Transparenz und Kontrolle bei related party transactions: Verträge der Gesellschaft mit ihrem Aufsichtsratsmitglied (Transparency and Control in Related Party Transactions: Contracts Between Companies and Members of the Board)

Juristische Blätter, Vol. 130, No. 12, pp. 759-776, December 2008

DOI: 10.1007/s00503-008-1433-4

18 Pages Posted: 11 Jan 2016

Abstract

Deutsche Zusammenfassung: Geschäfte der Gesellschaft mit einem Aufsichtsratsmitglied müssen dem Aufsichtsrat vorgelegt werden und bedürfen seiner Zustimmung. Damit sollen Interessenskonflikte vermieden und Transparenz hergestellt werden. Der Beitrag geht folgenden Fragen nach: Wen trifft die Pflicht zur Information? Wie genau ist der Aufsichtsrat über diese Geschäfte zu informieren? Welche Stimmverbote bestehen? Welche Konsequenzen können sich daraus für die Beschlussfähigkeit ergeben? Welche Rechtsfolgen löst die Nichtbeachtung der gesetzlichen Anforderungen aus? Schließlich wird die nicht ausreichend geregelte Situation der Arbeitnehmervertreter untersucht.

English Abstract: Special rules apply to transactions between a company and members of its supervisory board under German and Austrian law. One frequent scenario is advisory work delivered to the company by a member of the supervisory board, for instance in the case of a lawyer. Normally, for these transactions as for any other, the company is represented by its executive directors: The special rules discussed in this paper require the information of the entire board about such a transaction and its approval. The aim is to reduce conflicts of interests and to ensure transparency. The article deals with the following aspects: Who owes the duty to inform the board? How detailed and precise must the information provided to the board be, in order to comply with statutory requirements? Are board members involved in the particular transaction allowed to vote on the decision for approval of the transaction and what, if any impact results for the quorum requirements? Most importantly, what are the consequences in case of non-compliance? Finally, the comparable problems of employee representatives on the board in the system of co-determination are analyzed and an analogous application of the rules is considered. The article deals with Austrian and German law in a comparative perspective.

Note: Downloadable document is in German.

Keywords: Consent, approval, directors’ duties, directors’ remuneration, related party transactions, supervisory board, Aufsichtsrat, conflict of interests, corporate governance

Suggested Citation

Doralt, Walter, Transparenz und Kontrolle bei related party transactions: Verträge der Gesellschaft mit ihrem Aufsichtsratsmitglied (Transparency and Control in Related Party Transactions: Contracts Between Companies and Members of the Board). Juristische Blätter, Vol. 130, No. 12, pp. 759-776, December 2008, DOI: 10.1007/s00503-008-1433-4, Available at SSRN: https://ssrn.com/abstract=2713773

Walter Doralt (Contact Author)

University of Graz (Austria) ( email )

Universitätsstrasse 15
(Zivilrecht)
Graz, 8010
Austria

HOME PAGE: http://zivilrecht.uni-graz.at/de/institut/wissenschaftliche-mitarbeiterinnen/prof-dr-walter-doralt

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
78
Abstract Views
598
rank
395,191
PlumX Metrics