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Corporate Governance – portrayed in the individual cultural and legal framework, from the standpoint of equity capital.

VIPsight is a dynamic photo archive, sorted by nations and dates, by and for those interested in CG from all over the world.

VIPsight offers, every month:
transparent and independent current information / comments / facts and figures on corporate governance locally and internationally,

  • written by local CG experts,
  • selected and structured by the Club of Florence,
  • financed by its initiator VIP and other sponsors with a background of “Equity and Advisory” interests.

VIPsight International

Article Index



Buhlmann's Corner


brave new world

ThyssenKrupp was not really an opponent; Cevian got into the ring - and soon realised that manual mistakes made the commitment turn blood red and stay that way. Siemens was beyond the reach of activists, as spin-offs came faster than concretely "demanded". Daimler's march back to Mercedes was completely in the interests of the managers. And the honourable as well as arrogant Bayer people (who are they? What are their names?) were just the logical target of all activists; they came, they went, they came back and even Thomas Henrik Shrager, Managing Director of Tweedy Browne demanded what is still demanded today: divide and spill. Who doesn't remember Shrager's appearance at THAT Bayer AGM where political (bee) activists climbed the balustrade behind the supervisory board....

Such acts are now virtually relegated to the living room of the critical activist - coupled with a censorship apparatus that would make any Chinese person's blood run cold. Shareholders are supposed to find 60 months of goodwill for this consolidation of managerial power? Of course there was criticism, also from the two voting advisors - the larger of which is owned by Deutsche Börse. The senior issuer advisors quickly agreed on a common language: not 5 but 2 years virtual and case-by-case review. So presumably all currently active board members can still survive until retirement with peace of mind. INFINEON, which was initially badly advised and only wanted what ¾ of the DAXes wanted, was given a lapel to sign: decide on 5 years and voluntarily limit it to 2 years - at any time a board can also become smarter tomorrow and ...

Siemens also purged itself of 5 to 2 years, to push through the 5 years par ordre du mufti for the 75% shareholding in Healthineers. Why have a Q&A at all? Let the AGM representatives get the classic right to "submit" 6 adjectives, from which the chat robot with GPT then compiles 3 questions, 2 comments and 1 photo through Microsoft BING. Why transport Ingo Speich, Hendrik Schmidt & Co from A to B? It's much easier to use artificial intelligence - which also solves the (coincidental?) problem of the coincidence of dates - by coincidence the AGMs of BASF and BAYER have been taking place on the same date for the last decade. Embarrassing mix-ups such as the Wirecard AGM 2019 are solved by the adaptive robots at the same time: in the (audited, now cancelled) financial statements for 2018, provisions and reserves were mixed up. Such mishaps do not happen to the ChatBot, or if they do, then only once.

For VIP, I promise you one thing: to avoid the danger of using the same adjectives as UNION, I will have my contributions set to music. Why should only Elliott put a Singer, I can do that too. Sure: with good results in major and with ... - that's how we do it, Google and also Baidu have already announced the bard. And whoever still wants to go to Ingo's "hall" will have to organise chrysanthemum and frankfurter sausages in sufficient quantities themselves - the police will only come for Mercedes.