audit committee

Introduction of Mandatory Audit Committees in Listed Companies

By Imke Reich, nbs partners

In June 2020, the German payment service provider Wirecard AG filed for the opening of insolvency proceedings after its auditor, EY, had refused to certify the 2019 annual financial statements on the basis of EUR 1.9 billion on the balance sheet that could not be verified. Consequently, the company, which had been a member of the German Share Index “DAX 30” since September 2018, had to leave the DAX 30 in August 2020.

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Statutory Period of Notice for Service Contracts with Managing Directors: New Decision of the German Federal Labour Court of 11 June 2020

By Dr Angelika Baumhof and Cathrin Kirchbach, Jakoby Dr Baumhof

The Federal Labour Court (BAG) has ruled that in the absence of a contractual provision on the period of notice in service contracts with managing directors, the statutory provision of § 621 of the German Civil Code (BGB) applies. The decision is surprising, as the Federal Court of Justice (BGH) has so far assumed an analogous application of § 622 BGB (only applicable to employment contracts) in order to protect minor shareholding and third-party managing directors.

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Role of the Economic Damages Expert in Causation

By John T. Alfonsi, Cendrowski Corporate Advisors

Economic damages experts often assume liability, i.e. that the defendant’s alleged wrongful conduct, in fact, occurred. Causation of injury is a legal issue that is addressed by the plaintiff’s legal counsel. Causation of damages, however, is an issue the damages expert must address in their determination of damages to lend credibility to their opinion or prevent their testimony from being excluded.

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