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Reforms in German Stock Corporation Law — The 67th German Jurists Forum

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Abstract

The paper gives an account of the proceedings and resolutions of the 67th German Jurists Forum in Erfurt in September 2008 and analyses their significance within the broader context of German company law and other current reform proposals.

The first part of the paper is devoted to the fundamental policy question that was the main topic of the 67th German Jurists Forum: are specific legal provisions for listed and non-listed companies advisable? After sketching the historical background and the status quo of German law, the paper briefly outlines the reform concept presented by Professor Bayer in his expert report and then summarises the gist of the debates and resolutions on this issue.

The second part of the paper focuses on the vast range of other topical issues discussed during the debates, most notably the intense discussion on the reform of the legal regime governing shareholder suits in order to tackle the persisting problem of ‘marauding shareholders’ [‘räuberische Aktionäre’]. Other prominent issues included the calculation of compensation payments to shareholders, the proposal to give German stock corporations the freedom to choose between a one-tier and a two-tier system of management, and various proposals to provide more flexibility for non-listed companies.

The paper concludes that although the German Jurists Forum in general took a rather conservative stance, it also made powerful and well-reasoned reform recommendations with respect to the important issues of compensation payments and the legal regime regarding shareholder suits.

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References

  1. With respect to the impact of the German Jurists Forum on German company law, see W. Bayer, ed., Gesellschaftsrecht in den Beratungen des Deutschen Juristentages [Company Law in the Debates of the German Jurists Forum] (forthcoming).

  2. Aktiengesetz of 6 September 1965, BGBl. 1965-I, p. 1089 (as amended).

  3. Gesetz betreffend die Gesellschaften mit beschränkter Haftung in the version of the publication of 20 May 1898, RGBl. 1898, p. 846 (as amended).

  4. W. Bayer, Empfehlen sich besondere Regelungen für börsennotierte und nichtbörsennotierte Gesellschaften? [Are specific legal provisions for listed and non-listed companies advisable?] (München, Beck 2008).

  5. For comprehensive data on the development of the number of AG, see Bayer, supra n. 4, E 19 et seq.

  6. See Bayer, supra n. 4, E 20; see also W. Bayer and T. Hoffmann, ‘Die nichtbörsennotierte Aktiengesellschaft’ [The non-listed stock corporation], 17 AG (Aktiengesellschaft) (2008) p. R379.

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  11. The German Supreme Court in 1879–1945.

  12. As to the history of the principle of Satzungsstrenge, see Bayer, supra n. 4, E 29 et seq.

  13. See Bayer, supra n. 4, E 32; Pentz, supra n. 9, §23, margin note 150.

  14. See, e. g., H. Hirte, ‘Die aktienrechtliche Satzungsstrenge: Kapitalmarkt und sonstige Legitimationen versus Gestaltungsfreiheit’ [Satzungsstrenge in stock corporation law: capital markets and other legitimations versus flexibility], 13 ZGR-Sonderheft (1998) p. 61, at p. 96 et seq.; K.J. Hopt, ‘Unternehmensführung, Unternehmenskontrolle, Modernisierung des Aktienrechts — Zum Bericht der Regierungskommission Corporate Governance’ [Corporate Management, corporate control and modernisation of stock corporation law — The report of the Government Commission Corporate Governance], in P. Hommelhoff, et al., Corporate Governance (Heidelberg, Verlag Recht und Wirtschaft 2002) p. 27, at p. 40; G. Spindler, ‘Regeln für börsennotierte vs. Regeln für geschlossene Gesellschaften — Vollendung des Begonnenen?’ [Rules for listed vs. rules for closed companies — Completion of what has been started?], 17 AG (2008) p. 598, at p. 600 et seq.

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  20. Cf., Bayer, supra n. 4, E 42 et seq.

  21. BGBl. 1994-I, p. 1961.

  22. See in more detail, Bayer, supra n. 4, E 257 et seq.; M. Hoffmann-Becking, ‘Gesetz zur “kleinen AG” — unwesentliche Randkorrekturen oder grundlegende Reform?’ [The Act on “small AG” — Marginal adjustments or fundamental reform?], 1 Zeitschrift für Wirtschaftsrecht (ZIP) (1995) p. 1 et seq.

