Company actors- shareholders Share'i'stock'(Aktie/Geschaftsanteil/action) 1 Decision making process Casting votes(not/restricted: depositary receipts) Acting alone acting in concert i shadow meetings in advance Right to initiate special (majority/minority) action/initiate court proceedings derivative suits (acting in name and on behalf, i. e not of themselves but of the company Universiteit Maastricht
Company actors - Shareholders ‘Share’; ‘stock’ (Aktie/Geschäftsanteil/action) 1 Decision making process: - Casting votes (not/restricted: depositary receipts) - Acting alone, acting ‘in concert’; shadow meetings in advance - Right to initiate special (majority/minority) action/initiate court proceedings; derivative suits (acting in name and on behalf, i.e. not of themselves but of the company)
Company actors- Shareholders Share;stock'(Aktie/Geschaftsanteil, action 2 Financially entitled to Dividend (i.e. turning out of profits) Pro rata remaining amount of money in case of dissolution winding up and liquidation of the company Pro rata preemption right in issuance of the same class of shares Universiteit Maastricht
Company actors - Shareholders ‘Share’; ‘stock’ (Aktie/Geschäftsanteil, action) 2 Financially entitled to: - Dividend (i.e. turning out of profits) - Pro rata remaining amount of money in case of dissolution, winding up and liquidation of the company - Pro rata preemption right in issuance of the same class of shares
Shareholders- Limited Liability Avoid other misconception Share: company debt. . or company possession? Company possession!(cf. balance sheet) Explanation: Repayment by the company can never ever be claimed by shareholder. Selling stock to another interested shareholder is the only way out' for investor Universiteit Maastricht
Shareholders - Limited Liability Avoid other misconception: Share: company debt..., or company possession? Company possession! (cf. balance sheet) Explanation: ‘Repayment’ by the company can never ever be claimed by shareholder. Selling stock to another interested shareholder is the only ‘way out’ for investor!
Public/Private Limited Company -Shareholders Accessible' to any investor(shareholder One man one vote.. (pro rata voting)? Not necessaril Cf articles of association (Satzung Statuten, constitution) increasing. or restricting shareholders influence in the companys resolution making process Classesof shares(cf exclusion of preemption rights) Registered (priority shares(attributing power to appoint MB) Oligarchic clauses ceiling vote, multiple voting rights attached certain shares only Universiteit Maastricht
Public/Private Limited Company - Shareholders ‘Accessible’ to any ‘investor’ (shareholder) ‘One man one vote…’ (pro rata voting)? Not necessarily! Cf. articles of association (Satzung; Statuten; constitution) increasing… or restricting shareholders influence in the company’s ‘resolution making process’ - ‘Classes’ of shares (cf. exclusion of preemption rights) - Registered (priority) shares (attributing power to appoint MB) - Oligarchic clauses (‘ceiling vote’, multiple voting rights attached to certain shares only)
Public/Private Limited Company -Shareholders Accessible to any investor(shareholder) One man one vote.(pro rata voting )? Not necessarIly Depositary receipts (certificate stimmrechtlose Aktien/Gesellschaftsanteile) to investors, shares being transferred to another company or legal person Golden shares in the hand of governments, cf. vital (energy) sectors: EU law limitations Universiteit Maastricht
Public/Private Limited Company - Shareholders ‘Accessible’ to any ‘investor’ (shareholder) ‘One man one vote…’ (pro rata voting)? Not necessarily! - Depositary receipts (‘certificaten’; stimmrechtlose Aktien/Gesellschaftsanteile) to investors, shares being transferred to another company or legal person… - ‘Golden shares’ in the hand of governments, cf. vital (energy) sectors; EU law limitations