Few periods in German business have been as dramatic as the past 12 months, as a series of boardroom battles has led to the ousting of respected chief executives at some of the country’s largest companies.
Siemens, Volkswagen and RWE are among the emblems of German industry and all have seen decent share price rises in recent years.
But since last November all three have had chief executives who were admired by shareholders ousted by their supervisory boards in moves that have again pushed corporate governance to the top of the German business agenda.
In all three cases – and at other companies such as MAN, Tui and Metro – the focus is on the role of the supervisory board, which under Germany’s long-respected two-tier board system oversees the management board.
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