Governance lapse: The Wirecard AG Payout payment app is displayed on a smartphone in Frankfurt. Scandal-ridden Wirecard AG’s supervisory board didn’t keep up with the increasing complexity of the company. — Bloomberg
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.
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