4.4.1 Introduction

In this section the above eight key questions are answered for Germany. Germany is part of the research sample since the German corporate governance system has long been considered the standard example of an insider-controlled and stakeholder-orientated system (Hackethal, Schmidt et al. 2005, p. 397). Despite many reforms and substantial changes, the main characteristics of the German corporate governance system still apply. Germany is also included in the research sample due to its judicial corporate governance arrangement (see chapter 3), i.e. corporate governance arrangement D (regulation of self-regulation or meta-regulation). Moreover, the still ongoing discussion on the legality of the national corporate governance code is also of interest where the other countries under research are concerned.