company pensions. In our statement, we welcome the proposals to enable the social partner model to become more widespread....

Position papers

No additional effort for the identification of OTC derivatives

In a consultation, the European Commission proposes the ‘International Security Identification Number’ (ISIN) for the identification of over-the-counter (OTC) derivatives as part of the MiFIR transparency regulations. In other...

Position papers

Proposals on the disclosure of inside information

According to the amended EU Market Abuse Regulation (MAR), there will be a paradigm shift regarding the disclosure of inside information. In protracted processes such as M&A transactions inside information has only to be published when...

Position papers

Strengthening the Capital Markets Union through cost-efficient shareholder communication

We are in favour of the adoption of a new cost regulation that adequately defines the reimbursement of expenses incurred by intermediaries for shareholder communication and identification. The objective of improved shareholder...

In the media

Börsen-Zeitung: Transparency on the capital market is not a one-way street

Investors expect listed companies to provide a great deal of information about their economic situation, future prospects, corporate governance and sustainability. However, transparency is not a one-way street. Listed companies also...

In the media

Springer Professional: Benefit from the capital market in the long term with a pension portfolio

Private pension provision, the third pillar of the pension system in Germany, needs to be fundamentally reformed. A "focus group on private pension provision" set up by the German government has made recommendations for reform, but not...

Studies

Companies & ESG – transformation or just reporting?

The transformation process towards more sustainable value creation poses many challenges for companies in Germany. Together with the law firm Hengeler Mueller, we interviewed supervisory board and audit committee chairmen as well as...

Press releases

Companies and ESG – Commitment and Criticism

The sustainable transformation is an objective at the top of the agenda for a lot of companies. But the road ahead to achieving this transformation is a rocky one. The study "Companies & ESG - transformation or just reporting?",...

In the media

Das Investment: State-subsidized retirement savings accounts – these 5 tips can make it work

The German government is planning a reform of private pension provision. Among other things, state-subsidized retirement savings accounts are being discussed. Alexander Bahr (Deutsche Wertpapierservice Bank) and Dr. Norbert Kuhn, our...

In the media

Brigitte Finanzspezial: Let's talk about Dax, Baby

The DAX is an index that tracks the share prices of the 40 largest companies on the Frankfurt Stock Exchange. It rose by 20.3 percent last year and reached a new high of 18,000 points for the first time this year in March. Dr....

In the media

GoingPublic: Share culture in Germany – mission far from accomplished

The tax-free allowance for employee shares has been increased to 2,000 euros. This should increase the incentive for employees to invest in securities in this way. Companies that offer employee share ownership can help to strengthen...

Press releases

Post European Elections: Swiftly advancing the completion of the Capital Markets Union and strengthening competitiveness

In the weeks following the European elections, the EU Parliament and the EU Commission will undergo restructuring. Deutsches Aktieninstitut hopes that both institutions will prioritize strengthening the European capital market. This...

In the media

Versicherungsbote: Retirement savings accounts – What Germany can learn from other countries

Our joint study with Deutsche WertpapierService Bank AG examines models of state-subsidized retirement provision portfolios in several countries and derives five recommendations for Germany. Dr. Christine Bortenlänger, our Chief...

In the media

Update Wirtschaft from June 6, 2024

Many people are already making private provision for old age with shares. Our Deputy Head of the Capital Markets Department, Dr. Norbert Kuhn, explains how a state-subsidized pension portfolio with a high proportion of equities can...

In the media

dwpbank: Subsidized securities savings – learning from abroad

A state-subsidized retirement savings account could make private pension provision in Germany fit for the future. In a study with dwpbank, the Deutsches Aktieninstitut (German Equity Institute) has worked out what successful models in...

In the media

GoingPublic: Capital market rules – regulatory marathon continues

With a view to the end of the legislative period, many regulatory initiatives for listed companies are still being finalized in Brussels. In a guest article for GoingPublic, Dr. Gerrit Fey, Head of Capital Markets Department, and Dr....

In the media

BOARD Magazine: Implementation of the Corporate Sustainability Reporting Directive

On March 22, Germany presented the first draft of an implementation law. In their article for BOARD, Dr. Christine Bortenlänger, Chief Executive and Member of the Board, and Jessica Göres, Head of Sustainability Reporting at Deutsches...

In the media

ACI Quarterly – extra: Efficient capital markets are crucial for Europe's competitiveness

For a special edition of the ACI Quarterly magazine on the European elections, Jan Bremer, Head of our EU Liaison Office, takes up our European policy demands in his guest article. According to Bremer, efficient capital markets are an...

In the media

New Journal of Company Law (May): Recent developments in Brussels

In his guest article for the Neue Zeitschrift für Gesellschaftsrecht, Jan Bremer, Head of our EU Liaison Office, provides an overview of the current status of important dossiers and initiatives shortly before the end of the legislative...

Press releases

Constitution celebrates 75 years: ensuring Democracy and the social market economy

On 23 May 2024, the constitution will turn 75 years old, certainly a reason to celebrate. The anniversary will be honoured in Berlin with a state ceremony and a festival for democracy. Deutsches Aktieninstitut is also celebrating this...

Position papers

EFRAG's voluntary SME standard should apply to all SMEs

On the occasion of the EFRAG consultation on the draft sustainability reporting standard for small and medium-sized listed companies (LSME), we suggest that the LSME should not be pursued any further. The LSME standard is far too...

Position papers

Enabling remote identification for goods trading

With the proposed regulation, the German government wants to enable goods traders to identify their customers by video. It is urgent to equate goods trading with the financial sector. Of course, there is still room for improvement. For...

Studies

Study on retirement savings accounts: What Germany can learn from other countries when it comes to private pension plans

In the study "Retirement savings accounts – an international comparison of successful retirement savings models", which we compiled together with Deutsche WertpapierService Bank AG, we derive five key recommendations for action for a...

Press releases

Study on retirement savings accounts: What Germany can learn from other countries when it comes to private pension plans

In a study, Deutsches Aktieninstitut and Deutsche WertpapierService Bank AG present recommendations for a state-subsidised retirement savings account based on an international comparison between countries. Such a custody account...

Column

Capital markets as a lever for Europe's competitiveness and economic transformation

In June, the citizens of the EU will vote in the European elections to determine the composition of the new EU Parliament. The newly elected Parliament and the next European Commission have important tasks ahead of them: in addition to...

In the media

Bond Guide: How should the new EU regulation of ESG ratings be assessed?

ESG ratings are becoming increasingly important as a basis for investors' decisions. It is therefore all the more important that the new EU regulation creates more transparency and professionalism in the young market, emphasizes our...

Press releases

The annual reception of Deutsches Aktieninstitut signals the commitment of German industry to a strong and competitive Europe

At today’s annual reception, the President of Deutsches Aktieninstitut, Melanie Kreis, emphasises that the EU serves a guarantor of democracy and prosperity. Looking to the European elections in June, she calls on the European parties...

Press releases

Deutsches Aktieninstitut honours "Pulse of Europe" with the Meritum Award of German Business 2024

The "Pulse of Europe" association receives the Meritum Sponsorship Award, endowed with 25,000 euros, for its commitment to strengthening democracy in Germany and Europe. The prize was awarded on 23 April at the annual reception of...

