Supervisory board

from Wikipedia, the free encyclopedia

The supervisory board is a supervisory body in corporations , cooperatives and foundations and organizations. The establishment of a supervisory board is partly required by law and partly agreed in the articles of association or partnership agreement. It is made up of elected members of the shareholders and, in the case of large companies, the workforce. The task of the supervisory board is to advise the management board , but in particular to monitor and control it.

General

In German stock corporations , management is the responsibility of the board of directors . Whose activities should to z. B. to prevent or detect mismanagement or selfish misconduct, be controlled by another authority. To this end, it is necessary to set up a supervisory body to ensure adequate control of the management board. In the German system, this is the supervisory board . In addition to this, further supervisory bodies such as advisory boards or shareholder committees can be set up voluntarily . The control of corporate governance is also a sub-discipline of corporate governance .

In addition to its control activities, the Supervisory Board also performs an advisory and support function for the Management Board. Supervisory boards deal less ex-ante than ex-post with the business development of a company.

history

With the general German Commercial Code , as amended on 11 June 1870, the establishment of supervisory boards of public limited companies (AG) and was limited by shares (KG a. A.) in the North German Confederation and subsequently also in the German Reich duty. However, previously there were also supervisory boards in stock corporations.

compensation

Supervisory boards usually receive remuneration for their work . In the case of stock corporations, the amount is determined by the general meeting . Typically, large companies pay their board members higher remuneration than small companies. The remuneration is often published in the annual business reports . The remuneration usually consists of a fixed basic remuneration and a variable allowance, which is calculated based on the number of Supervisory Board meetings. In Germany there is no legal obligation - even in the case of large and listed corporations - to publish the remuneration paid, but it has become customary within the framework of corporate governance to indicate at least the sum of the remuneration. Most of the listed stock corporations currently publish the annual remuneration of the individual members of the Supervisory Board in their annual report.

The union representatives of the DGB unions usually pay the majority of their supervisory board bonuses to the union -related Hans Böckler Foundation . The background to this is the view that they are posted not as a person but on behalf of the workers, so that the royalties should go towards strengthening trade union activity. A list of those representatives who perform in accordance with the statutes and have agreed to this publication is published on a regular basis. In this way, it can be looked up whether the elected representatives withhold their remuneration or support union work financially. Employee representatives from other unions do not have such a code.

Since the remuneration of the members of the supervisory board is based on the provisions of stock corporation law and these relate exclusively to activities that are assigned to the statutory scope of duties of the supervisory board, there is also the fundamental possibility of concluding further contracts between the member of a supervisory board and the management board of the AG. Typically, these are consulting contracts that are to be seen in addition to the activities as a supervisory board. The legislature sets high hurdles for a necessary delimitation. In addition to an unclear delimitation and thus a circumvention of § 113 AktG, the lack of a resolution by the entire supervisory board on the consultancy contract that has been concluded leads to its ineffectiveness.

Legal regulations

Legal regulations in Germany

Legal basis of the work of the Supervisory form the §§ 95-116 Corporation Act (Act). This prescribes the formation of a supervisory board for stock corporations and limited partnerships based on shares. Even cooperatives must have a supervisory board of a certain size.

In the case of a GmbH , a supervisory board can be set up voluntarily. In this case, the provisions of the AktG according to § 52 GmbHG apply accordingly, unless otherwise regulated in the articles of association. Under certain conditions, a supervisory board is also mandatory for a GmbH. This may be necessary for reasons of employee participation or because of increased public protection interests. Co-determination by employees on the supervisory board is fundamentally mandatory if the GmbH generally has more than 500 employees, Section 1 (1) No. 3 Third Party Act. A greater right of co-determination for employees can result from the MitbestG, MontanMitbestG or MitbestErgG. In view of the increased public protection interests, capital investment companies that are operated in the legal form of a GmbH must always also form a supervisory board ( Section 18 (2 ) KAGB ).

In Germany, there is a dualistic system with regard to corporate control , i. H. The management board and the supervisory board are separate bodies. In other countries there is partly the one- tier system , i.e. H. the supervision and management are combined in one body. This body is known as the “board”.

In 2016, the legislation was adapted through the Auditing Reform Act (AReG) . This article law has harmonized various passages in company law (e.g. Section 95 of the AktG) with European law. Since June, the supervisory board has had to be largely independent.

