Der Investorendialog des Aufsichtsrats

Can the supervisory board engage in confidential discussions with investors? Or would the authority of the management board and the principle of shareholder equality conflict with this? The work substantiates the dialogue competence of the supervisory board and examines the practical implementation. The author suggests the application of a principle-exception relationship in order to shape the selection of interlocutors in accordance with the leadership authority of the management board. In reference to the principle of shareholder equality, the work examines the narrowing of the dialogue to institutional investors advocated by the literature. It concludes with the draft of a communication regulation for listed companies.