The plans for the IPO of the asset management subsidiary of Deutsche Bank (DWS) are becoming more and more dense. The IPO is about to be launched but the legal governance structure of KGaA (Komandit) in Germany or SCA (Commandite par Actions) in France is generally not welcome by investors since usual shareholder rights and check and balances mechanisms do not apply.
In that context, DSW, the german partner of Expert Corporate Governance Service (ECGS) expects some committments before the IPO.
"Even if the controlling body in a KGaA does not have the power, as in an AG, it would be an important signal to the capital market and a guarantee of the success of the IPO, if the majority of the board would be made of independent members," says DSW Chief Executive Marc Tüngler.