In the following, for reasons of simplicity, the supervisory board of an AG is used. The statements also apply to the other legal forms mentioned.

Tasks and powers of the supervisory board

The task of the supervisory board is to supervise the management - i.e. the board of directors - ( § 111 AktG ). To this end, the supervisory board can make management measures dependent on its approval ( Section 111 (4) sentence 2 AktG). In addition, it has audit obligations (in particular the consolidated and annual financial statements of the company, Section 111 (2) sentence 3 AktG) and reporting obligations.

The supervisory board represents the company vis-à-vis the management board ( Section 112 AktG). He appoints board members and dismisses them. It appoints the board members for a maximum of 5 years; repeated appointments of the board members are permitted ( Section 84 (1) sentence 1, 2 AktG). The supervisory board can revoke the appointment for an important reason ( Section 84 (3) sentence 1 AktG).

Composition and election of the supervisory board

The - not co-determined - supervisory board consists of three members ( Section 95 AktG). The statutes can stipulate a certain higher number. If the number of Supervisory Board members had to be divisible by three by December 31, 2015, this is only necessary since the 2016 amendment to stock corporation law if it is necessary to meet the requirements of co-determination law. The maximum number of members of the Supervisory Board is based on the company's share capital and can amount to a maximum of 21 (if the share capital exceeds € 10 million).

The supervisory board consists of representatives of the shareholders and - as a special German case - in companies with codetermination, additional representatives of the employees ( Section 96 AktG) and, if necessary, other members ( codetermination supervisory board ).

The following compositions result:

Company type composition Legal source
AG, GmbH, KGaA and cooperatives with more than 2,000 employees Equal number of shareholders and employees (including 1 executive and 2 or 3 non-company representatives of trade unions) Codetermination Act
Mining and iron and steel producing companies with more than 1,000 employees ( Section 1 (2) MontanmitbestG)
  • 5 shareholder representatives,
  • 5 employees (including 2 independent representatives of trade unions) and
  • 1 member appointed by the Supervisory Board
 Montan Co-Determination Act
Companies to which Sections 5-13 of the Codetermination Supplementary Act apply
  • 7 representatives of the shareholders,
  • 7 employee representatives (including 2 company-independent trade union representatives) and
  • 1 member appointed by the Supervisory Board
 Codetermination Amendment Act
AG, KGaA, GmbH and other types of companies with more than 500 to 2,000 employees 2/3 shareholders and 1/3 employees Third Participation Act
Other companies Shareholders
  1. ↑ Size of the supervisory board: with 2,000-10,000 employees, 12 supervisory board members; with 10,001–20,000 employees 16 members of the supervisory board; 20 members of the supervisory board for more than 20,000 employees (see Section 7 (1) MitbestG)
  2. ↑ 3 representatives of trade unions are to be elected in a supervisory board with 20 members.

The members of the supervisory board, who represent the shareholders, are elected by the general meeting (Aktiengesellschaft and KGaA) or the shareholders' meeting (GmbH).

Employee representatives are elected by the company's employees, divided into employee representatives (in Germany, there has been no differentiation between employees and workers since the 2001 reform of the BetrVG ), senior executives and trade union representatives.

If a member of the supervisory board has to be replaced or the supervisory board expanded during the year and therefore no extraordinary general meeting is called, a member of the supervisory board can at the request of the management board (AG, KGaA) or management (GmbH), a supervisory board member or a shareholder from the registry court can also be appointed by a court.

In companies that are subject to the German Codetermination Act, a supervisory board must be made up of equal numbers: one half is made up of representatives of the employees and the other half of representatives of the shareholders. The legally correct composition according to the Codetermination Act is a task of the board of directors / the management of the corporation. If this task is neglected, employees or trade unions can legally enforce the establishment of a supervisory board with equal representation. The chairman of the supervisory board is normally provided by the shareholder representatives (cf. Section 27 Paragraphs 1 and 2 MitbestG). In a first ballot he needs 2/3 of the votes that can be cast; If this ballot is unsuccessful, in the second ballot the shareholders elect the chairman and the employees the deputy chairman (the majority of the votes cast is sufficient in each case).

