Suchergebnisse für absence de l’organe de révision

Les enjeux de la CSRD pour les entreprises suisses

The CSRD, which substantially expands the scope of companies forced to publish sustainability-related data, has a direct and indirect extraterritorial effect on Swiss companies. Size is not the only relevant criterion. Engaging with the EU market or with European companies can have (unexpected) implications. This worldwide impact is coupled with comprehensive and granular disclosures covering a…

Marge de fluctuation du capital (art. 653s ss nCO) : de la sauvegarde des créanciers et des actionnaires, en particulier lors de l’acquisition par la SA de ses propres actions

As of the entry into force, on 1^st January 2023, of the revised Swiss Limited Companies Law (« Aktiengesell­schaft », « société anonyme »), the margin of fluctuation of capital (« Kapitalband », « marge de fluctuation du capital ») will allow the general assembly of shareholders to authorise the board of directors to increase or reduce the share capital within a certain interval during a maximum…

Le droit des sociétés 2021/2022 / Das Gesellschaftsrecht 2021/2022

Cette année, le Tribunal fédéral a eu l’occasion de se prononcer sur des questions dont on peut s’étonner qu’elles se posent pour la première fois à lui, compte tenu des discussions qu’elles ont…

Le rôle du représentant indépendant des actionnaires en droit suisse de la société anonyme, notamment à l’aune de la législation COVID et des assemblées générales virtuelles du nouveau droit

The independent proxy emerged in Swiss company law a few years ago through the back door of the Minder initiative (Article 95 Federal Constitution). This constitutional provision was then implemented by the Ordinance against Excessive Remuneration in Listed Companies Limited by Shares (ORAb), which has been in force since 1 January 2014. Its institution has been given a new lease of life with the…

Das Gesellschaftsrecht 2020/2021 Le droit des sociétés 2020/2021

Auch dieses Jahr befassten sich die Gerichte wieder eingehend mit der Thematik der aktienrechtlichen Verantwortlichkeit und brachten einige interessante Entscheide insbesondere im Zusammenhang mit…

Le compliance officer face au risque pénal découlant du dispositif anti-blanchiment

In the financial sector, the function of compliance officer is closely linked to the fight against money laun­dering, which is one of the main risks for the Swiss financial centre. The profession has important responsibilities in this field and breaches of its obligations can lead to (administrative) criminal sanctions, in particular for money laundering or violation of the duty to report a…

Les effets des nouvelles règles sur la prescription en droit bancaire et financier

The partial reform of limitation rules in the Code of obligations, effective since 2020, has limited impact on the banking and financial sector. Yet specific matters call for renewed attention. We analyse the consequences of the new 3-year and 10-year limitation rule for claims based on torts and unjust enrichment, specifically in connection with defective transfers of funds, intermediated…

Das schweizerische Bankprivatrecht 2020 | Le droit bancaire privé suisse 2020

Das Jahr 2020 war in vielerlei Hinsicht aussergewöhnlich. Demgegenüber bewegen sich die Entscheide zum privaten Bankrecht, die in diesem Jahr gefällt wurden, zu einem Grossteil im Rahmen des…

Transparence des traitements de données personnelles opérés par les organes fédéraux: un pas en avant, deux en arrière

The recent revisions of European data protection instruments have been marked by the desire to give data subjects back control over their data, in particular by improving the transparency of data processing. The same desire for enhanced visibility and intelligibility has motivated the Swiss legislator in the revision of the Data Protection Act. The fact remains that the objective has only been…

Le droit bancaire privé suisse 2019 / Das schweizerische Bankprivatrecht 2019

Cette chronique s’allonge chaque année. Sa consultation en devient moins aisée. Pour faciliter son accès aux lecteurs nous avons introduit trois nouveautés.

Das Gesellschaftsrecht 2018/2019 / Le droit des sociétés 2018/2019

Im vergangenen Jahr stechen wiederum die Verantwortlichkeitsklagen gegen geschäftsführende Organe hervor (1.). Die weiteren Fälle betreffen die Akkreditierung von Revisoren (2.) sowie die Rechtsprechung zur Vertretung der Gesellschaft bei Interessenkonflikten (3.) und die gemischte Anwalts-AG (4.).

Das schweizerische Bankprivatrecht 2018 / Le droit bancaire privé suisse 2018

Das Jahr 2018 brachte einen reichen Fundus an Entscheiden im privaten Bankrecht. Etliche davon schreiben Geschichten fort, über die wir bereits in früheren Übersichten berichtet hatten. Dazu gehört die Klage des Drogeriekönigs Müller gegen die Bank J. Safra ­Sarasin im Zusammenhang mit den sogenannten Cum-­Ex-Geschäften (r34), die Fortsetzung der Verantwortlichkeitsklage der Glarner…

Validité et efficacité de la clause shotgun en droit suisse

A shotgun clause establishes a mechanism intended to resolve deadlocks in companies with two shareholders with equal stakes. It enables one of the two shareholders to trigger a procedure which will ultimately result in the purchase of all the shares at a fair price. The offeror initiates the procedure by proposing a certain price for the shares. The offeree then decides whether to sell its shares…

Gouvernance des groupes: «E Pluribus Unum»?

