Gb08_engl Umschlag:GB 2005 - DVFA

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26 featuPress reactions to the DVFA financial papers Equities_ series_ Furthermore, there are various scenarios, unintended by the lawmakers, under which double taxation may occur as a result of the parallel application of REIT taxation and the halfincome method at investor level. Finally, the law should permit participation by REITs in other REITs, or a takeover of REITs by other REITs, in order to ensure efficient use of capital. The Expert Group suggests using the current phase of capital market turbulence to optimise these issues in the REIT Act, to create improved conditions for the subsequent emergence of a functional REIT market in Germany. The press has reacted with interest to the aims of the Expert Group under Chairman Prof. Rehkugler. Börsenzeitung, for example, ran the following headline on 23 October: “Financial analysts seek to help REITs”. The industry journal, REITs, commented on the new financial paper in its 22 October 2008 issue: “In particular, the penalisation of non-compliant shareholder structures is in need of revision. The experts are also calling for provisions allowing non-listed REITs and inclusion of residential properties.” Going- Public sums up the topic as follows: “The Expert Group has suggested that the current phase of capital market turbulence should be used to rectify the various inadequacies of the REIT Act, in order to improve conditions for the subsequent emergence of a functional German REIT market.”
activities of the committees Financial Market Communication_ Panel on Financial Market Communication The Principles for Effective Financial Communication, which were introduced in 2006, underwent a revision in 2008 and were presented to the public in Frankfurt as Version 3.0 at the DIRK Annual Conference last May. The majority of the changes related to improving the language, since the substance of the Principles had already become well established in the industry. The Perception Profiles, based on the previous survey of roughly 500 investment professionals, were also revised. An analysis of the results showed that the Principles for Effective Financial Communication reveal a number of general problems in financial communication - e.g. with respect to the way in which input from investment professionals is incorporated. Additionally, the members of the Financial Market Communication Panel provided intensive support to the Committee for Non-financials in the definition of KPIs for environmental, social and governance (ESG) issues. Committee for Non-Financials In March 2009, the DVFA Committee for Non-financials published its “Key Performance Indicators (KPIs) for ESG”. The paper introduces quantifiable figures as standards for corporate reporting in the areas of environment, social commitment and corporate governance. The publication was preceded by an approximately two-year phase of data collection and validation of topics by the Committee. Based on the results of a worldwide survey of investors in 2007, KPIs were defined on individual topics in dialogue with companies and industry associations. In May 2008, the DVFA standards received an endorsement from EFFAS, the European Federation of Financial Analysts Societies. In October 2009, an additional round of talks was held in Frankfurt with the CSR Alliance, a joint initiative between the EU and European industry associations. The DVFA KPIs for ESG have since been adopted by the CSR Alliance as an integral component of its work in the CSR Laboratory on Extra-financial Reporting. In March 2008, EFFAS and DVFA teamed up to host the second “Taking ESG into Account Conference” in Frankfurt. 150 investment professionals from Europe took part in the conference to discuss integration of extra-financial and non-financial indicators on ESG (environmental, social and governance) issues, sustainability, corporate governance and risk management in conventional company valuation and investment decision making. 27
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