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Forum Juris Business Law. up to Date 1/2015 Deloitte Legal Forum Juris Business Law. Up to date. Content 2 Preface 3 Federal Court of Justice rules that company general meeting can be held abroad 4 Gender Equality in German Management through Mandatory Quorum? 6 Time Limit for Security after Termination of a Domination and Profit and Loss Transfer Agreement 8 Liability of a Managing Director of a Limited Liability Company for Infringing Internal Regulations of Responsibility 10 German Venture Capital Bill 13 Liability Under Anti-Trust Law for Financial Investors and Private Equity Companies 15 Minimum Wage For On-Call Services and On-Site Stand-By Times Preface Ladies and Gentlemen, Further topics of this issue are: Dear Clients, • Federal Court of Justice rules that company general We are pleased to provide you with the first issue of our meeting can be held abroad Forum Juris Newsletter in 2015 which deals with current • Time Limit for Additional Liability in connection with court decisions and other legal topics of high practical the Termination of a Domination and Profit and Loss relevance. Transfer Agreement • Liability of a Managing Director of a Limited Liabil- Andreas Jentgens The Federal Government has recently successfully passed ity Company for Infringing Internal Regulations of Rechtsanwalt, Partner a in Germany highly controversial legislation through Responsibility Service Line Corporate/M&A the Bundestag – the new mandatory women’s quorum • German Venture Capital Bill Tel: +49 (0)211 8772 2227 quota for supervisory boards of large German compa- • Liability Under Anti-Trust Law for Financial Investors [email protected] nies. As of 2016, a minimum quorum of 30 percent shall and Private Equity Companies apply for the supervisory boards at approximately 100 large German (listed and co-determining) companies We hope that the aforementioned topics arouse your and 3,500 additional companies have to set binding interest. Should you have any questions on the indi- targets for increasing the quota of women in manage- vidual articles in this edition or indeed any other sug- ment roles in the future. gestions for our Forum Juris Newsletter, please do not hesitate to get in touch with your contact persons. Because of the minimum wage law which came into force on January 1, 2015 an “area-wide, general Please take advantage of our Deloitte Legal Dbriefs minimum wage” applies in Germany However, there are series in order to stay ahead of the game and be regu- also industry-specific minimum wages because they are larly updated on the latest practice-relevant legal devel- not superseded by the general minimum wage. Judicial opments. For more information, please visit: decisions to industry minimum wages can thereby serve www.deloitte.com/dbriefs/deloittelegal as a model for the general minimum wage – we intro- duce you to a decision of the Federal Labour Court on Andreas Jentgens the question of the minimum wage for hours of work readiness and on-call service. 2 Deloitte Legal | Forum Juris 1/2015 Federal Court of Justice rules that company general meeting can be held abroad Facts of the Case Conclusion Germany‘s Federal Court of Justice issued a decision on The Federal Court decision may be beneficial to 21 October 2014 (II ZR 330/13) in which it held that European public companies and German public limited a general meeting of the shareholders can take place companies with many foreign shareholders because they abroad if certain conditions are satisfied. will be able to reduce their efforts and expenses relating to the convening and holding of general meetings. The case involved a European public company (“Societas However, this will require clear provisions in the articles Europaea”) that had its registered office in Germany. The of association that comply with the requirements company’s articles of association contained a provision outlined by the Federal Court and the person notarizing Dr. Marcell Baumann, LL.M. that allowed the general meeting of the company to the minutes of a general meeting must be equivalent to Rechtsanwalt, Senior Associate be held abroad; the meeting could be held in any city a German notary. Service Line Corporate/M&A within the EU that had a population exceeding 500,000 Tel: + 49 (0)711 669 6269 or a stock exchange. Several shareholders sued the [email protected] company. Decision The Federal Court decided that, in theory, such a provi- sion in the articles of association is permissible, but it must limit the competencies of the management board to select the venue of the general meeting. In this case, because there are more than 60 cities in the EU with a population exceeding 500,000, the management directors had too much discretion to define the place where the general meeting would be held. The court stated that the articles must contain clear stipulations on potential meeting locations. Further, the provision must ensure that the ability of the shareholders