Position papers

No gold-plating for the implementation of the CSRD!

The Corporate Sustainability Reporting Directive must be transposed into national law by 6 July 2024. Businesses are confronted with huge practical challenges when implementing the European sustainability reporting requirements. We...

In the media

GDV Finance Talk: Sustainability reporting – driver of the Green Deal?

Sustainability reporting is a core element of the European Green Deal. Due to the Corporate Sustainability Reporting Directive (CSRD), it will become even more extensive in future. In the "Finance Talk" interview format of the German...

Position papers

Enabling more attractive Annual General Meetings in Germany

As part of the expert hearing of the Legal Affairs Committee of the Deutscher Bundestag on April 22, 2022 on the motion "For legal certainty and a lively Annual General Meeting – need for reform in the law on defects in resolutions",...

In the media

Web.de: Why the DAX keeps reporting new records

Despite the weak economy, the DAX continues to reach new record highs. While the growth forecast for this year currently stands at 0.1 per cent, the DAX already reached the 18,000 point mark in March. Our Deputy Head of Capital Markets...

In the media

Schmalenbach Impulse: Generationenkapital - The path to equity-oriented pension provision

In an article for Schmalenbach Impulse, our Chief Executive Dr. Christine Bortenlänger calls for more ambition with regard to the socalled Generationenkapital. A more ambitious approach to safeguarding pensions is essential to ensure...

Kurvenlage

Kurvenlage - Semi-Annual Report, Second term 2023, Focus: Europe has the choice (in German)

Position papers

Companies are no tax authorities

From 2025, listed companies in Germany will have to carry out shareholder identification for a fee and forward the data to the tax authorities. We are already critical of this obligation, but the proposed procedural instructions now go...

Position papers

Leveraging Capital Markets to regain and ensure Europe’s Competitiveness – Our Policy Demands for the European Elections

Strong capital markets are needed to maintain Europe's global competitiveness and to finance the green and digital transformation of the economy. In the light of the European elections in June, we have set out three key demands in our...

Press releases

European elections: Strong capital markets for a competitive EU

Strong capital markets are a crucial requirement for securing Europe’s future as a business location and financing the transformation. In light of the European elections in June, Deutsches Aktieninstitut just published its European...

Position papers

More ambition needed for Generationenkapital

Deutsches Aktieninstitut welcomes the introduction of Generationenkapital as an important step towards capital funding in the statutory pension system. However, in order to achieve a significant effect, the Generationenkapital must...

Position papers

Enforcement of Sustainability Information: Enabling an Integrated Approach

The European Securities and Markets Authority (ESMA) has submitted a proposal for a Supervisory Guideline. It is intended to support the national competent authorities and organizations with regard to the upcoming enforcement of...

Position papers

Keeping the implementation of the European Single Access Point lean

With regard to the planned European Single Access Point (ESAP) for mandatory information of listed companies, we support a lean implementation. This is the core message of our response to the consultation of the European Supervisory...

Press releases

International Women's Day 2024: Build up assets with shares and prevent poverty in old age

Women are less likely than men to invest in shares, equity funds or ETFs. They are therefore missing out on valuable opportunities for attractive returns on equity investments. On International Women's Day on March 8, Deutsches...

Press releases

Generationenkapital can strengthen pensions for the future

Federal Minister of Finance Christian Lindner and Federal Minister of Labor Hubertus Heil today presented the German government's new pension concept, Pension Package II. Part of the package is the Generationenkapital,  which takes...

Column

Urgent capacity expansion for financial transaction investigations fails to materialize

The EU member states and the European Parliament have decided that the EU's new anti-money laundering authority "AMLA" will come to Frankfurt. This decision is to be welcomed, as synergies can be created in cooperation with the ECB. In...

In the media

bank und markt: The new equity culture in Germany – established or just a flash in the pan?

Many investors have realized that equities, equity funds and ETFs are indispensable for wealth accumulation and retirement provision due to their superior long-term returns. In 2023, the number of share savers remained stable above the...

In the media

Neue Zeitschrift für Gesellschaftsrecht: Recent developments in Brussels

In his guest article for the Neue Zeitschrift für Gesellschaftsrecht, Jan Bremer, Head of our EU Liaison Office, discusses the key new developments on sustainability standards, the CSDDD and the anti-money laundering package. He...

In the media

Momente 2023: „What's wrong with change?“

In an interview with the Frankfurter Volksbank Rhein/Main magazine Momente 2023, our Chief Executive Dr. Christine Bortenlänger points out the opportunities that times of change and transformation can bring to the economy. It is...

Column

Trend barometer Shareholder Numbers

Just as a barometer measures air pressure, our Shareholder Numbers show the state of share culture in Germany. Many exciting developments can be tracked in this way. How has the number of young investors developed in recent years? And...

Position papers

Clear Criticism of the Proposed Late Payment Regulation

In light of the proposed regulation to combat late payments in commercial transactions, we, along with eight other well-known German associations, have expressed our concerns about the regulation in a letter to the members of the...

Column

CSDDD or The straw that broke the camel's back

The waves of indignation have been running high since the Federal Minister of Finance Christian Lindner and the Federal Minister of Justice Marco Buschmann declared last week that they do not support the result negotiated in Brussels...

Position papers

ESRS implementation guidance: No new questions to be raised

On the occasion of the EFRAG consultation on three drafts of implementation guidance documents for the European Sustainability Reporting Standards (ESRS), we ask for unambiguous and meaningful clarifications in the documents. The...

In the media

Focus Online: Optimists see the DAX at 18,000 points at the end of the year - how realistic is that?

Our Deputy Head of Capital Markets, Dr. Norbert Kuhn, explores this question in his guest article for Focus-Online. The year-end forecasts of capital market experts for 2024 vary widely from 14,500 to 18,000 points. The wide range...

In the media

Podcast Paul am Puls: Interview about shares as an investment and financing instrument

In the podcast with Prof. Dr. Stephan Paul from the Chair of Applied Business Administration II at Ruhr University Bochum, Dr. Christine Bortenlänger talks about how the share culture in Germany can be further strengthened. She will...

Position papers

Position paper on the revision of PRIIPs presented

We have generally welcomed the European Commission's proposal to exclude bonds with "make whole clauses" from the scope of the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs). Bonds with such clauses are not...

Press releases

Christine Bortenlänger hands over to Henriette Peucker - Change in the management of Deutsches Aktieninstitut

After almost 12 years in office, Dr Christine Bortenlänger has decided not to seek a further term in office as Managing Director of Deutsches Aktieninstitut. She will leave Deutsches Aktieninstitut at the end of her contract on 30 June...

Return Triangles

MSCI World Return Triangle for savings plans (in German)

The MSCI World is one of the best-known stock indices worldwide. It tracks the share price performance and dividends of over 1,500 companies from more than 20 countries. The MSCI World return triangle rounds off our range of return...

Return Triangles

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...

Press releases

Return triangles 2023 published

"Time in the market beats timing the market" – in other words, investment duration beats entry time, according to a stock market rule. This is once again impressively demonstrated by the average returns of the updated return triangles...

Return Triangles

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...

Return Triangles

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...

In the media

Focus Online: How you benefit from your employer and the state

Who is entitled to capital-forming benefits and how are they invested? In principle, every employee is entitled to them, explains our Deputy Head of Capital Markets Department Dr. Norbert Kuhn in a guest article for Focus Online....

