The Code states recommendations and suggestions concerning the governance and supervision of companies listed on German stock exchanges taking into account nationally and internationally recognized standards of good corporate governance. The Code includes recommendations and suggestions concerning corporate governance regarding shareholders, the shareholder meeting, the Executive Board and the Supervisory Board, transparency, accounting and auditors. The current version of the German Corporate Governance Code is available here.
There is no legal obligation to comply with the recommendations and suggestions given in the Code. However, the German Stock Corporation Act demands from the Executive Board and the Supervisory Board of a company listed on a German stock exchange, to declare compliance with the Code or to state which recommendations have not been complied with and why this is the case. Such declaration has to be made annually.
Here you can download the Declarations of Conformity of Tele Columbus AG.