to participate in the general meeting is not adversely affected by holding the meeting abroad. The shareholders should know in advance where the meeting will be held and have ample opportunity to prepare to attend and be able to arrange travel without being required to take a disproportionately long trip. The Federal Court also emphasized that the minutes of a general meeting held abroad must be notarized in the same way and under the same conditions as if the meeting was held in Germany. This assumes that the foreign person notarizing the minutes has a professional education and rank in the legal system in his/her country that is equivalent to a German notary and is required to comply with procedural laws for the notarial deed that correspond to the fundamental principles of German notarization law. An important aspect of the court’s decision is its applica- bility to German public limited companies (“Aktiengesell- schaft”); the articles of association of such companies also may allow the general meeting of shareholders to be held abroad. Deloitte Legal | Forum Juris 1/2015 3 Gender Equality in German Management through Mandatory Quorum? Background 2. Self-determined Targets On March 6, 2015, the German Bundestag passed the In addition to the mandatory quorum, the new Act Act for Equal Participation of Men and Women in Man- provides for a model of self-determined targets for agement Positions for both the private and the public the board of management and the two subordinated sector. The new Act provides for two models to increase management levels in companies listed on a stock the share of women at management level: (i) mandatory exchange and with employee involvement on the basis quorum of 30% for stock corporations listed on a stock of parity. For companies which are only listed on a stock exchange and with employee involvement on the basis exchange or subject to employee involvement this also Jana Hupfer of parity and (ii) introduction of self-determined targets. applies to the supervisory board. Unlike the mandatory Rechtsanwältin, Senior Associate This article briefly summarizes the main stipulations of quorum this regulation also applies to companies which Service Line Corporate/M&A the new Act. are subject to the One-Third Involvement Act. Accord- Tel: + 49 (0)69 7191884 21 ing to the new Act, companies are obliged to specify [email protected] 1. Mandatory Quorum for Large German Companies a certain number of women for the corporate bodies This new mandatory quorum affects approximately 110 of the company. In case such self-determined quorum of the largest German companies, as role models for is not fulfilled, the Act does not provide for certain the entire private sector. Pursuant to § 96 Subsection 2 sanctions like in the case of the mandatory quorum; Sentence 1 of the amended Stock Corporations Act but only triggers reporting duties. Pursuant to the (Aktiengesetz neue Fassung – AktnF) this mandatory new § 289a Subsection 2 No. 5 German Commercial quorum shall be binding for companies listed on a stock Code (HGBnF) the companies are obliged to report and exchange and with employee involvement on the basis publish the targets set and their achievement as part of of parity, i.e. companies, to which the Involvement of the management report. According to § 96 and § 111 Employees Act (Mitbestimmungsgesetz) is applicable. AktGnF the supervisory board is responsible to deter- Therefore, stock corporations and limited partnerships mine the target for the supervisory board and board of by shares which generally employ more than 2000 management. If a target is also to be specified for the employees have to observe the mandatory quorum in management levels below the board of management, the future. The new Act does not apply to listed compa- the board of management is responsible to determine nies which are subject to the German One-Third Involve- such targets. Due to the various corporate organization ment Act (Drittelbeteiligungsgesetz) or are non-listed schemes, the definition of the management levels are stock corporations. to be defined on a case-by-case basis since the Act does not stipulate such definition. Pursuant to the new Act a) Allocation Among Shareholder and Employee the self-determined targets shall be specified by June 30, Representatives 2015, for the first time whereby the current status shall Pursuant to the new Act the 30% quorum shall gener- apply as a minimum target and may not fall below such ally apply to the entire supervisory board, i.e. share- minimum if it is under 30%. holder and employee representatives (§ 96 Subsection 2 Sentence 2 AktGnF). Only in case an objection is raised, 3. Mandatory Quorum for the Public Sector the two different sides, i.e. shareholder or employee In order to set a good example, the federal government representatives, shall be considered separately (§ 96 shall also be obliged to observe a 30% quorum for Subsection 2 Sentence 3 AktGnF).
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