In the media

F.A.Z. Supplement Finance 2024: Long-term saving with shares pays off – even in turbulent times

More and more people are recognizing the opportunities offered by equity investments and are investing their money in shares, equity funds or ETFs, says our Chief Executive Dr. Christine Bortenlänger in her guest article in the F.A.Z....

Shareholder numbers

Shareholder Numbers 2023 - Once again over 12 million

In 2023, the number of private investors surpassed the 12 million mark significantly for the fourth consecutive year. In total, 12.3 million Germans invested in stocks, equity funds, and ETFs. This represents 17.6 percent of the...

Press releases

Shareholder figures for 2023 break the 12 million mark again

For the fourth time in a row, the number of investors in shares and other equity investments in 2023 is well above the 12 million mark, as the shareholder figures published today by Deutsches Aktieninstitut show. At 12.3 million German...

In the media

BOARD magazine: EU legal framework for ESG ratings still needs fine-tuning

ESG ratings have become an indispensable decision-making tool for investors alongside conventional financial ratings. In a guest article in BOARD, our Managing Director Dr. Christine Bortenlänger and our Head of Capital Markets Dr....

Position papers

Postponement of sector-specific European Sustainability Reporting Standards is to be welcomed

We welcome the European Commission's proposal to postpone the adoption of sector-specific sustainability reporting standards (ESRS) until June 30, 2026. Companies currently have to implement the ESG reporting obligations arising from...

Position papers

Good starting position for EMIR trilogues

Deutsches Aktieninstitut welcomes the positions taken by the European Parliament and the European Council in the final negotiations on the revision of the EMIR regulation. In particular, this includes the fact that both are in favor of...

Position papers

No new reporting requirements through the back door

In light of the public consultation on the Sustainable Finance Disclosure Regulation (SFDR), we urge that the reporting requirements of the SFDR do not go beyond the European Sustainability Reporting Standards (ESRS) and the EU...

In the media

Focus Online: Is generational capital the rescue anchor for the statutory pension?

In his guest article for Focus Online, Dr. Norbert Kuhn, Head of Corporate Finance and Deputy Head of Capital Markets, explains why more equities in the German pension system make sense in order to future-proof the pension system. For...

Press releases

More equal opportunities through financial education (in German)

Three quarters of young people want economics to be given a higher priority at school. On tomorrow's Education Day, Deutsches Aktieninstitut is therefore calling for economics to be taught as a subject in all general education schools...

In the media

Radio France: In Germany, ten euros per month per child to teach them about the stock market

In an interview with Radio France, Dr. Franz-Josef Leven, Deputy Managing Director of Deutsches Aktieninstitut, spoke about the proposal of the German Council of Economic Experts. In its annual report, the Council proposed that every...

In the media

Capital supplement Money & Finance 4.0: Germany can share!

In a guest article for the Geld & Finance supplement of inpact Media for Capital, Dr. Gerrit Fey, Head of Capital Markets, reported on the interest in shares, equity funds and ETFs in Germany.12.9 million people were involved in the...

Position papers

EU Directive on Due Diligence in Supply Chains must provide legal certainty and should be proportionate

On the occasion of the ongoing Trialogue negotiations on the Corporate Sustainability Due Diligence Directive (CSDDD), we advocate for a risk-based approach with a prioritization of environmental and human rights risks by companies....

Press releases

The Capital Market in Germany is becoming more attractive (in German)

The German Bundestag today passed the Future Financing Act. It will come into force at the beginning of 2024 if the Bundesrat also approves it. The law points in the right direction. It makes investment in shares and German stock...

Position papers

Increase the DAX capping limit to 15 percent (in German)

Deutsches Aktieninstitut welcomes the proposal of the index provider STOXX to increase the capping limit in the DAX selection indices from 10 to 15 percent. This would be in line with the practice of comparable indices in other...

Press releases

DAX capping limit may not hinder growth companies (in German)

Deutsches Aktieninstitut welcomes the proposal oft he index provider STOXX to increase the capping limit in the DAX selection indices from 10 to 15 percent. This would be in line with the practice of comparable indices in other...

Position papers

Position paper on the draft regulation on late payments

In order to enforce payment discipline, especially for the benefit of medium-sized companies, the European Commission has published a draft regulation on late payments. In it, it stipulates a mandatory payment period of a maximum of 30...

Press releases

World Savings Day: Save better with shares (in German)

To mark World Savings Day on October 30, 2023, Deutsches Aktieninstitut is highlighting the value of saving with stocks. In the past, a long-term, broadly diversified investment in equities has generated annual returns of around nine...

In the media

Why Birkenstock also preferred to go public in the USA rather than in Germany

In a guest article for Focus Online, Dr. Norbert Kuhn, Head of Corporate Finance and Deputy Head of Capital Markets, takes a close look at Birkenstock's IPO in the USA. In the article, he explains why more and more German companies are...

Press releases

Cooperation for a Stronger Europe

On the occasion of the Third Franco-German Corporate Executives’ and Institutional Investors' Forum the presidents of AFEP (Association française des entreprises privées) and Deutsches Aktieninstitut, Patricia Barbizet and Melanie...

Column

Good faith protection must also apply in the event of reclaiming by the insolvency administrator (In German)

The interaction of investments in shares, the prospect of profit, the risk of price loss and the distribution of dividends has proven itself over decades. The basis for this is the investor's trust in the rules of the capital market....

In the media

Börsen-Zeitung: The virtual Annual General Meeting - a modern format

In her guest article, Dr. Christine Bortenlänger, Managing Director of Deutsches Aktieninstitut, takes a look at the still young format and highlights the need for further reforms. Of the Dax 40 shareholders, 87 percent were in favor...

Press releases

German capital market not fashionable? (In German)

With the traditional cult brand Birkenstock, another German company has decided to go public in the USA. For the stock market engine in Germany to regain momentum, significantly more money needs to flow into the equity...

Position papers

When redefining company sizes in EU law, the threshold for the number of employees must also be raised

The EU Commission plans to change the definition of large companies in EU law. Raising the thresholds of turnover and balance sheet would mean that fewer companies would be considered large and would therefore fall outside the scope of...

Position papers

Future financing law must be further revised (in German)

We welcome the fact that numerous suggestions made by Aktieninstitut have been included in the government draft of the Future Financing Act. For example, in connection with the increase in the tax allowance for employee share...

In the media

Reporting Trends 2023/2024: European reporting standards ante portas

In his greeting to Going Public magazine's special "Reporting Trends 2023/2024," our Deputy Managing Director Franz-Josef Leven welcomes the last-minute simplifications the EU Commission has made to the European Sustainability...

In the media

Handelsblatt: Building blocks of a strong capital market (in German)

In her article for Handelsblatt, Dr. Christine Bortenlänger, Managing Director of Deutsches Aktieninstitut, emphasizes that the challenges ahead, such as the transformation to a more sustainable economy and Germany's digitization, can...

Column

More transparency in ESG ratings (In German)

We all went to school and remember how important it was that grades be awarded fairly. The criteria for awarding them should be transparent and applied consistently and understandably by teachers. That's what ESG ratings are all about....

