4. Stakeholder Interest: The constitution of the supervisory board is regulated
specifically in the law that employment participation is necessary. For the company
that employ more than 2000 employees, half of the supervisory board must consist of
employee representatives otherwise at least one-third and one member of the
management board must come from employee’s representative. Therefore, the
consistence of board does create the obligation of the board, not act only the
shareholder interest but also employee interest. Therefore the decision of management
board and supervisory board that reflect to the governance system is definitely
different than in UK and US. In Germany, the board decision regarding the employee
is definitely more concerned.