In the aftermath of the Mannesmann case the German corporate law of executive compensation has been increasingly relying on incentive-based payments until the recent financial crisis. By including benchmarks for reasonable compensation in § 87 para. 1 of the Stock Corporation Act (AktG) as...

Many companies in Germany must provide information beyond financial figures in their annual reports. For some years now, legislators have increasingly required information on non-financial aspects, such as the shares of women in leadership positions. Using a quantitative text analysis of annual...

While in the US stock-based incentives are commonly used since the 50s of the last century, in Germany they were invented only some ten years ago. Even in 1996 firms faced considerable regulatory difficulties when willing to grant such incentives. In the meantime the legal environment has...