In the form of recommendations ("shall") it sets internationally and nationally recognized behavioral standards. Furthermore the code provides the companies with suggestions ("should") for sound and responsible corporate management and supervision. Contrary to legal rules, it is not obligatory to comply with recommendations and suggestions.
As far as recommendations are concerned, however, listed companies are obliged to explain once a year to what extent these have been complied with (Declaration of Conformity). Possible deviations must be disclosed. In addition to the Declaration of Conformity, Allianz also voluntarily provides information on the compliance with suggestions.
The Governmental Commission "German Corporate Governance Code" is in charge of the initial compilation and the continuing revolution of the German Corporate Governance Code. Thenceforward, the Commission has to review the Code for possible adjustments at least once a year, considering legislative and practical developments concerning corporate governance.