  23. See in detail, Bayer, supra n. 4, E 46 et seq.

  24. See Bayer, supra n. 4, 56.

  25. See in detail, Bayer, supra n. 4, E 59 et seq.; H. Fleischer, ‘Das Aktiengesetz von 1965 und das neue Kapitalmarktrecht’ [The Stock Corporations Act of 1965 and the new capital markets law], 10 ZIP (2006) p. 451 et seq.

  26. The debates of the German Jurists Forum are traditionally prepared by a detailed written report by an expert in the relevant area of the law. Moreover, there are brief statements by a number of other experts at the beginning of the debates.

  27. See in detail, Bayer, supra n. 4, E 66 et seq.

  28. See Bayer, supra n. 4, E 80.

  29. See Bayer, supra n. 4, E 65; S. Grundmann and F. Möslein, European Company Law (Oxford, Intersentia 2007) margin note 6.

  30. See Bayer, supra n. 4, E 127 (thesis 9).

  31. See Bayer, supra n. 4, E 127 (thesis 9).

  32. See Bayer, supra n. 4, E 100.

  33. See Bayer, supra n. 4, E 99.

  34. See Bayer, supra n. 4, E 99.

  35. See Bayer, supra n. 4, E 101 et seq. and infra 2.1.1 and 2.4.

  36. See Bayer, supra n. 4, E 112 et seq. and infra 2.2.

  37. See Bayer, supra n. 4, E 114 et seq. and infra 2.1.2.

  38. See W. Richter, ‘Der Kapitalmarkt und sein Gesellschaftsrecht’ [The capital market and its company law], 172 Zeitschrift für das gesamte Handels- und Wirtschaftsrecht (ZHR) (2008) p. 419 et seq.; C. Schäfer, ‘Besondere Regelungen für börsennotierte und nichtbörsennotierte Gesellschaften?’ [Special rules for listed and non-listed companies?], 35 NJW (2008) p. 2536 et seq.; Krieger, supra n. 8, at p. 606. See also Spindler, supra n. 14, p. 598 et seq. (who wants to go even further than Bayer). But rather sceptical: C. Windbichler, ‘Empfehlen sich besondere Regeln für börsennotierte und geschlossene Gesellschaften?’ [Are specific legal provisions for listed and closed companies advisable?], 17 Juristenzeitung (JZ) (2008) p. 840 et seq.

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  39. See supra 1.1.

  40. Beschlüsse der wirtschaftsrechtlichen Abteilung des 67. Deutschen Juristentages [Resolutions of the business law section of the 67th German Jurists Forum], reprinted in 40 ZIP (2008) p. 1896.

  41. See Resolutions 1 and 2, supra n. 40.

  42. See Bayer, supra n. 4, E 97 et seq.

  43. See Bayer, supra n. 4, E 104.

  44. See Bayer, supra n. 4, E 107, E 129.

  45. See Bayer, supra n. 4, E 110, E 129.

  46. See in detail, K. Heider, in Münchener Kommentar zum Aktiengesetz [Munich Commentary on the Stock Corporations Act], 3rd edn. (Munich, C.H. Beck 2008) §12, margin notes 40 et seq.

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  47. Currently, this is not possible; see W. Bayer in Münchener Kommentar zum Aktiengesetz, supra n. 46, §68, margin note 39.

  48. See Resolution 10, supra n. 40.

  49. Cf., also Schäfer, supra n. 38, at p. 2540.

  50. Pursuant to §84(1) AktG, the members of the board of directors are appointed by the Aufsichtsrat [supervisory board]. The articles of association may not deviate from this, see C.H. Seibt in K. Schmidt and M. Lutter, AktG (Cologne, O. Schmidt 2008) §84, margin note 8.

  51. See Resolution 11, supra n. 40.

  52. See Bayer, supra n. 4, E 115; G. Spindler in K. Schmidt and M. Lutter, AktG (Cologne, O. Schmidt 2008) §119, margin note 14.

  53. Bayer, supra n. 4, E 116.

  54. See U. Hüffer, ‘Der Vorstand als Leitungsorgan und die Mandats- und Haftungsbeziehungen seiner Mitglieder’ [The Vorstand as a management organ and the mandate and liability relationships of its members], in W. Bayer and M. Habersack, eds., Aktienrecht im Wandel [Stock corporation law in flux], Vol. 2 (Tübingen, Mohr Siebeck 2007) ch. 7, margin note 12; S. Kalss and M. Schauer, Die Reform des Österreichischen Kapitalgesellschaftsrechts [The reform of the Austrian law on limited liability companies] (Wien, Manz 2006) p. 170.