If a vote in the supervisory board results in a balance of votes, the chairman of the supervisory board has two votes for another vote on the same point. The deputy chairman of the supervisory board is not entitled to this ( double voting right) (cf. § 29 MitbestG).

Judicial appointment of a position on the supervisory board

If a position on the supervisory board becomes vacant, a court can appoint a member of the supervisory board in accordance with Section 104 AktG. The court only acts upon application. Applicants can be the supervisory board, the management board of the company concerned or any shareholder in the company. The proposed person must not be in any conflict of duties with respect to society. In its decision on the application, the court is only bound by its free conviction.

Work of the supervisory board

The work of the supervisory board is regulated by the articles of association of the respective stock corporation. In addition, practically all supervisory boards have their own rules of procedure . The cooperation between management boards and supervisory boards is usually regulated in these rules of procedure. Many supervisory boards have committees for special topics, the most common being the audit committee and the executive or personnel committee. A committee must consist of at least three members; The Supervisory Board decides on the composition.

The supervisory board of a listed company must hold at least two meetings every six months; In non-listed companies, the supervisory board can decide that a meeting is to be held every six months ( Section 110 (3) AktG).

Requirements for supervisory boards

Only a natural person with unlimited legal capacity can become a member of the supervisory board ( Section 100 (1) AktG).

Since the supervisory board has to monitor the company, management and control functions are legally separated in Germany. Active board members may not belong to the supervisory board - in contrast to the Anglo-Saxon board of directors or in Switzerland ( Section 105 AktG). According to Section 100 (2) AktG, a member can not be anyone who is the legal representative of a dependent company ( Section 17 AktG) (natural organizational gradient in the group) or who is the legal representative of another corporation whose supervisory board a member of the company's management board belongs to (cross-involvement) .

A person may only be a member of the supervisory board of a maximum of ten companies with a legally prescribed supervisory board ( Section 100 (2) AktG). Companies that do not have to form a supervisory board under the Stock Corporation Act or the One- Third Participation Act are not taken into account, even if they have voluntarily formed a supervisory board. Each position as chairman of the supervisory board is counted twice ( Section 100 (2) sentence 3 AktG). However, a maximum of five supervisory board positions at group companies are not counted.

The German Corporate Governance Code makes various demands on the personality profile of a supervisory board, in particular on its professional skills and loyalty to the company. Due to the reference in Section 116 AktG, Section 93 Paragraph 1 AktG, in particular the Business Judgment Rule, applies to the duty of care and responsibility of the members of the Supervisory Board .

The elimination of the personal requirements after the appointment and acceptance of the mandate, i.e. during the term of office, leads to the immediate termination of the mandate.

In the Anglo-American region, the Institute of Directors (IoD) has established itself as the authority for supervisory boards. In the German-speaking area there is the "German Institute of Supervisory Boards" (German IoD). The German IoD certifies natural persons as Certified Directors and monitors the requirements for supervisory boards established in the German Corporate Governance Code .

Special regulations

In a partnership limited by shares (KGaA), the supervisory board neither has the personnel competence according to § 84 AktG nor can it make management measures dependent on its approval ( § 111 para. 4 sentence 2 AktG). The KGaA is also subject to statutory co-determination; because of the limited powers of the supervisory board, one also speaks of the co-determination privileges of the KGaA.

In the highly regulated banking industry, there are additional requirements for supervisory boards. In summer 2009 the legislature tightened the Banking Act (KWG). Since August 2009, BaFin has therefore had to approve the appointment of new supervisory boards, among other things. They have to use their résumés to prove that they have “expertise”. Among other things, the KWG stipulates that they must be able to understand the bank's business and assess risks. BaFin can also remove incompetent or unsuitable supervisory boards.

Tax treatment of supervisory board remuneration

The remuneration of the members of the supervisory board is part of the income from self-employed work ( Section 2, Paragraph 1, Clause 1, No. 3, Section 18, Paragraph 1, No. 3 of the Income Tax Act , "other self-employed work"). For supervisory boards with limited income tax liability, the regulations on supervisory board tax apply .

Supervisory boards are entrepreneurs i. S. d. Sales Tax Act . The remuneration of the Supervisory Board is subject to the standard tax rate in accordance with Section 12 (1) of the UStG.

