Die Reform der Unternehmensführung vorantreiben

CAMBRIDGE – Als sie sich Anfang des Monats trafen, forderten Finanzminister und Zentralbanker der G-20 umfassende Verbesserungen der Unternehmensführung. Appelle dieser Art hört man öfter, aber mächtige Interessengruppen erschweren es den Regierungen, auch entsprechend zu handeln. Wenn Reformen also ernsthaft umgesetzt werden sollen, muss der öffentliche Druck stark und beharrlich sein.

Viele Länder gewähren Anlegern in börsennotierten Unternehmen Schutz in einem Ausmaß, der offensichtlich unangemessen ist. Sogar in Ländern mit gut entwickelten Systemen für Unternehmensführung gibt es noch Vereinbarungen, die viel zu lasch mit Unternehmensinsidern umgehen. In den Vereinigten Staaten zum Beispiel genießen Insider Schutz vor Übernahmen, die, so legen es die empirischen Beweise nahe, den Unternehmenswert tatsächlich mindern.

Zu lockere Vorschriften für Unternehmensführung sind nicht notwendigerweise das Ergebnis mangelnden Wissens seitens der Beamten. Oft genug sind es politische Zwänge, die dafür sorgen, dass bereits als ineffizient erkannte Regelwerke in Kraft bleiben.

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