  55. See Resolutions 12 and 13, supra n. 40.

  56. Cf., also Schäfer, supra n. 38, at p. 2542 et seq.

  57. See the SE Regulation (Council Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a European Company (SE), OJ 2001 L 294/1) and the SE Directive (Council Directive 2001/86/EC of 8 October 2001 supplementing the Statute for a European Company with regard to the involvement of employees, OJ 2001 L 294/22).

  58. Bayer, supra n. 4, E 113; W. Bayer and J. Schmidt, ‘“Going European” continues — die Zahl der SE steigt weiter’ [‘Going European’ continues — the number of SE increases further], 3 AG (2008) p. R31, at p. R32. For more data on the Societas Europaea in Germany, see W. Bayer, T. Hoffmann and J. Schmidt, ‘Satzungsgestaltung “deutscher” SE in der Praxis’ [Design of the articles of association of ‘German’ SE in practice], 6 AG (2008) p. R103 et seq. and p. R127 et seq.; J. Schmidt, ‘“Going European” — Die Europäische Aktiengesellschaft (SE) als attraktive Rechtsformalternative’ [‘Going European’ — The European Company (SE) as an attractive alternative legal form], in W. Bayer, ed., Die Aktiengesellschaft im Spiegel der Rechtstatsachenforschung [The stock corporation in the mirror of the research on legal facts] (Jena, JWV 2007) p. 51 et seq., and most recently, H. Eidenmüller, A. Engert and L. Hornuf, ‘Die Societas Europaea: Empirische Bestandsaufnahme und Entwicklungslinien einer neuen Rechtsform’ [The Societas Europaea: empirical stocktaking and lines of development of a new legal form], 20 AG (2008) p. 721 et seq.

  59. See the comments of the Handelsrechtsausschuss on the EU Commission’s Action Plan, reprinted in 41 ZIP (2003) p. 1909, at p. 1911.

  60. See the Group’s comments on the Report of the High-Level Group of Company Law Experts on a Modern Regulatory Framework for Company Law in Europe, 19 ZIP (2003) p. 863, at p. 869.

  61. See, e. g., M. Schiessl. ‘Leitungs- und Kontrollstrukturen im internationalen Wettbewerb’ [Management and control structures in international competition], 167 ZHR (2003) p. 235, at p. 256.

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  62. See, e. g., T. Baums, Zur monistischen Verfassung der deutschen Aktiengesellschaft. Überlegungen de lege ferenda [The one-tier structure of the German stock corporation. Reflections de lege ferenda], ILF Working Paper No. 88, available at: http://www.ilf-frankfurt.de/uploads/media/ILF_WP_088.pdf; H. Fleischer, ‘Der Einfluss der Societas Europaea auf die Dogmatik des deutschen Gesellschaftsrechts’ [The influence of the Societas Europaea on the dogmatics of German company law], 204 Archiv für die civilistische Praxis (AcP) (2004) p. 502, at p. 528; Hopt, supra n. 14, at p. 45 et seq.

  63. Bayer, supra n. 4, E 113.

  64. See Resolution 19, supra n. 40.

  65. See Bayer, supra n. 4, E 113.

  66. See W. Bayer and J. Schmidt, ‘Europäische Gesellschaft (SE) als Rechtsform für den Mittelstand?!’ [The European Company (SE) als a legal form for medium-sized companies?!], 5 AnwBl (2008) p. 327, at p. 330 et seq.; H. Heckschen, ‘Die SE als Option für den Mittelstand’ [The SE as an option for medium-sized businesses], in L. Aderhold, et al., ed., Festschrift für Harm Peter Westermann zum 70. Geburtstag [Festschrift for the 70th birthday of Harm Peter Westermann] (Cologne, O. Schmidt 2008) p. 999, at p. 1008 et seq. and p. 1015 et seq.

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  67. Umwandlungsgesetz [Act on the Transformation of Companies] of 28 October 1994, BGBl. 1994-I, p. 3210 (as amended).

  68. See supra n. 57.

  69. BGH NJW 2003 p. 1032. In this seminal decision, the BGH finally resolved the controversy and legal uncertainty about the legal requirements for a delisting by requiring not only a resolution of the general meeting but also a mandatory bid by the company or the major shareholder for the shares of the minority shareholders.

