GERMANY
Berlin
Poland
Germany
Law and Practice Contributed by: Christoph Nolden, Nicolas Ott, Stefan Mendelin and Thomas Glaser SZA Schilling, Zutt & Anschütz
Czech Republic
France
Slovakia
Austria
Contents 1. Types of Company, Share Classes and Shareholdings p.59 1.1 Types of Company p.59 1.2 Types of Company Used by Foreign Investors p.59 1.3 Types or Classes of Shares and General Shareholders’ Rights p.60 1.4 Variation of Shareholders’ Rights p.60 1.5 Minimum Share Capital Requirements p.61 1.6 Minimum Number of Shareholders p.61 1.7 Shareholders’ Agreements/Joint Venture Agreements p.61 1.8 Typical Provisions in Shareholders’ Agreements/Joint Venture Agreements p.61 2. Shareholders’ Meetings and Resolutions p.62 2.1 Types of Meeting, Notice and Calling a Meeting p.62 2.2 Notice of Shareholders’ Meetings p.62 2.3 Procedure and Criteria for Calling a General Meeting p.62 2.4 Information and Documents Relating to the Meeting p.63 2.5 Format of Meeting p.63 2.6 Quorum, Voting Requirements and Proposal of Resolutions p.63 2.7 Types of Resolutions and Thresholds p.64 2.8 Shareholder Approval p.64 2.9 Voting Requirements p.64 2.10 Shareholders’ Rights Relating to the Business of a Meeting p.65 2.11 Challenging a Resolution p.66 2.12 Institutional Shareholder Groups p.66 2.13 Holding Through a Nominee p.66 2.14 Written Resolutions p.67 3. Share Issues, Share Transfers and Disclosure of Shareholders’ Interests p.67 3.1 Share Issues p.67 3.2 Share Transfers p.67
4. Cancellation and Buybacks of Shares p.68 4.1 Cancellation p.68 4.2 Buybacks p.69 5. Dividends p.69 5.1 Payments of Dividends p.69 6. Shareholders’ Rights as Regards Directors and Auditors p.69 6.1 Rights to Appoint and Remove Directors p.69 6.2 Challenging a Decision Taken by Directors p.70 6.3 Rights to Appoint and Remove Auditors p.70 7. Corporate Governance Arrangements p.70 7.1 Duty to Report p.70 8. Controlling Company p.70 8.1 Duties of a Controlling Company p.70 9. Insolvency p.71 9.1 Rights of Shareholders If the Company Is Insolvent p.71
10. Shareholders’ Remedies p.71 10.1 Remedies Against the Company p.71 10.2 Remedies Against the Directors p.71 10.3 Derivative Actions p.72 11. Shareholder Activism p.72 11.1 Legal and Regulatory Provisions p.72 11.2 Aims of Shareholder Activism p.73 11.3 Shareholder Activist Strategies p.73 11.4 Recent Trends p.74
11.5 Most Active Shareholder Groups p.74 11.6 Proportion of Activist Demands Met p.74 11.7 Company Prevention and Response to Activist Shareholders p.74
3.3 Security Over Shares p.67 3.4 Disclosure of Interests p.68
57 CHAMBERS.COM
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