Critical discussion

This article or the following section is not adequately provided with supporting documents ( e.g. individual evidence ). Information without sufficient evidence could be removed soon. Please help Wikipedia by researching the information and including good evidence.

The composition and working methods of supervisory boards are under discussion on a number of points:

  • The participation of the employee side in the supervisory board (see article codetermination ), here in particular the mandatory participation of external union representatives
  • The possibility of holding a large number of supervisory board mandates at the same time. These multiple mandates were understood as an expression of Deutschland AG and complained about the factual impossibility of controlling many companies efficiently. As a result of this discussion, the legislature has limited the number of possible mandates to ten. As an internal rule, the German Trade Union Federation and the trade unions affiliated with it have decided that members and full-time trade union secretaries hold a maximum of two supervisory board mandates.
  • The possibility of holding supervisory board mandates in competing companies at the same time
  • The common practice that board chairmen switch to the chair of the supervisory board after leaving the board. While supporters emphasize the company's deep knowledge as positive, critics see a lack of independence and the risk of concealing undesirable developments from the time as a board member and not correcting them.

With regard to the last point, the Merkel I cabinet (grand coalition) discussed the introduction of a ban on direct transfers from the executive board to the supervisory board of the same company in 2006/2007.

Statutory regulations in Austria

Sections 86 to 99 of the Stock Corporation Act form the legal basis for the work of the Supervisory Board .

In Austria there is a dualistic system with regard to corporate control , i. H. The management board and the supervisory board are separate bodies. In other countries there is partly the monistic system , i.e. H. the supervision and management are combined in one body.

The following sections first deal with the legal situation for stock corporations .

Tasks and powers of the supervisory board

The task of the supervisory board is to supervise the management - i.e. the board of directors - (§ 111 AktG). To this end, the supervisory board (or individual members) can request a report on company affairs from the management board at any time. The supervisory board can check the books of the company as well as the assets or have them checked. The supervisory board can call general meetings .

A number of transactions (e.g. buying and selling subsidiaries) should only be carried out with the approval of the Supervisory Board.

The Supervisory Board has to examine the annual financial statements, the proposal for the distribution of profits and the management report and report on them to the General Meeting.

The supervisory board represents the company vis-à-vis the management board.

Composition and election of the supervisory board

The supervisory board basically consists of three members (Section 95 AktG). The statutes can stipulate a certain higher number. The maximum number of members of the Supervisory Board is based on the company's share capital and is a maximum of 21 (if share capital exceeds 10 million euros).

The supervisory boards are elected by the general meeting or, in accordance with the articles of association, are delegated by (major) shareholders (Section 101 (2) AktG).

In Austria, too, employee participation in the supervisory board of stock corporations is mandatory. The (central) works council sends one employee representative to the supervisory board from among the works council members for every two supervisory board members appointed under the Stock Corporation Act or the articles of association (Section 110 ArbVG). The employee representatives thus make up a third of the entire supervisory board. Details are regulated in the regulation on the posting of employee representatives to the supervisory board (Supervisory Board Regulation ).

Work of the supervisory board

The supervisory board elects a chairman from its ranks (Section 107 AktG). The work of the supervisory board is regulated by the articles of association of the respective stock corporation. In addition, practically all supervisory boards have their own rules of procedure . Many supervisory boards have committees for special topics, the most common being the audit committee and the personnel committee.

The supervisory board of a listed stock corporation must hold at least four meetings in the financial year (Section 110 (3) AktG).

Requirements for supervisory boards

As in Germany, active board members are not allowed to belong to the supervisory board (Section 90 AktG).

A person may only be a member of the supervisory board of a maximum of ten companies with a legally prescribed supervisory board. A maximum of 5 mandates as chairman of the supervisory board are permitted.

Supervisory boards at GmbH

The legal basis for the supervisory boards in GmbH are § § 29 - § 33 of the GmbH Act (Austria) (GmbHG). In principle, a supervisory board must be appointed if the share capital and the number of shareholders at the same time exceed fifty or if the average number of employees exceeds 500 or if certain other requirements are met. The regulations of the Stock Corporation Act apply largely analogously.