  70. BVerfG NJW 1999 p. 3769.

  71. BGH NJW 2001 p. 2080, at p. 2082.

  72. With respect to the calculation of the amount of compensation, see in detail K. Stephan, in K. Schmidt and M. Lutter, AktG (Cologne, O. Schmidt, 2008) §305, margin note 47 et seq.

  73. In regard of squeeze-outs, a Spruchverfahren is initiated in 66% of the cases (for listed AG even 80%), see W. Bayer and K. Stange, ‘Eingeleitete Spruchverfahren nach Squeeze-out-Beschlüssen’ [Spruchverfahren initiated after squeeze-out-resolutions], 13 AG (2008) p. R303 et seq.

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  74. Proceedings in the case of §304 AktG take on average 10.8 years (!), see W. Baums, Der Ausgleich nach §304 AktG. Eine ökonomische Analyse [The compensation pursuant to §304 AktG. An economic analysis] (Frankfurt, Peter Lang 2007) p. 191 et seq. As to the duration of the proceedings, see also G. Krieger and P. Mennicke, in M. Lutter, UmwG (Cologne, O. Schmidt 2009) Anh. I SpruchG Einl., margin notes 1 and 4.

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  75. Handelsrechtsausschuss des DAV, ‘Stellungnahme zum Referentenentwurf eines Gesetzes zur Umsetzung der Aktionärsrechte-Richtlinie (ARUG)’ [Comments on the preliminary draft of a law on the implementation of the Shareholder Rights Directive (ARUG)], 14 Neue Zeitschrift für Gesellschaftsrecht (NZG) (2008) p. 534, at p. 544; Handelsrechtsausschuss des DAV, ‘Gesetzgebungsvorschlag zum Spruchverfahren bei Umwandlung und Sachkapitalerhöhung und zur Erfüllung des Ausgleichsanspruchs durch Aktien’ [Legislative proposal for the Spruchverfahren in case of restructuring and capital increase against a non-cash consideration and for compensation payments by way of shares], 13 NZG (2007) p. 497, at p. 501 et seq.; Richter, supra n. 38, at p. 456; Schäfer, supra n. 38, at p. 2542; E. Stilz, ‘Börsenkurs und Verkehrswert’ [Stock market price and market value], 6 Zeitschrift für Unternehmens- und Gesellschaftsrecht (ZGR) (2001) p. 875, at p. 891 et seq.

  76. See Bayer, supra n. 4, E 105 et seq.

  77. See Resolution 6, supra n. 40.

  78. See in more detail infra 2.4.

  79. In favour of this: Higher Regional Court [Oberlandesgericht] Stuttgart NZG 2007 p. 302; Superior Court [Kammergericht] Berlin NZG 2007 p. 71; Bayer, supra n. 4, E 105; Stephan, supra n. 72, §305, margin notes 104 et seq.

  80. On principle, the law only requires that he should attend the general meeting and put an objection on record, cf., §§243, 245 AktG.

  81. See, e. g., E. Waclawik, ‘Zur Fortsetzung der Reform des aktienrechtlichen Anfechtungsprozesses’ [Continuation of the reform of shareholder suits in stock corporation law], 48 Deutsches Steuerrecht (DStR) (2006) p. 2177 et seq.

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  83. See W. Bayer, ‘Aktionärsklage de lege lata und de lege ferenda’ [Shareholder suits de lege lata and de lege ferenda], 36 NJW (2000) p. 2609, at p. 2613, with further references.

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  85. See Baums, Keinath and Gajek, supra n. 82, at p. 1634: in absolute terms, the study found a 60-fold increase; but in relation to the increased number of AG, the increase was actually ‘only’ 8-fold.

  86. See Baums, Keinath and Gajek, supra n. 82, at p. 1636.

  87. See Baums, Keinath and Gajek, supra n. 82, at p. 1645 et seq.; T. Baums and F. Drinhausen, ‘Weitere Reform des Rechts der Anfechtung von Hauptversammlungsbeschlüssen’ [Further reform of the law on shareholder suits against resolutions of general meetings], 4 ZIP (2008) p. 145, at p. 154.

  88. Gesetz zur Unternehmensintegrität und Modernisierung des Anfechtungsrechts (UMAG) [Act on business integrity and on the modernisation of the right to challenge resolutions] of 22 September 2005, BGBl. 2005-I, p. 2802.

