Clawback-Klauseln im System der Vorstandsvergütung

The thesis discusses clawback clauses in compensation agreements concluded with board members of (listed) stock corporations. Clawback clauses serve to reclaim variable renumeration that has already been paid in certain cases stipulated in the clause. The clauses are in tune with the current debate on aligning the compensation of board members with a sustainable and longterm corporate success. The starting point of the examination is the indeterminacy of the regulations relating to clawback clauses in the German Stock Corporation Act after ARUG II. The thesis aims to provide a comprehensive analysis of the legal challenges pertaining to clawback clauses at the intersection of corporate law, labor law and general terms and conditions law.