, Columnist
Wirecard Scandal Puts German Boards on the Spot
For most of its existence, the company’s supervisory board didn’t have an audit or risk committee.
We’re in trouble.
Photographer: Tobias Hase/picture alliance via Getty Images
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One more item for Germany’s to-do list following the Wirecard scandal: Reassess the country’s two-tier board system.
German companies are run by executives on a management board. Above them sits a supervisory board of non-executives, whose explicit duties are appointing, supervising and advising the managers. A longstanding question is whether these supervisory boards properly protect investors’ interests.