09.07.2018 - Studies

The Yes-Men - Annual General Meetings of DAX companies under the magnifer


For members of the management boards and supervisory boards of German stock corporations, the annual shareholders' meetings are generally feel-good events. The discharge of the highest management bodies or the approval of their proposals regarding the appropriation of profits or certain capital measures is usually a mere formality. This was also the case in the 2018 Annual General Meeting season.

The Annual General Meeting, as the supreme decision-making body of German stock corporations, has been gaining in importance again for several years. The shareholder presence is on the rise and the approval rates for the votes are still very high despite various crises and scandals. Management boards and supervisory boards are only rarely put under pressure by institutional investors in particular.

With the implementation of the EU Shareholders' Rights Directive next year, the picture could change. The greater commitment to co-determination demanded and the increased transparency in the exercise of voting rights are forcing institutional investors and asset managers to deal intensively with voting issues.

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