Transparenz bei der Managervergütung - ist die Akzeptanz des Corporate Governance Kodex in Gefahr?

Mit der Weigerung, die Vergütung ihres Vorstandes einzeln offen zu legen, verstoßen vieler DAX-Unternehmen gegen eine Empfehlung des Deutschen Corporate Governance Kodex. Brigitte Zypries, Bundesjustizministerin, plädiert zwar für die Offenlegung der Vorstandsgehälter: "Damit Aktionäre ihr Kontrollrecht im Rahmen von Hauptversammlungen wirksam ausüben können, ist Transparenz für Anleger unverzichtbar. Dieses Kontrollrecht der Aktionäre umfasst auch die Höhe der Vorstandsbezüge. Sie müssen als "Eigentümer" einer börsennotierten Aktiengesellschaft darüber entscheiden können, ob sie das Gehalt ihrer Spitzenmanager für angemessen halten. Deshalb müssen Vorstandsgehälter individuell offen gelegt werden." Aber trotz der Weigerung vieler Unternehmen, dieser Empfehlung nachzukommen, ist für sie der Deutsche Corporate Governance Kodex als Ganzes eine "Erfolgsgeschichte". Sie geht davon aus, dass gesetzgeberisches Handeln nicht notwendig wird. Denn: "Die Kritiker der Offenlegung werden sich Entwicklungen auf EU-Ebene nicht verschließen können, die ein Zeichen dafür sind, dass international kein Weg an mehr Transparenz bei den Vorstandsbezügen vorbeiführt." Max Dietrich Kley, Präsident des Deutschen Aktieninstituts, möchte am Prinzip "Comply or Expain" festhalten, das den Unternehmen die Wahl lässt, sich für den Codex zu entscheiden oder ihn ganz oder teilweise abzulehnen. Seiner Meinung nach sollte sich an der Börse entscheiden, "ob und in welchem Grade Abweichungen oder die Ablehnung in Euro und Cent von den Marktteilnehmern gewertet" werden. Für Prof. Dr. Michael Adams, Universität Hamburg, ist vor allen Dingen die Vollständigkeit der Angabe des Wertes aus allen Vergütungsquellen für die Kontrolle der Integrität der Unternehmensleitung entscheidend. Dann könne, seiner Ansicht nach, auf die Individualisierung der Angaben verzichtet werden. Prof. Dr. Dres h.c. Marcus Lutter, Universität Bonn, unterstreicht, dass sich der Deutsche Corporate Governance Kodex bereits bewährt ha

Magnetic resonance imaging-based diagnosis of aortitis preceding development of a thoracic aneurysm in a patient with giant cell arteritis: a case report

Background Inflammatory manifestation in the aortic arch can be a complication of giant cell arteritis (GCA), potentially requiring surgical therapy in the case of aneurysmatic dilatation. Case summary We report the case of a 73-year-old female patient with GCA in whom a typical appearance of arteritis was visualized on magnetic resonance imaging of the superficial temporal arteries. Additionally, ectasia (4.7 cm) of the ascending aorta with a mural rim of increased contrast media uptake was detected at the time of the initial diagnosis, which is an indicator of aortitis. While the diameter had only minimally increased in a computed tomography angiography (CTA) examination after 8 months, a subsequent CTA revealed an increased diameter of 5.8 cm and maximum at the level of the ascending aorta another 22 months later, indicating urgent surgery to replace the ascending aorta. Discussion Magnetic resonance imaging can detect silent, generalized manifestations of GCA such as severe aortitis, which may possibly lead to aneurysmatic dilatation, urging closer follow-up imaging. Detection of the ongoing process and subsequent follow-up imaging protects patients by avoiding rupture

Transparenz bei der Managervergütung - ist die Akzeptanz des Corporate Governance Kodex in Gefahr?

