As foreign private equity and hedge funds enter the German market in record numbers to reshape industry structures and market strategies, their ‘rebellious’ notion of corporate governance is bound to clash with traditional German attitudes, as manifested in business practice and law.
While the German Government has taken action to remodel corporate law upon international standards, enraged outcries have recently called for stricter regulation of foreign investors, to protect German companies and workers, likening foreign financial investors to locusts devastating the German corporate landscape. This “socialist nonsense”, as US investor Guy Wyser-Pratte said while repudiating Germany’s Social Democrat chairman Franz Muentefering’s comparison in a SPIEGEL interview, itself fed upon the much-publicised corporate governance battle involving the UK hedge fund The Children’s Investment Fund Management (TCI) and the German stock exchange Deutsche Boerse (DB).
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