Der Deutsche Corporate Governance Kodex

The analysis of the legal nature and validity of the German Corporate Governance Code serves the purpose to determine under which conditions courts may and must apply the provisions of the Code although they do not qualify as traditional legal norms. First of all, the author analyses whether the legal validity of the Code can be affirmed, although its provisions cannot be qualified as legal norms in the traditional sense, which must be negated. Social validity and the legal ethical justification must, however, be answered in the affirmative. Concrete reform proposals are made with regard to a partial democratic deficit. The author suggests the direct applicability of the right to informational self-determination with regard to the provisions of the Code, which recommend the disclosure of data. Finally, courts should be entitled to apply certain provisions of the Code in order to specify legal terms.