Kapitalmarktreaktionen auf die Anktindigung des Wechsels von Vorstandsvorsitzenden in den Aufsichtsrat
bei deutschen Untemehmen.
See Deloitte, Informationen fur Aufsichtsrat
und Prufungsausschuss 2 (2012), available at http://www.
management board, which is responsible for managing the company, and the Aufsichtsrat
Carl Bosch, who joined BASF in 1899, won the Nobel Prize in Chemistry in 1931, and chaired the Aufsichtsrat
, or Supervisory Board of Directors, from 1919 to 1925, is the prime example.
Some were members of the company's aufsichtsrat
, an entity much like a supervisory board of directors not involved in day-to-day administration; (132) others were members of the vorstand, a group whose members actually managed the company.
The German Aktiengesellschaft ('AG'), or public company, is different from Australian public companies in that it is governed by two separate and distinct bodies: the Vorstand (management board); and the Aufsichtsrat
The type of corporate structure common in some countries can lead to different results in the corporate governance arena, in Germany, for example, there is a two-tiered board structure consisting of a management board called the Vorstand and a supervisory board of outside directors called the Aufsichtsrat
This represented the first codification of the internal organization of the AG--regulating the Generalversammlung (general meeting), the Vorstand (management board) and the (optional) Aufsichtsrat
(supervisory board (5)) [Meisel, 1992, p.
In section 5 we use the Aufsichtsrat
link to derive a quantitative measure of the degree of affiliation between industrial enterprises and several banking groups.
1998) (stating that some boards get good supporting information, but some do not); Florian Schilling, Der Aufsichtsrat
ist fur die Katz, FRANKFURTER ALLGEMEINE ZEITUNG, Aug.
Farben's top managers, including Carl Krauch, the chairman of the Aufsichtsrat
(supervisory board), the entire Vorstand (managing board), and four lower ranking managers (see appendix).
, or supervisory board (board of directors), consists of shareholder representatives and worker representatives in fixed proportions.