A German company that must publish a Lagebericht, a management report, cannot fill it with good news only. The Commercial Code states: Ferner ist im Lagebericht die voraussichtliche Entwicklung mit ihren wesentlichen Chancen und Risiken zu beurteilen und zu erläutern. The report must also assess and explain the expected development with its main opportunities and risks, and give the assumptions behind it. At companies whose securities trade on a regulated market, the members of the board must add a written statement to the report. In it, they confirm to the best of their knowledge that it gives a true picture and describes the main opportunities and risks.