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 order to improve the transparency of the proxy advisory industry. However, the code should be improved. Deutsches Aktieninstitut is in particular calling for the opportunity to check the draft of a voting recommendation on factual errors before its finalisation.