Verantwortung institutioneller Aktionäre im deutschen Aktienrecht

Listed public limited companies are now majority-owned by institutional investors. In the United Kingdom, attempts have been made to counter the emerging conflicts with a so-called "stewardship code". The European Commission has also identified a need for action and proposed rules for EU-wide harmonisation. In this context, the work deals with the position of institutional shareholders in the power structure of stock corporation law and critically examines the innovations envisaged by the Stockholders' Rights Directive. The author examines fundamental aspects such as the change in the “principal-agent conflict” through the professionalisation of investors and the question of the effectiveness of voluntary self-commitments ("comply or explain") in the absence of incentives from corresponding market forces.