Mit der Weigerung, die Vergütung ihres Vorstandes einzeln offen zu legen, verstoßen vieler DAX-Unternehmen gegen eine Empfehlung des Deutschen Corporate Governance Kodex. Brigitte Zypries, Bundesjustizministerin, plädiert zwar für die Offenlegung der Vorstandsgehälter: "Damit Aktionäre ihr Kontrollrecht im Rahmen von Hauptversammlungen wirksam ausüben können, ist Transparenz für Anleger unverzichtbar. Dieses Kontrollrecht der Aktionäre umfasst auch die Höhe der Vorstandsbezüge. Sie müssen als "Eigentümer" einer börsennotierten Aktiengesellschaft darüber entscheiden können, ob sie das Gehalt ihrer Spitzenmanager für angemessen halten. Deshalb müssen Vorstandsgehälter individuell offen gelegt werden." Aber trotz der Weigerung vieler Unternehmen, dieser Empfehlung nachzukommen, ist für sie der Deutsche Corporate Governance Kodex als Ganzes eine "Erfolgsgeschichte". Sie geht davon aus, dass gesetzgeberisches Handeln nicht notwendig wird. Denn: "Die Kritiker der Offenlegung werden sich Entwicklungen auf EU-Ebene nicht verschließen können, die ein Zeichen dafür sind, dass international kein Weg an mehr Transparenz bei den Vorstandsbezügen vorbeiführt." Max Dietrich Kley, Präsident des Deutschen Aktieninstituts, möchte am Prinzip "Comply or Expain" festhalten, das den Unternehmen die Wahl lässt, sich für den Codex zu entscheiden oder ihn ganz oder teilweise abzulehnen. Seiner Meinung nach sollte sich an der Börse entscheiden, "ob und in welchem Grade Abweichungen oder die Ablehnung in Euro und Cent von den Marktteilnehmern gewertet" werden. Für Prof. Dr. Michael Adams, Universität Hamburg, ist vor allen Dingen die Vollständigkeit der Angabe des Wertes aus allen Vergütungsquellen für die Kontrolle der Integrität der Unternehmensleitung entscheidend. Dann könne, seiner Ansicht nach, auf die Individualisierung der Angaben verzichtet werden. Prof. Dr. Dres h.c. Marcus Lutter, Universität Bonn, unterstreicht, dass sich der Deutsche Corporate Governance Kodex bereits bewährt habCorporate Governance, Führungskräfte, Unternehmen, Gehalt, Deutschland

50 Jahre Aktiengesetz

On the 50th anniversary of the German Stock Corporation Act, which was originally ratified in 1965, leading legal scholars met at the birthplace of the law in Bonn to discuss current pressing challenges in this area of law. The results of the discussion, assembled in these conference proceedings, extend far beyond the confines of stock corporation law

Bench-to-bedside review: Bacterial pneumonia with influenza - pathogenesis and clinical implications

Seasonal and pandemic influenza are frequently complicated by bacterial infections, causing additional hospitalization and mortality. Secondary bacterial respiratory infection can be subdivided into combined viral/bacterial pneumonia and post-influenza pneumonia, which differ in their pathogenesis. During combined viral/bacterial infection, the virus, the bacterium and the host interact with each other. Post-influenza pneumonia may, at least in part, be due to resolution of inflammation caused by the primary viral infection. These mechanisms restore tissue homeostasis but greatly impair the host response against unrelated bacterial pathogens. In this review we summarize the underlying mechanisms leading to combined viral/bacterial infection or post-influenza pneumonia and highlight important considerations for effective treatment of bacterial pneumonia during and shortly after influenza

Entwurf einer Regelung zur Mitbestimmungsvereinbarung sowie zur Größe des mitbestimmten Aufsichtsrats

Die Europäische Aktiengesellschaft (SE) gestattet es bekanntlich, die Mitbestimmung der Arbeitnehmer im Wege einer Vereinbarungslösung zu regeln und die Größe des Aufsichtsrats zu reduzieren. Zahlreiche deutsche Unternehmen haben aus diesem Grund die Rechtsform der AG verlassen und diejenige der SE gewählt. Um dieser „Flucht aus der AG” zu begegnen, hat der aus sieben unabhängigen Hochschullehrern bestehende Arbeitskreis „Unternehmerische Mitbestimmung” einen Gesetzesvorschlag entwickelt, der eine Verhandlungslösung auch für die AG und die GmbH zulässt und eine arbeitsfähige Aufsichtsratsgröße vorsieht. Der im Folgenden abgedruckte Vorschlag ist in ZIP/Zeitschrift für Wirtschaftsrecht 2009, S. 885 ff veröffentlicht

