Key findings

• German companies outperform Europe: Germany’s 60 largest companies achieved an average score of 52.5 points, surpassing the European average of 48.4.
• Strength in presenting corporate identity: German companies excel in the about us section, with 97% providing clear information on their national or international market positioning, compared to the European average of 90%.
• Leading in technology communication: With 90% of companies addressing emerging technologies like AI and blockchain and 88% highlighting digitalisation efforts, German companies outpace their European peers in showcasing innovation and adaptability.
• Meeting workforce expectations: Flexible work policies are a highlight, with 65% presenting approaches to flexible hours and 63% addressing remote work, far exceeding European averages.
• Challenges in investor transparency: Only 5% of German companies disclose operational risks, and 13% disclose financial risks, well below European benchmarks. Improving risk disclosures could strengthen trust and align with governance expectations.
• Missed opportunities in dividend communication: While 58% of companies visualise dividend history, this is still below the European average of 66%. Clearer dividend policies and visual data could better meet stakeholder needs.

Challenges and opportunities for improvement

Falling short in risk disclosures

While the overall performance of investor relations-related information is at 33%, slightly better than the European average of 31%, German companies fall behind when it comes to presenting information about risk management. Investors, analysts, and other financial stakeholders rely on comprehensive risk information to make informed decisions about the viability and resilience of a company. By adequately presenting such data, German companies risk falling short of stakeholder expectations.

Only 5% of German companies provide information about operational risks, falling short of the European average of 18%. Similarly, disclosures on financial (13% vs 20%) and strategic risks (8% vs 15%) remain low.

German companies’ limited disclosure of operational risks could raise concerns about their preparedness for disruptions in daily activities, potentially deterring cautious investors. Similarly, insufficient transparency on financial risks and strategic risks deprives stakeholders of insights into long-term stability and the company’s ability to manage challenges or leverage opportunities.

While 41% share general risk management routines, this is slightly below the European benchmark of 44%. Risk management routines are a cornerstone of good governance, reflecting how a company identifies, evaluates, and mitigates risks. Insufficient disclosure here could suggest a lack of focus on governance.

Hugo Boss present a concise overview of their risk management approach with a link to the online annual report where it is explained in detail.

Missed opportunities in dividend policy presentation

The average performance in the share section is slightly better than the European average (39% vs. 36%), but German companies fall behind in presenting dividend information.

Dividend policies are disclosed by only 30% of companies, compared to 34% in Europe. A clear and transparent dividend policy provides investors with insights into a company’s financial priorities, stability, and long-term commitment to returning value to shareholders. Without this information, stakeholders may find it difficult to assess how the company balances reinvestment with shareholder returns.

Dividend history visualisations are more common, presented by 58% of German companies, though still below the European average of 66%. Presenting a comprehensive dividend history in an accessible visual format, such as a bar chart or table, makes it easier for stakeholders to understand trends and evaluate consistency in returns over time.

Allianz clearly present their dividend policy and history with detailed explanations and visualisations, making it easy for stakeholders to understand trends in the company's shareholder returns.

Best climber

Vonovia are this year's best German climber, meaning the company who have improved their score the most since last year. They have achieved a remarkable increase of 18.2 points over last year’s score. They are also this year's best European climber. Very well done!