Investment Committee

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An investment committee often advises capital investment companies (KAG) on the selection of assets to buy or sell. Most of them are specialists in the respective industry. In practice, they are a popular means of pooling independent expertise. The aim of setting up such a committee is to enable investors to influence investment decisions.

composition

The design of such investment committees, however, depends very much on the form of the investment company.

Mutual funds

In mutual fund companies , the investment committees are often made up of members of the Supervisory Board (banks) as a regular committee of the supervisory board or of expert representatives of the partners formed. Committees of the Supervisory Board can prepare its decisions or, in part, make them themselves, Section 107 (3) AktG.

Special funds

Special funds usually form investment committees made up of representatives from the investor side. Since the shareholders' shares in the fund company are usually firmly in the hands of the founders and operators of the company, who also form the supervisory board, investors do not have any say. For investment companies, only the formation of a supervisory board is required by law, but there is no statutory regulation for the establishment of an investment committee.

function

The formation of an investment committee is subject to freedom of contract. It is agreed that such a committee generally only has an advisory role and is not allowed to make its own investment decisions. In principle, however, this is not completely ruled out. Special fund companies, on the other hand, cannot formally outsource the investment decision to a committee, but must be responsible for the investment decision themselves, Section 9 (1) InvG. However, the mere advisory function of an investment committee in a special fund company becomes a de facto influence due to the fact that the KAG usually only has a single investor. Because the KAG will endeavor to attract and retain this institutional investor.

literature

  • Baur in: Assmann / Schütze (ed.): Handbook of capital investment law. 3rd edition 2007, § 20 RN. 266ff.
  • Habersack in: Munich Commentary on the Stock Corporation Act. 3rd edition 2008, Section 107 RN. 115.
  • Köndgen / Schmies in: Schimansky / Bunte / Lwowski (eds.): Bankrechts-Handbuch. 3rd edition, § 113 RN 51.
  • v. Gronau: special fund in the FRG. Dissertation Munich 1985, p. 103 ff.

Individual evidence

  1. ^ Baur: Handbook of capital investment law. § 20 RN. 266; Habersack: Munich Commentary on the Stock Corporation Act. Section 107 RN. 115.
  2. ↑ a b Köndgen, Schmies: Bankrechts-Handbuch. Section 113 RN. 51.
  3. ↑ Section 6 (2) InvG
  4. ^ Baur: Handbook of capital investment law. § 20 RN. 266; Habersack: Munich Commentary on the Stock Corporation Act. Section 107 RN. 115; so also the supervisory authority at that time (BAKred) : Circular v. June 8, 1989.