Siemens and Volkswagenhave several things in common – not only are they Germany's two most emblematic companies but both have recently been embroiled in two of the country's biggest corporate corruption scandals.
On top of the recent controversies, there is another shared issue: opaque goings-on in their supervisory boards. Chief executives at both companies have been ousted in efforts led by their chairmen despite being respected by investors and not implicated in the scandals. "Many of the problems in corporate Germany are the fault of supervisory boards," says the chief executive of one of Germany's largest industrial companies.
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