The working paper discusses the recommendations of the German Government Commission on Corporate Governance, which serve as a basis for the current reform of German corporation law. This reform is being implemented in three steps: first, a Corporate Governance Code has already been drafted and issued; second, a "law on transparency and disclosure" (Transparenz- und Publizitatsgesetz) has been promulgated and is now in force; and third, a comprehensive reform of the German Stock Corporation Act (Aktiengesetz) is being formulated and its adoption is planned for the next legislative term. The working paper discusses the contents of each of these reform measures. A translation of the Government Committee's recommendations for reform is annexed to the working paper.