# German governance

`kaal:entity:german-governance`

**Status.** derived

This node is assembled mechanically from the 2 claims that carry the concept tag `german-governance`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

2 claims across 1 works, 2010 to 2010.

**2010**

- [1558614-018](https://wulfkaal.github.io/claims/1558614-018) [failure/argued] *(failure mode)* -- Codetermination makes the German supervisory board's decision making more cumbersome, so a co determined Aufsichtsrat may not respond quickly enough to fast moving events such as an escalation of portfolio risk or a liquidity crisis.
  > It may be difficult for a co-determined Aufsichtsrat to respond quickly to rapidly changing developments, such as an escala- tion of financial risk in a securities portfolio or a liquidity crisis.
  Painter and Kaal, Initial Reflections on an Evolving Standard Constraints on Risk Taking by Directors and Officers in (2010). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1558614
- [1558614-019](https://wulfkaal.github.io/claims/1558614-019) [mechanism/argued] -- Because the Aufsichtsrat owes its duty of loyalty to the firm rather than to shareholders alone, and because non shareholder constituencies such as employees and creditors are more risk averse than diversified shareholders, German supervisory boards may take a more conservative attitude toward risk than U.S. shareholder oriented boards.
  > The Aufsichtsrat's legal duty of loyalty to the firm as distinct from its shareholders thus may dictate a more conservative attitude toward risk than that of a shareholder oriented board of di- rectors in the United States.
  Painter and Kaal, Initial Reflections on an Evolving Standard Constraints on Risk Taking by Directors and Officers in (2010). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1558614

## Verify

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    curl -s https://wulfkaal.github.io/entities/german-governance.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.