Immune suppression is associated with enhanced systemic inflammatory, endothelial and procoagulant responses in critically ill patients

Objective: Patients admitted to the Intensive Care Unit (ICU) oftentimes show immunological signs of immune suppression. Consequently, immune stimulatory agents have been proposed as an adjunctive therapy approach in the ICU. The objective of this study was to determine the relationship between the degree of immune suppression and systemic inflammation in patients shortly after admission to the ICU. Design: An observational study in two ICUs in the Netherlands. Methods: The capacity of blood leukocytes to produce cytokines upon stimulation with lipopolysaccharide (LPS) was measured in 77 patients on the first morning after ICU admission. Patients were divided in four groups based on quartiles of LPS stimulated tumor necrosis factor (TNF)-α release, reflecting increasing extents of immune suppression. 15 host response biomarkers indicative of aberrations in inflammatory pathways implicated in sepsis pathogenesis were measured in plasma. Results: A diminished capacity of blood leukocytes to produce TNF-α upon stimulation with LPS was accompanied by a correspondingly reduced ability to release of IL-1β and IL-6. Concurrently measured plasma concentrations of host response biomarkers demonstrated that the degree of reduction in TNF-α release by blood leukocytes was associated with increasing systemic inflammation, stronger endothelial cell activation, loss of endothelial barrier integrity and enhanced procoagulant responses. Conclusions: In patients admitted to the ICU the strongest immune suppression occurs in those who simultaneously display signs of stronger systemic inflammation. These findings may have relevance for the selection of patients eligible for administration of immune enhancing agents.peer-reviewe

Plasma CC16 levels are associated with development of ALI/ARDS in patients with ventilator-associated pneumonia: a retrospective observational study

<p>Abstract</p> <p>Background</p> <p>Despite consensus criteria, diagnosing acute lung injury, or its more severe form acute respiratory distress syndrome (ALI/ARDS) remains challenging. Adding objective measures, such as plasma levels of biological markers could facilitate recognition of ALI/ARDS. This study was designed to assess and compare the diagnostic accuracy of biological markers for ALI/ARDS with ventilator-associated pneumonia (VAP).</p> <p>Methods</p> <p>We performed serial measurements of Clara cell protein (CC16), soluble receptor for advanced glycation end products (sRAGE), surfactant protein D (SP-D) and Krebs von den Lungen (KL-6) in plasma of patients with VAP and mechanically ventilated control patients without VAP. ALI/ARDS was diagnosed using the criteria of the North-American European consensus conference.</p> <p>Results</p> <p>Thirty-seven patients were enrolled - 22 patients with VAP and 15 control patients. Ten patients with pneumonia met the ALI/ARDS consensus criteria. Control patients never met these criteria. Plasma CC16 had a good diagnostic capacity for ALI/ARDS as shown by the receiver operating characteristic curve with an area under the curve of 0.91 (95% confidence interval (CI) 0.79 - 1.00; <it>p </it>< 0.001). Identification of ALI/ARDS patients by sudden increases in plasma CC16 of 30% or more yielded a sensitivity of 90% and a specificity of 92%. Of note, levels of CC16 increased 2 days before ALI/ARDS diagnosis. A cut-off level of 50 ng/ml SP-D yielded a specificity of 100% while the sensitivity was 70%. The area under the curve for SP-D was 0.80 (95% CI 0.58 - 1.00; <it>p </it>= 0.02). The diagnostic accuracies of KL-6 and sRAGE were low.</p> <p>Conclusion</p> <p>Plasma CC16 seems a potential biological marker for ALI/ARDS in patients with VAP. Plasma levels of sRAGE, SP-D and KL-6 have limited discriminative power for diagnosing ALI/ARDS in VAP.</p

