BVK agrees new code of conduct on EVCA model

At ITS 21st general meeting, the BVK has agreed on a new code of conduct for BVK members. The previous code will therefore be replaced by a new, up to date conduct guideline based on the Code of Conduct of the European Private Equity and Venture Capital Association (EVCA). In previous years, BVK had already officially recognised other guidelines that were developed by EVCA and established as a Europe-wide standard, and recommended that its employees conform to these guidelines. These include private equity manager guidelines, international assessment guidelines, reporting provisions and corporate governance guidelines.

This is rounded off by the new BVK transparency guidelines. Back in October 2008, members of the BVK Large Buy Out Initiative had decided to standardise their communications toward the German public in line with their own transparency policies based on a voluntary commitment. The general meeting has now voted to make this initiative compulsory for all BVK members. The transparency guidelines include recommendations for disclosing specific information on transactions and financed companies, if these companies meet three of the following four criteria: the company in question is a company according to German law; it has a company value in excess of EUR750m; it generates at least EUR300m in Germany; and it has more than 1,000 employees in Germany.

During the general meeting, the BVK also elected a new executive board. The executive board was joined by Matthias Kues of NORD Holding, Dr Andreas Rodin of P+P Pollath + Partners, Dr Gerd-Rudiger Steffen of Mittelstandische Beteiligungsgesellschaft Schleswig-Holstein, and Dr Helmut Vorndran of Ventizz Capital Partners. Kurt Muller of Target Partners GmbH, Dr Gunther Niethammer of Odewald & Compagnie, and Dr Hanns Ostmeier and Dr Peter Terhart of S-REFIT AG were confirmed in their positions.

Dr Peter Terhart was elected as new chairman and replaces Rolf Christof Dienst of Wellington Partners, who has held the position since 2007. Dr Hanns Ostmeier was elected as BVK president, a position that was newly established, and will jointly lead the organization with Dr Terhard. Dr Niethammer was confirmed in his position as vice-chairman.

Leaving the executive board are Rolf Christof Dienst, Klaus-Michael Holtershinken of BayernLB Private Equity, Gunther Henrich of BayBG, and Prof Dr Wilhelm Haarmann of Haarmann.

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