Unternehmerisches Ermessen

The German discussion on the appropriate standard of review to be applied to business judgments made by the management board and the supervisory board has led to an adoption of the American business judgment rule, although it has not had the effect of increasing the quality of the decision-making process or the substance of the decision. In her work, Andrea Lohse develops a more demanding standard of review. She outlines criteria that place greater demands on the decision-making process and the substance of the decision and are enhanced by more drastic consequences in liability law. the criteria take into account business administration, the capital market orientation of corporate law as well as the legal developments in Europe and in the USA.