In the media

Frankfurter Allgemeine Zeitung: The Coalition must act (in German)

In her guest article for the Frankfurter Allgemeine Zeitung, our Executive Director, Dr. Christine Bortenlänger, makes a clear appeal to the governing coalition to do even more in the area of old-age provision. According to...

Kurvenlage

Kurvenlage - Semi-Annual Report, First term 2023, Focus: Capital Market & Future (in German)

In the media

We introduce: Our working groups in a video clip - Sustainability Working Group

What do the Sustainability Working Group and the Sustainability Reporting Project Group do? Dr. Uta-Bettina von Altenbockum, Head of Sustainability, and Jessica Göres, Head of Sustainability Reporting, together head the working group...

Position papers

Biodiversity as a topic for the future ISSB work program

On the occasion of the International Sustainability Standards Board's (ISSB) Request for Information on its agenda priorities for the next two years, we advocate that the ISSB provides guidance material for companies to implement the...

In the media

We introduce: Our working groups in video clip - Issuer Law and IR Working Group

What does the Issuers, Legal and Investor Relations Working Group do? Dr. Claudia Royé, Head of Capital Markets Law, and Dr. Gerrit Fey, Head of Capital Markets, who head the working group, introduce it in a short video. We published...

Column

New structure in the fight against money laundering and terrorist financing (in German)

In the fight against money laundering, the Financial Action Task Force (FATF) gave the German government a poor report card in August 2022. A fragmented authority structure and a focus on predicate offenses such as theft or fraud...

In the media

BOARD: The Supply Chain Sourcing Obligations Act from the Supervisory Board's Perspective (in German)

In a guest article for BOARD, Dr. Christine Bortenlänger, Managing Director of Deutsches Aktieninstitut, and Dr. Nima Ghassemi-Tabar, a lawyer at Deloitte, discuss what obligations the law imposes on the supervisory boards of...

Position papers

Retain fundamental EMIR-principles like the hedging exemption

In our current statement we assess the amendments proposed by EU parliamentarians to revise the derivatives regulation EMIR. On the positive side, some proposed amendments reject the abolition of the reporting exemption for intragroup...

Press releases

Strengthening the performance of the capital market with the Future Financing Act (in German)

The draft of the Future Financing Act was adopted by the German government today. Aktieninstitut welcomes the fact that significant improvements have been agreed compared with the draft bill, particularly in stock corporation law and...

Position papers

Improving the reliability, comparability, and transparency of ESG ratings

In June 2023, the EU Commission made a proposal to regulate the market for ESG ratings. We support the EU Commission’s proposal as it is an important step towards improving reliability, comparability, and transparency of ESG ratings...

In the media

GoingPublic: Stop rampant bureaucracy - Keep the mandatory shareholder information tax within moderate bounds (in German)

In a guest article for Going Public's HV Magazine, Sven E. Hemeling, Head of Primary Market Law, calls for the implementation of shareholder identification under tax law not to result in additional obligations and legal risks for...

Position papers

Alignment with European sector-specific requirements important

On the occasion of the ISSB consultation on the internationalization of SASB standards, we advocate that the updated SASB standards be published before companies can apply the IFRS S1 standard in early 2024. In our letter to Emmanuel...

In the media

Haufe: DAX 40, MDAX and SDAX: How large companies implement the LkSG (in German)

In his article, Patrick Siegert from Haufe.Online takes up our study on the implementation of the Supply Chain Due Diligence Act (Lieferkettensorgfaltspflichtengesetz), which has been in force since January 2023. This was published by...

Position papers

Consultation on Draft IDW auditing standard on formal audit of disclosures on women's quota

The draft of the IDW EPS 351 Auditing Standards regulates the requirements that the auditor must observe when formally auditing the disclosures on the women's quota. These disclosures are part of the corporate governance statement...

Press releases

Retirement savings deposit is a step in the right direction (in German)

Deutsches Aktieninstitut welcomes the final report of the focus group on private pension provision published today. The proposed strengthening of equity investment in private pension provision is an important signal. Above all, the...

Column

Employee shares pay off!

The Return Triangle for employee shares impressively illustrates that high long-term returns are possible with employee shares. Nevertheless, too few employees in Germany make use of this form of employee share ownership. This makes...

Position papers

ESRS Consultation: Strengthening Materiality Analysis is Right

In our response to the Commission‘s ESRS-consultation ahead of the adoption as CSRD-delegated acts, we welcome the strengthening of the materiality analysis concept and stress the importance of interoperability with international...

Press releases

Happy Birthday 35 years DAX! (in German)

Deutsches Aktieninstitut is pleased to celebrate 35 years of the DAX. The German Share Index represents the 40 largest stock market stocks in Germany and is one of the best-known share indices worldwide. In the past, a long-term and...

Studies

Short study "The implementation of the Lieferkettensorgfaltspflichtengesetzes" (in German)

Implementation of the LkSG requirements is taking place at all levels in the companies concerned. In order to determine the current status and the most pressing issues facing companies, Deutsches Aktieninstitut, together with Deloitte,...

In the media

Courage finance column: staying power pays off (in German)

In the financial column of Courage magazine, our Managing Director, Dr. Christine Bortenlänger, describes what to look out for when investing successfully in shares on the capital market. The decisive factor here is not the time of...

In the media

Comdirect-Magazin: 3 Questions for Dr. Christine Bortenlänger: "The DAX is a success story" (in German)

The DAX represents the 40 largest stock market stocks in this country and is one of the best-known share indices in the world. In an interview with Comdirect magazine on the occasion of the 35th anniversary of the DAX, Dr. Christine...

In the media

Börsen-Zeitung: The number of shareholders will continue to rise (in German)

In the interview "The number of shareholders will continue to rise" with Börsen-Zeitung, Dr. Christine Bortenlänger and Dr. Franz-Josef Leven talk to Editor-in-Chief Detlef Fechtner about our commitment to the equity culture in...

In the media

Going Public: Employee Shares Pay Off (in German)

The rising numbers of employee shareholders in Germany show that there is growing interest in investing in one's own company, emphasizes Dr. Norbert Kuhn, Head of Corporate Finance, in his guest article in Going Public magazine Special...

Position papers

No further tightening of the dividend ban (in German)

An amendment to the Energy Price Brake Act is intended, among other things, to extend the dividend ban, which takes effect from a relief amount of 50 million euros, to group level. In our statement, we emphasize the inappropriateness...

Column

EU supply chain law - after the vote is before the vote

At the end of last week, the majority of MEPs voted in favor of the compromise text of the Legal Affairs Committee on the Corporate Sustainablity Due Diligence Directive (EU Supply Chain Act). But even though there was a clear majority...

Position papers

European legislator should not remove the reporting exemption for intra-group transactions

In a revised position paper, we point out obstacles to centralised risk management in the European Commission's EMIR proposal. This may be the consequence if the group reference in the definition, which derivatives qualify as hedging,...

In the media

Fit4Trading Podcast by DZBank: 9 percent - long breath pays off (in German)

Four out of five adults in Germany do not own shares or ETFs. The aim must therefore be to make shares and equity funds even more popular, emphasizes Dr. Gerrit Fey, Head of Capital Markets, in an interview with Falko Block for DZ...

