Der Aufsichtsrat der Aktiengesellschaft

In the past, the supervisory board of the AG has undergone a transformation involving a professionalization of the body and its members. The author concludes that this has led to a significant change in the role and characteristics of the supervisory board, towards an active role as a "co-deciding control body". As a result of this development, the supervisory board is now perceived by institutional investors as an attractive interlocutor. The subsequent question of the permissibility of investor relations by the supervisory board ("whether") is located at the interface between corporate constitution under stock corporation law and capital market communication and is examined in the paper.