The net of legal and regulatory requirements that Germany’s larger enterprises in particular find themselves in is becoming ever tighter and more constraining. Particular attention is being paid to the possible implementation of the EU Shareholder Rights Directive in German stock corporation law, which could have a fundamental impact on questions of board compensation (“Say-on-Pay”) and change the very relationships between supervisory boards, executive boards, and investors. Irrespective of the eventual legal situation, future appointments made on the board level will need to take the wider public and the capital markets more into account than ever before. There are already many instances of the chair persons of supervisory boards in particular being contacted directly by investors with questions on executive pay, long before these are tabled in the form of compensation reports published during shareholders’ assemblies. The roles and responsibilities of supervisory boards keep shifting and will continue to do so for the foreseeable future.