Germany: Bundestag adopts Act limiting managers’ pay

German heads of businesses will have to take into account the company’s long-term success. Their civil liability in case of neglected duties will also be increased. These are the main objectives of the new law on managers’ income, adopted on June 18, 2009 by the Lower House of the German Parliament. The act, which doesn’t need to be approved by the Bundesrat (Länder House), should be enforced in late July.…