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Commission recommends internet-based communication applications as best practice of good corporate management

Internet-based communication applications are the most effective instruments regarding the prevention and exposure of corruption and grievances. Around 39 percent of cases of frauds in companies and organizations worldwide are detected by internet-based communication applications (ACFE: Report to the nations, 2016). Now, the Commission “Deutscher Corporate Governance Kodex” (German Corporate Governance Code), who articulates guidelines for national and international standards in good corporate governance and who lines out legal requirements for companies that are listed in the German Stock Exchange, responded to this developments.

In a revision of the Code, promulgated on the 14th of February 2017, the Commission expressly supports the use of internet-based communication applications within the frame of a companywide Compliance Management System: “For the implementation of a best-practice compliance system, employees shall be given the opportunity of anonymously reporting suspected breaches of the law within the company, in a protected manner.” Third parties are included in this provision, however on the basis of a suggestion.

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