The government codified the corporate governance considerations for SOEs in 2009 in the
Public Corporate Governance Codex.
The codex obligates the federal government to consider
environmental sustainability and social responsibility, avoid conflict of interests, support
transparency through mandatory public reports, improve oversight and quality of leadership, and
increase efficiency. SOEs are required to make a formal annual declaration of their compliance
with the codex.
According to the OECD, the codex strengthened the reporting requirements of
previous arrangements, and, in this sense, Germany has “moved toward a central coordination of
SOE-related practices and, arguably, taken a step from a sectoral toward a dual ownership model