Legal regulations in Switzerland

The board of directors in Switzerland (in contrast to the supervisory board in Germany / Austria) is not a mere control body, but as an executive body manages the company's business. Aspects of management (but not overall management) can be delegated to members or third parties (corresponding to a board of directors in Germany / Austria).

Legal regulations in other countries

In Russian, the Supervisory Board is a Board of Directors designated (Совет директоров, Soviet Direktorow), in English, however, the Board of Directors rather the board , a better translation of Совет директоров would therefore Directorate Advisory Board (the Board Deputy Supervisory Board). The supervisory board in English is the supervisory board .

In Dutch, the equivalent of the “raad van commisarissen (RvC)” is mandatory for BVs (besloten vennootschap met beperkte aansprakelijkheid, corresponds to GmbH) and NVs (naamloze vennootschap, corresponds to AG) from a certain size (struktuurvennootschap).

Proportion of women

Germany

In Germany were, according to a detection of the DIW in 2006 in the 200 largest companies, only 7.8% of the supervisory boards women; over half of these were delegated by employee representatives . Within this group of companies, the proportion of women increased with the size of the company, and it was the highest among the ten highest-turnover companies at 11.8%. In June 2013, the proportion of women on the supervisory board of the 30 largest DAX companies was around 20 percent.

Since 2008 , the Nuremberg resolution has been non-partisan to increase the proportion of women in supervisory boards and management positions. In August 2010, the Association of German Women Entrepreneurs , funded by the Federal Ministry of Labor , initiated a database with profiles of potential female supervisory board members.

In the “Female shareholders demand equality” project of the German Association of Women Lawyers , the management board and supervisory board members were confronted with critical questions about their staffing policy at the annual general meetings of 75 HDAX companies from 2009 to 2013 . The results of these surveys were scientifically evaluated and published in several studies. The final publication shows that the proportion of women on the shareholder side of the 30 DAX companies has risen from 6.5 percent (2009) to 18.0 percent (2013). Nevertheless, so the conclusion, the objectives for more women on the supervisory boards, which the companies have set themselves within the framework of the German Corporate Governance Code , are largely undemanding.

A quota for women on supervisory boards was initiated by the “ Law for the Equal Participation of Women and Men in Management Positions in the Private and Public Sector ”. As of 2016, 108 listed companies that are subject to codetermination must meet a quota of women of 30% when filling supervisory board positions. If the proportion of women on the supervisory board is lower when a new appointment is made, either a woman must take the position or the seat remains empty.

Austria and Switzerland

In Austria, the city of Graz, as part of a black-green government coalition, was the first Austrian regional authority to introduce a mandatory 40% quota of women in all municipal subsidiaries and sub-subsidiaries on September 23, 2010.

In Switzerland, where the commercial register is publicly accessible free of charge and the population is very reserved about any kind of quotas, the development at the owner and management level can be easily understood. According to the schillingreport , the proportion of women on the boards of directors of the 100 largest Swiss companies has increased from 10 percent (2010) to 17 percent (2017). Compared to other European countries, Switzerland is in the lower midfield. At management level, the proportion of women rose from just 4 percent (2006) to 8 percent (2017). The introduction of a so-called “soft” quota for women (comply-or-explain approach, see Corporate Governance ) is proposed by the Swiss government in the course of an already pending reform of stock corporation law and affects the bourgeois parties that form the majority in the Swiss parliament , however, to clear resistance. In the current version of the Swiss Code of Best Practice, the Swiss business umbrella organization Economiesuisse recommends a “balanced composition” of the board of directors: “The board of directors should have female and male members.”

The proportion of female company founders rose from 15% in 2000 to 27% in 2010. In companies with up to 250 employees, the proportion of women is now 40%, in larger companies it has only risen to 13%. In the Swiss government, the Federal Council, the proportion has grown to over 50%, and the proportion is constantly increasing in other political bodies. After several resignations by female federal councilors, the proportion of women has now (February 2018) fallen back to 29 percent - or 2 out of 7 government members.

Other countries and European Union

In England, the 30% Club founded by Helena Morrissey aims to achieve a 30% quota of women in the top management of the FTSE 100 corporations . When the club started in 2010, the rate was 12.5%, now it is 15%, and by the end of 2012 it should be 20%. The 30% should be achieved in 2015. Morrissey opposes a statutory quota, preferring to involve men and convince companies to voluntarily hire more women in the top management. Morrissey also does not accept the argument that there is a lack of talent, since only 100 to 150 more women are needed to reach the 30%.

