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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


Capital News


On the model of its dialysis subsidiary Fresenius Medical Care, Fresenius wants to convert its preference shares to ordinary ones and also change its legal form to a partnership limited by shares. That would simplify the capital structure and increase liquidity, explained the company. In this new set-up, the Else Kröner-Fresenius Foundation would act as personally liable partner, as long as it held more than 10% of the capital in the medical technology and clinics company. The AGM on 12 May is to approve the measures.


MTU Aero Engines Holding failed at its AGM to secure the motion to extend authorized capital II by up to €20.8 million by the year 2015. This capital increase would correspond to 40% of the current subscribed capital. Shareholder subscription rights were to be excluded on up to 20% of the registered capital in a later capital increase, in order to gain flexibility in takeovers. The vote resulted in only 67.97% assent, instead of the requisite ¾ majority. The aero-engine maker is planning to present an adjusted proposal next year.


United Internet is setting up a further share buyback program immediately after conclusion of the last one. The telecommunications provider wants to buy a further 4.8 million shares on the exchange, corresponding to 2% of the registered capital. Between 14 January and 19 April 5 million shares were already bought back. That means the current program has run out, as was stated in an ad hoc disclosure. The relevant AGM resolution allows the purchase of up to 10% of the registered capital by 25 November. Currently the Internet group holds 15,190,846 of its own shares, corresponding to 6.33%.