Press releases

Company acquisition as a means of tackling digitization and the energy transition (in German)

What impact do the current macroeconomic and geopolitical crises have on corporate takeover activity? How are M&A strategies changing in the face of these crises? How well prepared are companies for takeover situations? Answers to...

Studies

Ready for Takeover 2.0? - German issuers’ readiness for public takeovers – A renewed assessment

"Ready for Takeover 2.0?" is the follow-up to a benchmark study prepared by Deutsches Aktieninstitut together with White & Case. A first joint study on the question of how German companies position themselves as bidders or as potential...

Position papers

Regulating costs for shareholder communication and identification in line with the future (in German)

The ARUG II reformed the processes of shareholder communication and shareholder identification. A new cost regulation that adequately manages the reimbursement of expenses incurred by intermediaries would have great added value for all...

Position papers

Consistently strengthen financing options via consistently strengthen capital markets (In German)

We welcome the objective of the Referentenentwurf Zukunftsfinanzierungsgesetz to increase the efficiency of the German capital market. However, improvements need to be made in some areas. These include the increase of the tax allowance...

Press releases

Deutsches Aktieninstitut awards the Bündnis Ökonomische Bildung Deutschland with the Meritum Förderpreis der Deutschen Wirtschaft 2023 (in German)

The non-profit association Bündnis Ökonomische Bildung Deutschland (Alliance for Economic Education Germany) has been awarded the 25,000 euro prize for its efforts to strengthen economic education. The laudator Bettina Stark-Watzinger,...

Press releases

Melanie Kreis elected President of Deutsches Aktieninstitut (in German)

At its constituent meeting in Munich today, the Board of Deutsches Aktieninstitut unanimously elected Melanie Kreis, Chief Financial Officer of Deutsche Post AG, as President. Kreis succeeds Dr. Hans-Ulrich Engel, who had been...

In the media

Deka-Podcast: Money on Her Mind (in German)

If you want to generate high returns in the long term, you can't avoid investing in equities, was one of the messages from Dr. Christine Bortenlänger, Managing Director of Deutsches Aktieninstitut, in the podcast "Money on Her Mind"....

Position papers

No additional burdens for companies when implementing shareholder identification request (in German)

From 2025, listed companies will have to conduct a comprehensive shareholder identification query with intermediaries at the time of the profit distribution resolution. They must transmit the information obtained to the Federal Central...

In the media

BOARD Magazine: The Corporate Sustainability Due Diligence Directive - more support instead of liability (in German)

In an article for BOARD - Zeitschrift für Aufsichtsräte in Deutschland, Dr. Christine Bortenlänger, Managing Director of Deutsches Aktieninstitut, and Dr. Uta-Bettina von Altenbockum, Head of Communications and Sustainability, discuss...

Position papers

New technical screening criteria for the EU taxonomy: Postponement needed

On the occasion of the EU Commission's consultation on the technical screening criteria for environmental goals three to six of the EU Taxonomy, we call for a postponement of the enter into force of the Delegated Acts for new...

Press releases

Deutsches Aktieninstitut presents new return triangle for the global equity index MSCI World (in German)

The new MSCI World return triangle complements the Deutsches Aktieninstitut's portfolio of DAX and EURO-STOXX return triangles. Over the past 20 years, a monthly investment in the MSCI World has yielded a return of 9.4 percent per...

Press releases

Corporate Sustainability Due Diligence Directive must tighten up value chain (in German)

Ahead of the Legal Affairs Committee's vote on its position on the draft European supply chain law (Corporate Sustainabilitiy Due Diligence Directive), Deutsches Aktieninstitut appeals to the European legislator to narrowly define the...

Column

Making IPOs more attractive for founders with multiple voting rights shares

The number of companies going public in Germany is low compared with other major industrialized nations. One way of counteracting this is to introduce multiple-voting shares. This would reduce the fear of many company founders of...

Press releases

Zukunftsfinanzierungsgesetz aims to strengthen the capital market in Germany (in German)

The draft bill of the Zukunftsfinanzierungsgesetz, published today by the Federal Ministries of Finance and Justice, provides important impetus for strengthening the German capital market. Deutsches Aktieninstitut particularly welcomes...

In the media

GoingPublic: Balancing act between security and transformation

In his article "Balancing act between security and transformation. European Capital Markets Law 2023: Sustainability and Capital Markets Union at the Top of the EU Institutions' Agenda", which appeared in the special "Corporate Finance...

In the media

Frankfurter Allgemeine Zeitung: How 250 DM became 50.000 Euros (in German)

In an interview with the Frankfurter Allgemeine Zeitung, Dr. Christine Bortenlänger, Chief Executive Officer, and Dr. Franz-Josef Leven, Deputy Chief Executive Officer, emphasize the importance of an efficient capital market for...

Kurvenlage

Kurvenlage - Semi-Annual Report, Second term 2022, Focus: Transformation (in German)

Position papers

Strengthening the attractiveness of the capital markets for growth companies by multiple-voting shares

We welcome the EU Commission's proposal to introduce multiple-vote share structures as an important step towards making capital markets more attractive for growth companies. However, the introduction of multiple voting shares should...

In the media

Table ESG: Strengthening the position of companies in the area of sustainability (in German)

In an interview with Nils Wischmeyer, Dr. Uta-Bettina von Altenbockum talks about Deutsches Aktieninstitut's work in the area of sustainability and her new position as head of the department. In the interview, she criticizes the high...

Column

In Search of Balance - Why Germany is Struggling to Protect Whistleblowers

On February 10, 2023, there was a bang: The Bundesrat rejected the whistleblower protection law passed by the Bundestag. Although the law, which implements an EU directive, has been discussed for years, it failed due to the veto of the...

In the media

Heilbronner Stimme: Stock investment pays off

In her guest article for the Heilbonner Stimme entitled "Stock investment pays off", Dr. Christine Bortenlänger, Managing Director of the Deutsches Aktieninstitut (German Stock Institute), reports on the attractive yield opportunities...

In the media

Deka Fondsmagazin, Deka Investments: „Price declines used to enter the market“ (in German)

In an interview with Deka-Investments' Fondsmagazin, Dr. Christine Bortenlänger, Managing Director of Deutsches Aktieninstitut, proposes the introduction of an investment savings account to further promote equity savings in Germany....

In the media

Börsen-Zeitung „Relief in the financing of small and medium-sized enterprises“

In a guest article in Börsen-Zeitung, Dr. Norbert Kuhn, Deputy Head of Capital Markets and Head of Corporate Finance, and Ingo Wegerich, President of Interessenverband kapitalmarktorientierter KMU e.V. and Partner at Luther...

Position papers

EU banking package in trilogue: More precise definitions to avoid negative consequences for non-financial companies

At the start of Trilogue on the EU Banking Packages, this position provides an assessment on the points in the overall legislative package that we have also previously commented on. Generally, we regard the position of the Council and...

In the media

Interview at Tagesschau24: Update Wirtschaft on 16.03.2023 (in German)

"What was your first share?" Dr. Franz-Josef Leven, Deputy Managing Director, talks about this in tagesschau24's "Update Wirtschaft" program. The topics of stock culture in Germany and the stock pension were the subject of an interview...