  89. For a detailed account of these reforms, see, e. g., J. Koch, ‘Das Gesetz zur Unternehmensintegrität und zur Modernisierung des Anfechtungsrechts (UMAG)’ [The Act on business integrity and on the modernisation of the right to challenge resolutions], 6 ZGR (2006) p. 769, at p. 791 et seq.

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  90. Referentenentwurf eines Gesetzes zur Umsetzung der Aktionärsrechterichtlinie (ARUG), available at: http://www.bmj.de/files//3140/RefE%20Gesetz%20zur%20Umsetzung%20der%20Aktionärsrechterichtlinie.pdf.

  91. For a detailed account of these proposals, see, e. g., D. Poelzig, ‘Der Referentenentwurf eines Gesetzes zur Umsetzung der Aktionärsrechterichtlinie im Kampf gegen “räuberische Aktionäre”’ [The preliminary draft of a law on the implementation of the Shareholder Rights Directive in the fight against ‘marauding shareholders’], 32 DStR (2008) p. 1538 et seq.; E. Waclawik, ‘Das ARUG und die klagefreudigen Aktionäre: Licht am Ende des Tunnels’ [The ARUG and shareholders keen to sue: light at the end of the tunnel?], 25 ZIP (2008) p. 1141 et seq.

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  93. Reprinted in 17 AG (2008) p. 617 et seq.

  94. See Resolution 16a, supra n. 40.

  95. See Resolution 16a, supra n. 40.

  96. See Resolution 16c, supra n. 40.

  97. The Oberlandesgericht is primarily a court of appeal against decisions of the district courts [Landgerichte] and local courts [Amtsgerichte].

  98. See Resolution 17, supra n. 40. This had not only been proposed by the study group, but also by the upper chamber of the German Parliament [Bundesrat], see BR-Drs. 901/07(B).

  99. See Resolution 16c, supra n. 40. As to this idea, see also DAI, supra n. 92, at p. 10; W. Niemeyer, ‘Im zweiten Anlauf ein Ende der missbräuchlichen Aktionärsklagen?’ [An end to abusive shareholder suits at the second attempt?], 25 ZIP (2008) p. 1148, at p. 1150.

  100. See Resolution 15, supra n. 40.

  101. Directive 2007/36/EC of the European Parliament and of the Council of 11 July 2007 on the exercise of rights of shareholders in listed companies, OJ 2007 L 184/17.

  102. See Bayer, supra n. 4, E 102 et seq. and E 107; DAI, supra n. 92, at p. 12 et seq.; Poelzig, supra n. 91, at p. 1541.

  103. Argumentum e contrario e Article 14(3) and see also the comments of the Han-delsrechtsausschuss des DAV on the draft proposal, reprinted in 15 NZG (2006) p. 577, at p. 578; U. Noack, ‘Der Vorschlag für eine Richtlinie über Rechte von Aktionären börsennotierter Gesellschaften’ [The proposal for a directive on the rights of shareholders of listed companies], 9 NZG (2006) p. 321, at p. 323.

  104. Regierungsentwurf eines Gesetzes zur Umsetzung der Aktionärsrechterichtlinie (ARUG), BR-Drs. 847/08. The threshold of (only) 100 euros has been maintained, but there has been a slight rewording with respect to the balancing of the interests of the company and the shareholders in the Freigabeverfahren. In addition, it is now proposed to restrict the right to file an appeal against the decision of the district court [Landgericht] in a Freigabeverfahren in order to reduce the duration of such proceedings.

  105. Wertpapiererwerbs- und Übernahmegesetz of 20 December 2001, BGBl. 2001-I, p. 3822 (as amended).

  106. See Resolution 18, supra n. 40. See on this also Richter, supra n. 38, at p. 456.

  107. See supra 2.3 and n. 69.

  108. See Resolution 20, supra n. 40.

  109. See Resolution 21, supra n. 40.

  110. See Resolution 7c, supra n. 40.

  111. See Resolution 8, supra n. 40.

  112. See Resolution 22, supra n. 40.

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    Jessica Schmidt LL.M. (Research Associate)

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Schmidt, J. Reforms in German Stock Corporation Law — The 67th German Jurists Forum. Eur Bus Org Law Rev 9, 637–656 (2008). https://doi.org/10.1017/S156675290800637X

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