1. MARC STEFFEN RAPP is a professor at the School of Business and Economics of Philipps-Universität Marburg (Germany). He is a member of the Marburg Centre for Institutional Economics (MACIE) and a scientific co-director of the Center for Corporate Governance at HHL Leipzig Graduate School of Management. Correspondence about the article should be directed to him at Philipps-Universität Marburg, School of Business and Economics, Am Plan 1, D-35032 Marburg, Germany.
2. CHRISTIAN STRENGER is academic director of the Center for Corporate Governance at HHL Leipzig Graduate School of Management and honorary professor. He is a member of the German government commission German Corporate Governance Code and serves as supervisory board member for TUI AG, Deutsche Asset & Wealth Management Investment GmbH and The Germany Funds (New York).