Zur Notwendigkeit des Vorstandsvergütungsoffenlegungsgesetzes

Abstract Due to changes in the German Corporate Governance Code the transparency of compensation of the members of the management board has become a central element of the German corporate governance system. We analyze how the new transparency will influence the average compensation level. It can not be ruled out that average compensation levels will increase. By applying the so called unraveling theory we are able to show that a law was not necessary and a trend to a higher degree of transparency was on its way anyway.