Corporate Governance in Germany - Perspectives from economic and financial research

Corporate Governance in Germany - Perspectives from economic and financial research
A Symposium of Deutsche Bank Research in cooperation with the ECGI
Deutsche Bank AG, Unter den Linden 13-15, D-10117 Berlin March 1, 2002, 9.15 a.m. - 4.30 p.m.
The key objective of the symposium is to present the results of recent research on corporate governance in Germany and Europe and to use them for the debate on economic and political matters in government, parliament and the media. Implications of research for policy and regulation will be discussed where possible. The symposium is one in a series of events on economic policy and capital markets (workshops, lectures, seminars etc) organised by Deutsche Bank Research in Berlin. The European Corporate Governance Institute (ECGI) has contributed the session on "Systems of Corporate Governance compared - Anglo-Saxon countries and continental Europe". The contributions in the ECGI session were chosen independently by the European Corporate Governance Institute. Suitable research papers can be made available online or as print copy. The seminar will be conducted in German. Simultaneous interpretation will be available.
1 March 2002
9.00	Welcome
9.10 - 9.30	Opening remarks Hilmar Kopper, Chairman of the Supervisory Board of Deutsche Bank AG Antonio Borges, Vice Chairman and Managing Director, Goldman Sachs International; Chairman, European Corporate Governance Institute
Session I.	Corporate Governance in Germany - Shareholders, control and change in control
9.30 - 9.50	Dr. habil. Ekkehart Böhmer, Director of Research, NYSE The German system of corporate governance
9.50 - 10.20	Discussion Dr. Jens Köke, ZEW (Center for European Economic Research), Mannheim The relevance of shareholder structures for corporate governance Dr. Tim Jenkinson, Oxford University, Said School of Business Hostile stakes as an element of German corporate governance Dr. Stefan Prigge, Universität Hamburg, Fachbereich Wirtschaftswissenschaften/ Hamburg University, Economics Faculty Change in control in German corporations
10.20 - 10.45	Discussion
10.45 - 11.00	Coffee break
Session II.	Corporate Governance - balance or imbalance?
11.00 - 11.20	Prof. Dr. Reinhard H. Schmidt, Johann-Wolfgang-Goethe-Universität Frankfurt a.M., Fachbereich Wirtschaftswissenschaft (Economics faculty) Capital market controls and institutions: does reform strengthen or weaken corporate governance in Germany?
11.20 - 11.50	Discussion Dr. Max Steiger, Deutsche Bank AG, Grundsatz Kapitalmarkt The impact of institutional investors on the corporate governance of publicly listed companies Dr. Frank Nassauer, Deutsche Bank AG, Grundsatz Kapitalmarkt Implications of globalisation for Corporate Governance Dr. Klaus Günter Deutsch, DB Research German tax reform: Farewell to Germany Inc.?
11.50 - 12.15	Discussion
12.15 - 13.30	Lunch
European Corporate Governance Institute (ECGI) Session
Session III.	Systems of Corporate Governance compared - Anglo-Saxon countries and continental Europe
13.30 - 13.50	Prof. Colin Mayer, Said School of Business, Oxford University Anglo-Saxon countries - Ownership, control and capital markets
13.50 - 14.20	Discussion Dr. Klaus Gugler, Fachbereich Wirtschaftswissenschaft, Universität Wien, Österreich (Economics Faculty, University of Vienna) Corporate Governance in continental Europe - an overview Marc Goergen, Lecturer in Finance, School of Management, University of Manchester Institute of Science & Technology, UK Corporate Governance in the United Kingdom - Do pension funds exercise control? Prof. Marco Becht, Solvay Business School und Fakultät für Rechtswissenschaft, Université Libre de Bruxelles, Belgien Corporate Governance in the United States
14.20 - 14.50	Discussion
14.50 - 15.00	Coffee break
Session IV.	Economic trends and regulatory tendencies
15.00 - 16.00	Statements Hilmar Kopper, Vorsitzender des Aufsichtsrats, Deutsche Bank AG / Chairman of the Supervisory Board of Deutsche Bank AG The Board and the Supervisory Board - personal remarks Prof. Dr. Ulrich Seibert, Referatsleiter Gesellschaftsrecht, Bundesministerium der Justiz (Head of Company Law Department, Federal Ministry of Justice) The German Corporate Governance Commission, the German Code and the Law on Transparency and Disclosure Requirements Dr. Rainer Geiger, Stellvertretender Direktor, Direktorat für Finanzen, Steuern und Unternehmensfragen (Deputy Director, Directorate for Financial, Fiscal and Enterprise Affairs), OECD The OECD Principles on Corporate Governance as an international standard Dr. Anne d'Arcy, Head of European Accounting & Disclosure Regulation, Corporate Center Controlling, Deutsche Bank AG Self-regulation at the corporate level: the example of Deutsche Bank AG
16.00 - 16.30	Final discussion Prof. Dr. Norbert Walter, Mitglied der Geschäftsführung (Managing Director), Deutsche Bank Research Insights and implications
16.30	End of symposium