Position papers

EU Listing Act: Simplify prospectuses for practical use

We expressly welcome the objective of the EU Listing Act to simplify the preparation of a prospectus and make it more cost-effective. The publicly available information due to the existing comprehensive reporting and disclosure...

Column

Efficient capital markets - more ambition needed for EU Listing Act

One thing must be clear to all of us: An efficient capital market is an essential prerequisite for meeting future challenges such as digitization and the fight against climate change. Such a capital market enables the financing of...

Press releases

World Women's Day 2023: Better start investing in stocks today than tomorrow (in German)

In the past, a long-term and broadly diversified investment in shares has generated annual returns of six to nine percent on average. That is why, on the occasion of International Women's Day on March 8, Deutsches Aktieninstitut is...

In the media

Der Westen: Rente - Demographic change threatens the system - what does generational capital bring?

In the second part of the interview with "Der Westen", Dr Norbert Kuhn, Head of Corporate Finance at Deutsches Aktieninstitut, explains that at least ten billion euros should be invested annually in the stock market as part of...

In the media

Der Westen: Share pension - Isn't that too risky, what the state is doing?

In an interview with "Der Westen", Dr. Norbert Kuhn, Head of Corporate Finance at Deutsches Aktieninstitut, talks about the potential returns of a long-term and broadly diversified equity investment. The share pension is a sensible...

Column

Limit value chain and implement risk-based approach

Der Richtlinienentwurf zur Corporate Sustainability Due Diligence Directive (CSDDD), den die EU-Kommission im Februar 2022 veröffentlicht hat, hat für viel Aufmerksamkeit gesorgt. Die Berichterstatterin des federführenden...

Press releases

Employee share defies Corona, war and inflation (in German)

Employee share programs are an attractive and secure way to build wealth: 87 percent of employee share plans generate an annual return of at least five percent over ten years. In more than half of the plans, employees can look forward...

Return Triangles

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...

Position papers

Preserve reporting exemption for intra-group transactions

As part the review of the EU derivatives regulation EMIR, the EU Commission proposes to abolish the reporting exemption for intra-group derivatives transactions, which was introduced only two years ago. In our position paper we...

Press releases

Subscription rights issues no longer trigger prospectus requirement (in German)

Following a very constructive dialog, the German Federal Financial Supervisory Authority (BaFin) is changing its practice with regard to so-called oversubscription for rights issues of up to eight million euros. Existing shareholders...

Position papers

Increase the spread of employee share ownership - Maintain deferred compensation and dispense with vesting periods (in German)

In a joint position paper, Aktieninstitut and Bundesverband Mitarbeiterbeteiligung AGP welcome the plan to raise the tax allowance on employee share ownership from 1,440 euros p.a. to 5,000 p.a.. However, the requirement that deferred...

In the media

Fortunalista – Der Finanzpodcast: Is it still worth investing in your mid-50s? (in German)

In the podcast with Fortunalista host Margarethe Honisch, our Executive Director, Dr. Christine Bortenlänger, answers current questions about the capital market. The conversation focuses on the areas of responsibility of Deutsches...

In the media

GoingPublic.de: "Many new shareholders have taken advantage of the price correction to enter" (in German)

Dr. Gerrit Fey, Head of Capital Markets, answers five questions on the record high shareholder figures 2022, which were published on January 17. In his view, equity savers have learned to take advantage of entry opportunities and react...

Press releases

70 Years of Share Saving: Special edition of the Return Triangle to mark the 70th anniversary of Deutsches Aktieninstitut (in German)

"Saving is a good income," said the Roman politician and philosopher Marcus Tullius Cicero. This is particularly true for long-term broad-based stock saving, as shown by the yield triangles published today by the Deutsches...

Return Triangles

Anniversary edition of the DAX Return Triangle (in German)

This is also impressively demonstrated by the special edition of the DAX Return Triangle on the occasion of the 70th anniversary of the Deutsches Aktieninstitut. Over the past 70 years, a portfolio of DAX stocks has generated an...

Shareholder numbers

Shareholder numbers 2022: Germany can share! (in German)

2022 was a good year for the equity culture in Germany. Confidence in shares remains unbroken. A total of 12.9 million people were invested in shares, equity funds or ETFs last year. This represents an increase of 830,000 equity savers...

Type

Shareholder numbers at a glance 2022 (in German)

Press releases

Shareholder figures at record level in 2022 despite crises (in German)

Germany has never had more stock savers. 12.9 million people were invested in shares, equity funds or ETFs last year, according to the shareholder figures published today by the Deutsches Aktieninstitut. That is slightly more than at...

Position papers

Greenwashing: Consultation of the European Supervisory Authorities is premature

In our contribution on the Call for Evidence of ESMA, EIOPA and EBA, we criticize that no clear picture of potential greenwashing practices can be drawn without corresponding legal requirements. The regulatory framework of sustainable...

Press releases

70 years of Deutsches Aktieninstitut: Policymakers must do More to promote high-performing capital markets (in German)

Deutsches Aktieninstitut celebrates its 70th anniversary in 2023. To mark this anniversary, it is calling on policymakers to improve the framework conditions for corporate financing via the stock exchange and to make equity investment...

Position papers

European Sustainability Reporting Standards: Reduce reporting requirements and ensure compliance with international standards

The CSRD Directive and the European Sustainability Reporting Standards (ESRS) will significantly change the corporate reporting landscape. In our feedback to the consultation of the Federal Ministry of Justice, we call for the...

Press releases

Deutsches Aktieninstitut establishes its own sustainability department (in German)

On January 1, 2023, Deutsches Aktieninstitut will introduce a new Sustainability Department. This will join the two existing departments of Law and Capital Markets. The department will be headed by Dr. Uta-Bettina von Altenbockum, who...

Position papers

European Single Access Point: European Parliament should call for non-bureaucratic solution

In future, mandatory corporate information will be accessible in a European data portal – the so-called European Single Access Point (ESAP). We support the Commission’s proposal that ESAP should build upon existing national data...

Column

More ambition needed for equity pension (in German)

The German government wants to tackle the planned share pension to strengthen the statutory pension insurance. Dr. Norbert Kuhn, Deputy Head of Capital Markets and Head of Corporate Finance at Deutsches Aktieninstitut, explains in our...

Press releases

Strengthening Economic Education (in German)

On the occasion of tomorrow's Education Day, Deutsches Aktieninstitut is calling on the German government to do even more to promote economic education in Germany. This requires a separate economics subject in schools and the prompt...

Position papers

Voting advisor ISS must take into account new legislation on virtual general meeting

Deutsches Aktieninstitut requests that the voting advisor ISS adjust its voting recommendations to take appropriate account of the new German legislation on virtual general meetings. The legislator has created a virtual general meeting...

Position papers

The European Parliament must set the course right for the European economy with Basel IV

The implementation of the latest agreements of the Basel Committee on Banking Supervision (Basel IV) in the EU must take into account the specifics of the European corporate landscape. European companies have a very international...

Press releases

Plan for funded pension provision is step in the right direction (in German)

We welcome the fact that the German government is now taking a concrete approach to the equity pension agreed in the coalition agreement. Shares, which can generate attractive long-term returns of six to nine percent, are an important...

Press releases

World Savings Day: Creating Better Incentives for Saving Shares

On World Savings Day, Deutsches Aktieninstitut is calling on policymakers to swiftly pass the planned Future Financing Act and thus make equities more interesting for everyone. In view of high inflation rates, saving with stocks is...

