1. Germany / USA Corporate Governance Differences & Implications

7. Stakeholder vs. Shareholder Value - Heterogenität der Ansprüche - Unübersichtlichkeit/Komplexität - fehlende Zielpräzisierungen - Akzeptanzprobleme im Management - Manipulierbarkeit - Fehlende Verbindung zu operativen Zielen - Umsetzungsschwäche - schlechtes Image - Hauptprobleme Befriedigung sämtl. Anspruchsgruppen Wertsteigerung - Erfolgsmaßstab Einzelkomponenten (des Cash-Flows etc.) aufgrund von Prognosen mit Unsicherheit verbunden Einzelkomponenten (des Cash-Flows etc.) aufgrund von Prognosen mit Unsicherheit verbunden - methodische Defizite mehrdimensionale Sicht eindimensional (jed kritisierbar) - Dimension sämtliche Anspruchsgruppen (Management, AR, Kunden, Öffentlichkeit, Aktionäre, Arbeitnehmer, Lieferanten, Staat) Aktionäre (Anteilseigner) - Hauptanspruchs- gruppe Nachhaltiges, sinnvolles Überleben des Unternehmens Wertorientierte Unternehmens- führung; Maximierung des Aktionärsnutzens - Unternehmensziel Stakeholder Value Shareholder Value - Heterogeneity of requirements - Complexity - Missing specification of objectives - Management acceptance - Manipulability - Missing connection to operative objectives - Implementation - Bad image Problems Satisfaction of all stakeholders Value enhancement Measure of Success multidimensional one-dimensional Dimension All stakeholders (management, clients, public, shareholders, employees, suppliers, government) Shareholders Stakeholders Sustainable, reasonable viability of company Value based management; maximisation of shareholder value Aim Stakeholder Value Shareholder Value

8. USA vs. German Corporate Governance Shareholders Long-term well being of company, stakeholders Focus One-Tier: at least 1 member of Supervisory Board / Board of Directors is member of Board of Management Two-Tier: Aufsichtsrat & Vorstand are strictly separated System Under control of individual states, multiplicity of legislation Clear and specific legislation through Federal Government Regulation Majority of Supervisory Boards are chaired by the CEO of the respective company and in many Supervisory Boards at least 1 further member is member of the Board of Management Members of the Board of Management must not be members of Supervisory Board Composition Board of Management Six times a year Twice a year Frequency of Meetings (Supervisory Board) Elected by the shareholders, employee representatives are not required  practically no employee representation Determined by law. Supervisory board comprises between 12 and 20 members, 10 of which are elected by the sharehol-ders, the other 10 being employee repre-sentatives, works council representa-tives  employees are granted big influence Composition Supervisory Board Board of Management Vorstand Supervisory Board / Board of Directors Aufsichtsrat Terms USA Germany