Suchergebnisse für nicht kotierte Aktien

Finanzinnovationen und Risikotransfer auf Kapitalmärkten: Grundsätzliches und Aktuelles

Since centuries capital markets play a key role in the allocation of risk. They improve the possibilities for individuals as well as institutions to diversify or transfer part of their risks more efficiently. Over the years, many innovations – in terms of contracts, processes or institutions – have contributed to improve this process by widening the range of risks covered by financial contracts…

Wer kontrolliert die Aktiengesellschaft?

In Switzerland as in other countries, there is a perennial debate relating to the question of who controls a listed company, and whose interests a corporation should serve: the largest shareholders, minority shareholders, or other stakeholders? And what is the influence of management or the recent phenomenon of proxy advisors on decision-making in listed companies? The author analyzes the issues…

Stimmenmehrheit unter Verdacht: Wege und Irrwege im aktienrechtlichen Minderheitenschutz

Recent developments in the area of corporation law ­indicate a dichotomy between calls for more “shareholder democracy” and an increasing suspicion about “shareholders’ majority decisions”. Corporations have to date been governed following the model of “subjection of the minority to the majority”, with the steady approval of the courts. This guiding principle, which is at the core of a…

Stimmrechtsverhalten von institutionellen Anlegern, insbesondere ­Pensionskassen

The initiative against excessive remuneration gives additional powers to the general meeting of shareholders, in particular where the salaries of mangers are concern­ed. A less known novelty is that it also obliges some of the institutional investors, Swiss pension funds, to exercise their rights as shareholders in the “interests of their members” and to publicly communicate the manner in which…

Proxy Advisory – eine Standortbestimmung

With the growing interest of institutional investors in Swiss listed companies the influence of proxy advisors has also risen. This, in turn, has led to a wave of non-binding regulations or guidelines and, more recently, to proposals for binding statutory rules addressing those aspects of the proxy advisory industry which for years have been the target of international criticism. The author takes…

Die Praxis der Übernahmekommission im Jahr 2015

Im Jahr 2015 verlief der Übernahmemarkt in ruhigen Bahnen, zumindest was die Anzahl öffentlicher Übernahmeangebote betraf. Lediglich zwei Übernahmeange­bote lagen der Übernahmekommission zur Prüfung vor: Das Pflichtangebot auf die Aktien der Sulzer AG sowie das freiwillige Angebot auf die Titel der Micronas Semi­conductor Holding AG. Ungeachtet dessen verzeichnete das Jahr 2015 einen kräftigen…

Business Judgment Rule und Rechtsrisiken

Legal risks are currently the most dangerous threat for global corporations. This article analyses the question whether the Swiss Business Judgment Rule (BJR) may also provide a “safe harbour” for decisions based on legal uncertainties. This may look surprising, since corporations are bound to comply with the legal environment in which they are operating, therefore illegal behaviour should not be…

Öffentliche Übernahmen von Publikumsgesellschaften: Möglichkeiten und Schranken des Einsatzes von Mitteln der zivilrechtlichen Rechtsdurchsetzung

Civil claims may be raised in the context of public tender offer proceedings. From a timing perspective, however, civil proceedings and public tender offer proceedings can hardly be synchronized. Whereas a public tender offer proceeding is driven by short deadlines and fast decision-making, civil proceedings may last several years. Based on two practical examples, the present article explores the…

Der Konzern im neuen Rechnungslegungsrecht

As of January 1st, 2016 the new Swiss financial reporting law is fully applicable to groups of companies, leading to a more thorough regulation of their reporting rules. This foremost brings fundamental changes with regard to the preparation of consolidated annual accounts. Basis thereof is, that the duty to provide such accounts is no longer tied to the requirement of «common management» …