The atomistic vision of the legal independence of a company comprised within a group reflects a historical conception. This view is not consistent with the reality of the group, which has become a predominant model structure in the economic sphere. The recognition in case-​law of the group’s interest would allow the economic phenomenon to be taken into account in a positive manner, while…

Le droit des sociétés 2017/2018 / Das Gesellschaftsrecht 2017/2018

Au cours de l’année écoulée, en plus du point final porté à l’affaire Sika (1.), un certain nombre de décisions se sont distinguées. Le Tribunal fédéral est revenu sur l’exorbitance des conventions d…

Propositions pour un trust suisse

New voices, including in Parliament, are now calling for the adoption of the trust as an institution of Swiss law. This would provide Swiss residents with a much-needed vehicle for estate planning and structuring. It would also improve the legal certainty and robustness of very common business transactions. Notably it would allow lawyers, notaries and other professionals to protect their clients’…

Financement intragroupe et Cash Pooling : Quelle évolution ?

Cross-financing between affiliated companies, a subject at the heart of a group’s strategy, is a daily reality that remains largely ignored by current law and jurisprudence. The latest developments in court decisions seem to increase the discrepancy between the economic needs of the group and the legal requirements for protection of capital of each entity. Thus, since the Swisscargo ruling of the…

Réflexions critiques sur l’adoption par la Suisse des normes du GAFI en ­matière de transparence des sociétés : du bricolage législatif à l’abolition des actions au porteur ?

As a result of the revised FATF recommendations issued in 2012, Switzerland, under international pressure, had no choice but to enact requirements aiming at creating more transparency with regard to the ownership and control of limited by share companies. In this context, the widespread possibility for Swiss companies to issue bearer shares was particularly at stake. Switzerland inserted these…

Das Gesellschaftsrecht 2016/2017 / Le droit des sociétés 2016/2017

Im vergangenen Jahr stachen neben dem Fall Sika vor allem eine Reihe von Urteilen zum Verantwortlichkeitsrecht ins Auge. Diese bestätigen einerseits die klärende neuere Rechtsprechung zur Business…

Le principe d’immédiateté au sein de l’assemblée générale

Traditionally, the general meeting of shareholders was viewed as the ideal place where shareholders take their decisions based on the expression of their contradicting views. Today, the shareholders meeting is no longer a forum where shareholders exchange ideas, but a place where votes are registered and results are communicated. Shareholders take their decisions prior to the general meeting…

L’ouverture de la faillite : situation actuelle et mise en perspective

This article presents the opening of Bankruptcy Procee­d­ings under Swiss law and especially the problem of the costs. Bankruptcy Proceedings against legal entities are normally initiated without prior enforcement proceedings. According to 725 II CO, the board of directors has a legal duty to notify the court in the case of overindebtedness. In this case, the payment of an advance is not…

Les sanctions en matière d’obligation d’annonce des actionnaires (art. 697m CO)

The Federal Act of 12 December 2014 on the implementation of the revised recommendations 2012 of the ­Financial Action Task Force introduced in the Code of Obligations new provisions on transparency in force since 1^st of July 2015. Since that date, holders or ­purchasers of bearer shares and the beneficial owner of shares are bound by an obligation to report to the ­company (articles 697i and …

Le droit des sociétés 2015 / Das Gesellschaftsrecht 2015

Dans la période écoulée, plus longue que d’habitude,¹ le Tribunal fédéral a rendu la première décision publiée en application de l’art. 678 al. 2 CO concernant la restitution des «…

L’externalisation de services dans le domaine bancaire et financier

In recent years, Swiss financial intermediaries have increasingly entered into contractual arrangements with external service providers to outsource certain activities, for example the development and maintenance of their IT platform. From a Swiss regulatory perspective, the outsourcing of activities is governed by two circulars issued by the Swiss financial regulator FINMA. Pursuant to the…

Montesquieu en droit des sociétés anonymes : le principe de la parité constitue-t-il une distribution des pouvoirs bénéfiques ou plutôt un lit de Procuste ?

The current system of distribution of powers is governed by the “parity principle”, which provides that a defined number of powers are vested exclusively with the board of directors. The board is responsible for the accomplishment of these “inalienable” powers, the shareholders may not give any instructions or guidance to the board in this respect. The principle suffers only very few exceptions…

« Comply or explain » : la solution au dilemme des quotas ?

Swiss listed companies are familiar with the “comply or explain” principle imposed by the SIX corporate governance directive, and more recently by economiesuisse’s (private) governance code. In November 2014, the Federal Council proposed to amend the Code of obligations (“CO”) to introduce such a principle in relation with a 30% “women” quota, which would apply to boards of large listed companies…

Gouvernance des sociétés de famille – Quels sont les enjeux ?

The current corporate law revision aims namely at improving good governance rules. In this respect, the preliminary Federal Council draft bill, for which the consultation process was opened back in November 2014, puts forward several measures aiming at strengthening the protection of minority shareholders. The author considers that the existing shortcomings in the governance of private companies…

Das Gesellschaftsrecht 2014/Le droit des sociétés 2014

Das hervorstechende Ereignis im Berichtsjahr ist die schnelle und umfassende Konsolidierung der business judgement rule in der bundesgerichtlichen Rechtsprechung zur Organverantwortlichkeit (I.1)…