Position papers

Position on the Draft Revisions to the G20/OECD Principles of Corporate Governance

The OECD has consulted a draft of its G20/OECD Principles of Corporate Governance. The final document is scheduled to be adopted by the OECD Corporate Governance Committee in March 2023, approved by the OECD Council of Ministers (MCM)...

Column

European Sustainability Reporting Standards – reducing the scope (in German)

In mid-November, the European Financial Reporting Advisory Group (EFRAG) will hand over the European sustainability reporting standards to the European Commission. The standards have been developed by the EFRAG Project Taskforce during...

Position papers

Position on the EU Commission’s draft Guidelines on the standardised presentation of the remuneration report

On September 29, the EU Commission discussed the draft of the Guidelines on the standardized presentation of a remuneration report under Directive EU 2017/828 with the Company Law Expert Group it had set up. Deutsches Aktieninstitut...

Press releases

Second Franco-German Corporate Executives and Institutional Investors’ Forum

Considering current geopolitical and global economic developments, the presidents of Afep (Association française des entreprises privées) and Deutsches Aktieninstitut underline the crucial importance of the Franco-German cooperation on...

Press releases

Elke Pfeifer joins Deutsches Aktieninstitut as press officer (in German)

Since 1 October 2022, Elke Pfeifer has been Press officer and Digital Media Manager of the Deutsches Aktieninstitut. In this newly created position, she reports to the Head of Communications, Dr. Uta-Bettina von Altenbockum. Her...

Press releases

New study "Generation Aktie" shows: Young investors invest long-term and regularly in equities and ETFs (in German)

The young generation relies on equity funds and equity-based ETFs. She informs herself online in social media and saves for asset accumulation and retirement provision. This is the result of a study by the Center for Research in...

Studies

Study shows: Young people invest long-term and regularly on the capital market

A new study by the Center for Research in Financial Communication at leipzig University in cooperation with the DIRK - Deutscher Ivestor Relations Verband and Deutsches Aktieninstitut shows that young people under the age of 35, the...

Position papers

End discrimination against equity investment - introduce investment savings accounts (in German)

Die Eckpunkte des Zukunftsfinanzierungsgesetz sehen einen Freibetrag auf Kursgewinne vor, die beim Verkauf von Aktien und Aktienfonds anfallen. Was ist die angemessene Höhe dieser Freibeträge, damit Kleinsparer die notwendigen Anreize...

Kurvenlage

Kurvenlage - Semi-Annual Report, First term 2022, Focus: Corporate Governance (in German)

Position papers

Review of the Benchmarks Regulation (BMR): Risk free access for EU companies to non-EU benchmarks must be ensured

Deutsches Aktieninstitut welcomes the opportunity to comment on the European Commission's initiative to review the Benchmarks Regulation (BMR). We welcome the initiative to improve the BMR, to ensure the continued availability to EU...

Column

Employee shares: Side-effect-free entry drug into the stock market (in German)

According to the key points of the Zukunftsfinanzierungsgesetz  presented by the ministries of finance and justice at the end of June, the tax allowance for employee share ownership, for example employee shares, is to rise from the...

Column

New IFRS standards in the sustainability reporting: Making a global and consistent sustainability reporting? (in German)

The International Sustainability Standards Board (ISSB) of the IFRS Foundation has published the drafts of its first two standards on general requirements for sustainability reporting (IFRS S1) and climate-related reporting (IFRS S2)...

Position papers

Employee share ownership: Existing allowance is used - further increase is needed (in German)

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...

Press releases

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...

Position papers

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...

Position papers

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...

Press releases

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. ...

In the media

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...

Column

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...

Press releases

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...

Position papers

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...

Position papers

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....

In the media

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...

In the media

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...

In the media

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...

In the media

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...

Press releases

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...

Press releases

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...

Position papers

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...

Position papers

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...

Studies

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....

Column

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...

Position papers

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...

In the media

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...

In the media

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...

Position papers

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...

Position papers

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,...

Press releases

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...

Position papers

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,...

Press releases

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...

Press releases

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...

Position papers

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...

Position papers

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...

Position papers

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...

In the media

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...

Press releases

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,...

Position papers

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...

In the media

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...

Press releases

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...

Position papers

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...

Press releases

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...

Press releases

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...

In the media

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...

Column

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...

Position papers

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...

Position papers

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

Kurvenlage - Semi-Annual Report, Second term 2021, Focus: Sustainability (in German)

In the media

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...

Position papers

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...

Position papers

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...

In the media

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...

Column

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....

In the media

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...

In the media

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...

Press releases

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...

Studies

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...

Position papers

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...

In the media

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...

Position papers

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...

Position papers

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...

Column

#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...

Column

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...

Press releases

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...

Position papers

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...

Position papers

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...

Position papers

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...

In the media

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...

Column

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...

Position papers

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...

In the media

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...

Position papers

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...

Column

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...

Press releases

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...

Position papers

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...

In the media

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...

Press releases

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

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...

Position papers

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...

Column

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.

In the media

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...

In the media

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,...

Column

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...

In the media

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...

In the media

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,...

In the media

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...

Position papers

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...

Position papers

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...

Press releases

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...

Column

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...

Position papers

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...

Column

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...

In the media

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...

In the media

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...

Position papers

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...

In the media

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...

Column

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...

In the media

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...

Press releases

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...

Studies

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...

Press releases

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...

In the media

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...

In the media

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 -...

Position papers

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...

Press releases

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...

In the media

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...

Press releases

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...

Press releases

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...

Position papers

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...

In the media

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...

In the media

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...

Position papers

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.

In the media

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...

Position papers

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...

Column

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...

In the media

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...

Position papers

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...

Column

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...

Column

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...

In the media

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...

Column

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...

Press releases

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...

In the media

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,...

Column

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,...

In the media

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

Kurvenlage - Semi-Annual Report, First term 2021, Focus: German Federal Election (in German)

Position papers

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...

Press releases

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...

Press releases

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...

In the media

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...

In the media

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...

Position papers

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...

Position papers

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...

Column

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...

In the media

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...

Column

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...

In the media

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...

In the media

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...

Position papers

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...

In the media

€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...

Column

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....

In the media

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....

Column

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,...

Column

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...

Position papers

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...

In the media

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,...

Column

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....

Position papers

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...

In the media

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....

Column

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...

In the media

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...

Column

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...

In the media

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...

Position papers

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...

In the media

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...

Studies

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...

Column

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...

Column

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...

Position papers

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...

Position papers

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...

Press releases

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...

Position papers

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...

In the media

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...

In the media

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...

Position papers

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...

Column

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...

In the media

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...

Press releases

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...

Studies

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...

Press releases

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...

Column

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...

Studies

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...

In the media

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...

Position papers

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...

In the media

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....

In the media

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...

Column

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...

Position papers

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...

In the media

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...

In the media

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...

Position papers

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

Kurvenlage - Semi-Annual Report, Second Term 2020, Focus: Future (in German)

In the media

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...

Position papers

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...

Position papers

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...

Press releases

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...

Studies

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...

Column

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...

In the media

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...

In the media

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...

In the media

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...

In the media

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...

