Suchergebnisse für ungetreue Geschäftsbesorgung

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…

Die Rolle der FINMA bei Vergütungen in Banken und Versicherungen

Compensation and remuneration schemes in financial institutions always have been, and still are, a hot potato. The past decade has been particularly eventful in terms of both regulation and supervision, not only in Switzerland, but also abroad. Against this backdrop, this article aims to discuss the role of the Swiss Financial Market Supervisory Authority, FINMA, with regard to compensation in…

Die Abschaffung der Sachübernahmevorschriften im neuen Aktienrecht

Under current Swiss corporate law the acquisition of assets from a shareholder intended prior the formation of the company is subject to the same rules as a payment of subscribed capital by contribution in kind. An (intended) acquisition of assets occurs when the company intends or undertakes to acquire certain assets of its shareholders or of a person closely related to a shareholder soon after…

Der Organisationsmangel in der Aktiengesellschaft und die Ernennung eines Sachwalters nach Art. 731b OR

Die B. AG ist eine Aktiengesellschaft mit Sitz in Zug. Das Aktionariat der B. AG besteht aus dem Gesuchsteller und Beschwerdeführer A. mit einer Beteiligung von 48,33 Prozent und C. mit einer…

Aktienrechtliche Verantwortlichkeit: Zur gerichtlichen Prüfungsbefugnis im Anwendungsbereich der Business Judgment Rule (Zurückhaltungsregel)

In the context of directors’ and officers’ liability, the ­so-called Business Judgment Rule and its Swiss equivalent – which is also referred to as the Rule of Restraint (Zurückhaltungsregel) – aim to protect the exercise of discretion when making business decisions. According to the Swiss Federal Supreme Court, the judicial review of business decisions must be conducted with restraint if i) the…

Gedanken zum einstweiligen Rechtsschutz gegen pflichtwidriges Handeln von Verwaltungsräten

Swiss law does not allow for the challenge of resolutions taken by the board of directors of a corporation, and only in extreme cases they may be deemed null and void. However, according to a recent decision by the Swiss Federal Supreme Court, this does not exclude claims against a corporation to enforce statutory rights that were denied by the board of directors. Against the background of this…

Aktuelle Rechtsprechung zum Aktienrecht

Over the last two years, Swiss company law jurisprudence has been subject to numerous developments and clarifications. The following article discusses selected examples of recent federal and cantonal case law. A first section deals with a Federal Supreme Court decision on the attribution of company bodies’ knowledge to the legal entity. It provides an in-depth analysis of the de­cision and sets…

Funktion(en) des Aktienrechts – vom Organisationsrecht zum Katalysator der Gesellschaftspolitik?

Swiss Corporate Law (Articles 620 et seq. of the Swiss Code of Obligations) is undergoing permanent changes since the 19^th century. Originally, these articles provided the legal basis for structuring and organizing corporations in the most efficient way – not more; therefore, the main focus was placed on protection of investors (i.e. the legal protection for both shareholders and creditors). Over…

Erwerb eigener börsenkotierter Aktien

When a company buys own shares, it reimburses the paid-in capital. Before 2013 own shares were always a mixture of a profit-sharing and a purchase of an asset. In 2013 this changed completely; own shares are no longer assets and can no longer be capitalized. This decision of the legislator, that own shares are a form of profit-sharing, has various consequences: the shareholder must treated…

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…