The term "corporate governance", and all that it implies, is now in everyday use
in Germany. This is due to the enormous changes Germany has experienced in recent
years, in international business, international finance and in German industrial
structures. This contribution deals with recent changes in the German system of corporate
governance. After a short historical review, the major elements of the international
context that form the background for changes in Germany are discussed. This is followed
by an explanation of the German Corporate Governance Code and its role, concluding
with a prospectus for further possible developments and a summary of key points.