At the European level, Viviane Reding , Commissioner for Justice, Fundamental Rights and Citizenship in the European Union is now considering introducing a mandatory gender quota (i.e. quota for the underrepresented gender) at higher management levels. Your call for Women on the Pledge for Europe , which was launched in 2011, was not responded to by listed companies so that effective self-regulation was no longer to be expected. In March 2012 the so-called women's progress report was presented and a public consultation on the imbalance between the sexes in the highest decision-making bodies of companies in the EU was opened.

In Norway , a quota of at least 40% women on the supervisory boards of listed companies has been required by law since 2008. In the Netherlands , a quota of at least 30% women on supervisory and executive boards is planned, unless companies increase the proportion of women by 2015. This provides for a draft law, which is supported by government and opposition parties.

Voluntarily established supervisory boards

Associations or other organizations can also set up supervisory boards on a voluntary basis. In these cases, tasks, powers, composition and election are based on the statutes of the respective organization.

See also

literature

  • Studies and scientific contributions. On the subject of "Women in Management Positions" on the website of the German Association of Women Lawyers
  • Stefanie Beckmann: The supply of information to members of the supervisory board of listed stock corporations - theoretical foundations and empirical findings. Wiesbaden 2009, ISBN 978-3-8349-1496-5 .
  • Matthias M. Pitkowitz: Practical Guide to Management and Supervisory Board Liability . Munich 2014, ISBN 978-3-406-66149-5 .
  • Rüdiger von Rosen, Hans-Joachim Böcking: Value-based monitoring by the supervisory board. Frankfurt 2005, ISBN 3-934579-32-9 .
  • Peter H. Dehnen: The professional supervisory board. Frankfurter Allgemeine Buch, Frankfurt am Main 2011, ISBN 978-3-89981-255-8 .
  • Marc Diederichs, Martin Kißler: Supervisory Board reporting . Munich 2008, ISBN 978-3-8006-3553-5 .
  • Stephan Martin Feil: Basic knowledge of the supervisory board - the basics of successful corporate monitoring. Norderstedt 2008, ISBN 978-3-8334-9023-1 .
  • Roland Köstler, Ulrich Zachert, Matthias Müller: Supervisory board practice. Manual for the employee representatives on the supervisory board. 9th edition. Bund-Verlag, Frankfurt am Main 2009, ISBN 978-3-7663-3902-7 .
  • Harald Fuchs, Roland Köstler: Manual for the election of the supervisory board. Elections of the employee representatives according to the Codetermination Act and the One-Third Participation Act. 5th edition. Bund-Verlag, Frankfurt am Main 2012, ISBN 978-3-7663-6156-1 .
  • Stefan Rössler: The audit committee as a monitoring instrument for the supervisory board. A contribution to the improvement of corporate governance against the background of the law on control and transparency in the corporate sector (KonTraG) (=  publications on auditing, taxation and controlling . Volume 5 ). Verlag Moderne Industrie, Landsberg / Lech 2001, ISBN 3-478-39943-2 (also: Dissertation, University of Hamburg, 2001).
  • Schiedermair, Kolb: The Supervisory Board. In: Welf Müller, Thomas Rödder (ed.): Beck'sches Handbuch der AG. Munich 2009, ISBN 978-3-406-57792-5 , p. 564ff.
  • Johannes Semler: Memories of the practical work of a member of the supervisory board. Frankfurt 2007, ISBN 978-3-934579-41-5 .

