Kapitalmarktkommunikation des Aufsichtsrats

The author analyzes the dialogue between supervisory board and stock holders against the background of the board's and the supervisory board's level of competences as set forth in German stock corporation law. Part one outlines "if" the supervisory board is authorized to communicate with stock holders and interprets applicable competences under German stock corporation law to be extended by communication annexes. Part two sets out contents and limits to such communication competences based on (i) the board's overall management responsibility as well as (ii) the rules of equality and confidentiality.