Column

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...

In the media

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

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...

Press releases

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...

In the media

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...

Column

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...

In the media

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...

In the media

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...

In the media

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...

In the media

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...

Studies

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...

In the media

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...

In the media

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...

Kurvenlage

Kurvenlage - Semi-Annual Report, First Term 2020, Focus: Crisis and Chance (in German)

Studies

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...

Position papers

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...

Position papers

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...

Press releases

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...

Position papers

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...

Position papers

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...

Position papers

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...

Position papers

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...

Position papers

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...

Position papers

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

Kurvenlage - Semi-Annual Report, Second Term 2019, Focus: Europa after its Election (in German)

Press releases

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...

Position papers

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...

Press releases

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...

Press releases

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...

Press releases

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...

Position papers

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

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...

Press releases

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...

Position papers

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...

Press releases

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...

Position papers

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...

Position papers

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...

Position papers

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....

Position papers

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...

Press releases

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...

Position papers

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...

Position papers

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...

Position papers

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...

Press releases

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...

Press releases

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...

Press releases

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...

Position papers

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...

Position papers

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...

Press releases

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...

Position papers

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...

Position papers

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...

Press releases

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...

Position papers

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....

Position papers

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...

Press releases

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

Kurvenlage - Semi-Annual Report, First Term 2019, Focus: Old Age Provision (in German)

Position papers

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...

Studies

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...

Position papers

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...

Position papers

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...

Studies

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...

Press releases

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...

Position papers

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...

Position papers

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....

Position papers

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...

Press releases

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...

Press releases

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...

Position papers

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...

Press releases

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...

Position papers

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...

Position papers

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...

Studies

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...

Press releases

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...

Position papers

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....

Position papers

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

Kurvenlage - Semi-Annual Report, Second Term 2018, Focus: Digitization (in German)

Position papers

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...

Position papers

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...

Press releases

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...

Shareholder numbers

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...

Press releases

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...

Position papers

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...

Position papers

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...

Position papers

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...

Press releases

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...

Position papers

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...

Position papers

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...

Position papers

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...

Press releases

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...

Studies

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...

Press releases

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...

Position papers

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...

Position papers

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...

Studies

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...

Press releases

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...

Position papers

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...

Position papers

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...

Position papers

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...

Studies

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...

Position papers

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...

Position papers

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...

Position papers

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...

Press releases

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...

Position papers

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...

Position papers

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...

Position papers

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...

Position papers

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...

Studies

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...

Position papers

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...

Position papers

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...

Position papers

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

Kurvenlage - Semi-Annual Report, First Term 2018, Focus: IPO (in German)

Position papers

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...

Position papers

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...

Position papers

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...

Position papers

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...

Press releases

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. ...

Studies

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,...

Press releases

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...

Position papers

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...

Position papers

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...

Press releases

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...

Press releases

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...

Position papers

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

Kurvenlage - Semi-Annual Report, Second Term 2017, Focus: Sustainability (in German)

Position papers

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...

Press releases

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...

Position papers

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,...

Studies

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...

Position papers

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...

Position papers

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...

Studies

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...

Press releases

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...

Position papers

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...

Shareholder numbers

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...

Press releases

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...

Position papers

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...

Press releases

„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...

Position papers

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...

Position papers

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...

Studies

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...

Position papers

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...

Press releases

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...

Press releases

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...

Press releases

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...

Studies

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....

Press releases

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...

Position papers

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,...

Position papers

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...

Position papers

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...

Press releases

„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...

Press releases

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

Kurvenlage - Semi-Annual Report, First Term 2017, Focus: Federal Election 2017 (in German)

Position papers

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...

Position papers

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

Deutsche

Position papers

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...

Press releases

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...

Position papers

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.

Press releases

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...

Position papers

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...

Position papers

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...

Position papers

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...

Press releases

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...

Position papers

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

Kurvenlage – Semi-Annual Report, Second Term 2016, Focus: Brexit (in German)

Studies

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...

Press releases

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...

Position papers

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...

Press releases

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...

Shareholder numbers

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...

Press releases

„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...

Position papers

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...

Position papers

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

Deutsches Aktieninstitut provides data for the imp

Position papers

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...

Press releases

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...

Position papers

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...

Position papers

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...

Position papers

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...

Press releases

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...

Press releases

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...

Position papers

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

Kurvenlage - Semi-Annual Report, First Term 2016, Focus: Retirement Planning (in German)

Press releases

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”.

Press releases

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...

Press releases

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...

Position papers

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...

Position papers

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...

Position papers

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...

Press releases

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...

Position papers

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...

Position papers

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...

Position papers

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

Kurvenlage - Semi-Annual Report, Second Term 2015, Focus: Capital Markets Union (in German)

Position papers

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...

Position papers

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...

Position papers

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...

Shareholder numbers

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...

Press releases

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...

Position papers

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...

Press releases

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...

Position papers

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...

Position papers

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.

Position papers

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...

Press releases

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...

Press releases

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...

Position papers

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...

Position papers

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...

Studies

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...

Press releases

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...

Position papers

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...

Position papers

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...

Position papers

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

Kurvenlage - Semi-Annual Report, First Term 2015, Focus: 50 years German stock corporation law (in German)

Position papers

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

Deutsches Aktieninstitut contributes to the EU-Commission'

Position papers

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...

Position papers

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

Position papers

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...

Position papers

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...

Position papers

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...

Position papers

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...

Position papers

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...

Press releases

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...

Position papers

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...

Position papers

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...

Studies

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...

Press releases

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...

Press releases

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.

Position papers

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

Kurvenlage - Semi-Annual Report, Second Term 2014, Focus: A New Start in Brussels (in German)

Position papers

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...

Position papers

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...

Press releases

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...

Position papers

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...

Shareholder numbers

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)...

Press releases

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...

Position papers

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...

Position papers

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...

Position papers

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...

Position papers

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...

Press releases

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...

Position papers

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...

Position papers

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...

Press releases

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....

Press releases

"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...

Position papers

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 papers

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...

Position papers

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...

Position papers

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...

Position papers

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...

Position papers

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...

Position papers

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...

Position papers

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...

Position papers

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...

Position papers

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...

Position papers

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...

Position papers

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

Kurvenlage - Semi-Annual Report, First Term 2014, Focus: Europe has voted (in German)

Position papers

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...

Studies

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...

Position papers

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...

Position papers

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....

Press releases

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...

Position papers

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...

Position papers

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.,...

Position papers

Definition of FX derivatives should be practically applicable

The position paper refers to the consultation of the European

Press releases

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

Kurvenlage - Annual report 2013, Focus: Employee Participation (in German)

Position papers

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...

Shareholder numbers

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...

Press releases

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...

Position papers

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...

Position papers

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

We object

Press releases

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...

Studies

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...

Position papers

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...

Position papers

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...

Position papers

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...

Position papers

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...

Position papers

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...

Studies

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...

Press releases

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

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

Position papers

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...

Studies

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...

Press releases

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...

Position papers

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...

Press releases

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...

Shareholder numbers

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...

Press releases

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...

Press releases

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

Studies

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...

Press releases

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...

Position papers

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...

Press releases

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...

Position papers

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 papers

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 papers

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,...

Position papers

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...

Press releases

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...

Press releases

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