Varieties of Capitalism and the Learning Firm: Contemporary Developments in EU and German Company Law - A Comment on the Strine-Bainbridge Debate About Shared Values of Corporate Management and Labor

Research in corporate governance and in labour law has been characterized by a disjuncture in the way that scholars in each field are addressing organizational questions related to the business enterprise. While labour has eventually begun to shift perspectives from aspirations to direct employee involvement in firm management, as has been the case in Germany, to a combination of \u27exit\u27 and \u27voice\u27 strategies involving pension fund management and securities litigation, it remains to be seen whether this new stream will unfold as a viable challenge to an otherwise exclusionary shareholder value paradigm. At the same time, recent suggestions made by Delaware Chancery Court Vice Chancellor Strine, to dare think about potentially shared commitments between management and labor - and UCLA\u27s Stephen Bainbridge\u27s response - underline the viability - and, the contestedness - of attempts at moving the corporate governance debate beyond the confines of corporate law proper. While such a wider view had already famously been encouraged by Dean Clarke in his 1986 treatise on Corporate Law (p. 32), mainstream corporate law does not seem to have endorsed this perspective. This paper takes the questionable divide between management and labor within the framework of a limiting corporate governance concept as starting point to explore the institutional dynamics of the corporation, hereby building on the theory of the innovative enterprise, as developed by management theorists Mary O\u27Sullivan and William Lazonick. Largely due to the sustained distance between corporate and labour law scholars, neither group has effectively addressed their common blind spot: a better understanding of the business enterprise itself. In midst of an unceasing flow of affirmations of the finance paradigm of the corporation on the one hand and \u27voice\u27 strategies by labour on the other, it seems to fall to management theorists to draw lessons from the continuing co-existence of different forms of market organization, in which companies appear to thrive. Exploring the conundrum of \u27risky\u27 business decisions within the firm, management theorists have been arguing for the need to adopt a more sophisticated organizational perspective on companies operating on locally, regionally and transnationally shaped, often highly volatile market segments. Research by comparative political economists has revealed a high degree of connectivity between corporate governance and economic performance without, however, arriving at such favourable results only for shareholder value regimes. Such findings support the view that corporate governance regimes are embedded in differently shaped regulatory frameworks, characterized by distinct institutions, both formal and informal, and enforcement processes. As a result of these findings, arguments to disassociate issues of corporate governance from those of the firm\u27s (social) responsibility [CSR] have been losing ground. Instead, CSR can be taken to be an essential part of understanding a particular business enterprise. It is the merging of a comparative political economy perspective on the corporation with one on the organizational features, structures and processes of the corporation, which can help us better understand the distribution of power and knowledge within the \u27learning firm\u27

Antigen-driven PD-1+ TOX+ BHLHE40+ and PD-1+ TOX+ EOMES+ T lymphocytes regulate juvenile idiopathic arthritis in situ

T lymphocytes accumulate in inflamed tissues of patients with chronic inflammatory diseases (CIDs) and express pro-inflammatory cytokines upon re-stimulation in vitro. Further, a significant genetic linkage to MHC genes suggests that T lymphocytes play an important role in the pathogenesis of CIDs including juvenile idiopathic arthritis (JIA). However, the functions of T lymphocytes in established disease remain elusive. Here we dissect the transcriptional and the clonal heterogeneity of synovial T lymphocytes in JIA patients by single-cell RNA sequencing combined with T cell receptor profiling on the same cells. We identify clonally expanded subpopulations of T lymphocytes expressing genes reflecting recent activation by antigen in situ. A PD-1+ TOX+ EOMES+ population of CD4+ T lymphocytes expressed immune regulatory genes and chemoattractant genes for myeloid cells. A PD-1+ TOX+ BHLHE40+ population of CD4+ , and a mirror population of CD8+ T lymphocytes expressed genes driving inflammation, and genes supporting B lymphocyte activation in situ. This analysis points out that multiple types of T lymphocytes have to be targeted for therapeutic regeneration of tolerance in arthritis