Web links

Wiktionary: Supervisory Board  - explanations of meanings, word origins, synonyms, translations

Individual evidence

  1. ↑ Supervisory Board: The control body should provide more advice to the Management Board than before. In: Handelsblatt . March 3, 1987, p. 16 .
  2. ↑ Meyers Konversationslexikon. 1888, p. 66.
  3. ↑ New rules for the supervisory board . In: German Institute of Supervisory Boards . March 30, 2016 ( german-iod.org [accessed October 3, 2017]).
  4. ↑ Dr. Klaus Weigel: The supervisory board can no longer be divided into three parts. Board Xperts GmbH, April 21, 2016, accessed on April 21, 2016 .
  5. ↑ In the name of the people - How can a court appoint a board of directors? In: FAZ , January 27, 2010.
  6. ↑ The path to becoming a Certified Director . German Institute of Directors eV Retrieved January 14, 2019.
  7. ↑ FTD of August 31, 2010: BaFin sorts out supervisory boards of banks. - The financial regulator takes action against incompetent or unreliable supervisory boards of banks. In a total of ten cases, the supervisory authority even uses its new competencies to remove inspectors from office. ( Memento from September 1, 2010 in the Internet Archive )
  8. ↑ Judgments of the Federal Fiscal Court - BFH - of July 27, 1972 VR 136/71, BFHE 106, 389, BStBl II 1972, 810, and of October 2, 1986 VR 68/78, BFHE 147, 544, BStBl II 1987, 42
  9. ↑ Management boards should no longer switch to the supervisory board. In: FAZ. December 20, 2006, p. 11.
  10. ↑ Code of Obligations , Art. 716 and following
  11. ↑ Top positions in large companies firmly in the hands of men. (PDF; 417 kB) In: DIW Weekly Report No. 7/2007, Volume 74. DIW, February 14, 2007, accessed December 6, 2009 .
  12. ↑ Study: Significantly more women on DAX supervisory boards , Focus.de
  13. ↑ Women on supervisory boards and management positions. nuernberger-resolution.de, accessed on October 15, 2010 .
  14. ↑ Business is looking for strong women. Wirtschaftswoche , July 28, 2010, accessed on August 6, 2010 .
  15. ↑ Female shareholders demand equality ( memento of July 13, 2014 in the Internet Archive ) djb.de
  16. ↑ Documentation ( Memento from July 14, 2014 in the Internet Archive ) djb.de
  17. ↑ Publications ( Memento from July 14, 2014 in the Internet Archive )
  18. ↑ Female shareholders demand equality - 2009 to 2013. More women in management positions. Conclusion and demands. ( Memento from July 14, 2014 in the Internet Archive ) djb.de
  19. ^ Law for the equal participation of women and men in management positions in the private and public sectors
  20. ↑ The quota for women in Germany is coming. nzz.ch, November 26, 2014, accessed on January 19, 2015 .
  21. ↑ Guideline for the management of municipal investment companies. (PDF; 272 kB) (No longer available online.) Graz City Administration, September 23, 2010, archived from the original on January 30, 2012 ; Retrieved February 27, 2010 .
  22. ↑ guido schilling ag: schillingreport 2017. guido schilling ag, March 8, 2017, accessed on February 11, 2018 .
  23. ↑ Indicator: Largest listed companies: presidents, board members and employee representatives | Gender Statistics Database | EIGE. Retrieved February 11, 2018 .
  24. ^ The Federal Assembly - The Swiss Parliament: Amendment of the Code of Obligations (Company Law). Retrieved February 11, 2018 .
  25. ↑ Hansueli Schöchli: Women's quota should come NZZ Switzerland . In: Neue Zürcher Zeitung . November 23, 2016, ISSN  0376-6829 ( nzz.ch [accessed February 11, 2018]).
  26. ↑ Download: “Swiss Code of Best Practice for Corporate Governance” | economiesuisse. Retrieved February 11, 2018 .
  27. ↑ The slightly different statistic. moneyhouse, February 11, 2011.
  28. ^ The women in the elections - federal level. ( Memento from August 2, 2016 in the Internet Archive ) Federal Statistical Office, 2011.
  29. ^ The Federal Council: Members of the Federal Council. Retrieved February 11, 2018 .
  30. ↑ Tina Kaiser: Helena Morrissey, The woman with nine children and 51 billion. welt.de, February 25, 2012.
  31. ↑ Call for Women on the Pledge for Europe at: europa.eu
  32. ↑ Women's progress report, ec.europa.eu (PDF; 433 kB)
  33. ↑ Consultation on the gender imbalance in the highest decision-making bodies of companies in the EU , ec.europa.eu
  34. ↑ Women by law in the executive suite. (No longer available online.) Sueddeutsche.de, October 27, 2009, archived from the original on December 3, 2009 ; Retrieved December 6, 2009 .