VIPsight - April 2012

COMPANIES

 

Hauck & Aufhäuser Privatbankiers KGaA

Börsen-Zeitung 20.04.2012

Issue:77, Page: 16

Author: ski

Michael Hauck at 85

ski - Share culture or the lack of it in Germany is a key issue that Michael Hauck will still not let go of. In a chronicle of Hauck & Aufhauser Privatbankiers published at the end of last year, and in the recent Annual Report, the descendant of one founding family and honorary chairman of the bank born of a 1998 Hessian-Bavarian merger came back to it again. Publicizing shares as a form of investment and as a financing tool for businesses should continue to be a major concern for private bankers, Hauck says, adding: "How else should funding for young companies be than through the stock market? Let us not be discouraged by the fact that shares lost in reputation after the collapse of the new economy. Here there is a real gap in the market for good and responsible advice."

Hauck headed the bank Georg Hauck & Sohn as general partner for 38 years until the end of 1993; he had already made his career choice in elementary school, or felt committed. Yet he was and is not just a banker. He also worked for three decades on the board of the Frankfurt Stock Exchange and was its President from 1986 to 1989, so he knows what he's talking about. That may also apply to this quote: "I would never have agreed to the stock market itself being listed as a company on the stock exchange. That is for me a contradiction in terms, for an exchange must also preserve the public interest. A private company cannot."

That shows the "outspoken maverick in the Frankfurt financial centre," as Rüdiger von Rosen, the former Chief of the German Stock Exchange, now managing director of the German Stock Institute, once called him, or "the one-time rebel" of the stock market, as the Börsen-Zeitung wrote in an earlier assessment. One thing is certain: Hauck has never failed to speak his mind. "A very self-confident CEO" of the former Hoechst AG, as Michael Hauck himself tells it, had once said in an Annual General Meeting that he would grant the shareholders attractive subscription rights in a capital increase. Hauck's reply: he can't give shareholders anything at all, after all it's their money. Nowadays that's called Corporate Governance, though it is probably not out of the question for one CEO or the other even today still to want to "grant" his capital providers something.

Regardless of the fact that Hauck was entirely right on the merits: many anecdotes from the in some respects really good old days he likes to tell testify to the fact that he is fond of a laugh. Such as the story of another private banker who invited Hauck long after the close of business, so he wouldn't notice he could no longer afford the porter usual in the industry.

On Sunday, Michael Hauck completes his 85th year of age. A few days later the partners of the bank will hold a festive evening for him, at which the former chief economist of the European Central Bank, Jürgen Stark, will give a lecture. It is unlikely to be primarily about equity culture.

(translated from Börsen-Zeitung, 20.4.2012)

 

 

 

Buhlmann's Corner

 

A Banana Republic, and box-ticking

If a Banana Republic is one where the length and curvature of the banana are legally regulated and prescribed, but on the other hand the rules apply only for those who are not plantation owners, then Germany is clearly a banana republic when it comes to corporate governance. Although the Code, Company Law and the Law on the Appropriateness of Executive Compensation, and even the charter, contain clear, simple and metrical rules for good behaviour, and there are also transparent-seeming decision-making and open criticism, the criteria do not seem to be relevant for the Piëch family business called "Volkswagen AG".

When a few years ago I texted, "Grandson buys grandpa's business with the operating assets", I meant it very ironically - now the talk is of gross dereliction of duty, as the judges at the Stuttgart Higher Regional Court found. When I asked a little later at the AGM, "what happens to VW if Ferdinand Piëch gets a cold?" rather than a reply I got a certificate the rule-maker was in the best of health.

In the chain of Executive Chairmen, Works Council chairmen and Supervisory Board chairmen there has been none who could handle the the delicate - and never really understood in Brussels at the European Commission, even with Wiedeking's help - rules of the so-called VW Act with such virtuosity. This law, only partially explained even in Wikipedia, makes its own structures, preserving power as a bulwark against the rest of the world. True enough, any shareholder could have known these circumstances before he bought a single share.

What brought the global criticism from shareholders, customers and politics of Murdoch & Family at News Corp. was denied media wizard Leo Kirch for 10 years at Deutsche Bank. With Ferdinand Piëch, it just rolls off like rain on the nano-paint sealer:

When at MAN the election of top-earner Martin Winterkorn in the 2011 AGM agenda met with criticism from shareholders, the vote was changed slightly and stooges were elected, who in 2012 must give way to the candidate from 2011 - a clear signal that the non-elected are to call the shots in the meantime.

CalSTRS, the State Board of Florida & co. have announced 'no' votes for the upcoming VW AGM - sometimes they are against the election of a wife, sometimes they are desperately seeking the last independent directors, and sometimes it is just uncertainty about how a single person in 360 days can be worth €17 million, can earn it or even only ought to get it, and how this is related with a book-value profit of 5 billion in Porsche derivatives (fair value).

If the no votes are sent to the Volkswagen Annual General Meeting by simple box-ticking, then the Piëch Banana Republic has already won. Only if the shareholders have their voting participation confirmed have they a chance to know what happened. At MAN in 2011, without being noticed by shareholders more than half of the capital present was relegated to abstention. At VW it cannot be excluded that critical votes fail at the entrance stairs to the AGM forum - because the VW Law - no, the family patriarch - wants it that way. Grandpa's firm is nobody's business - right?

 

 

 

 

AGM Dates

 

Company	Date	Event	Place	Address	Start	Published on
DAX
BMW	16/05/2012	ord. AGM	80809 München	Coubertinplatz, in der Olympiahalle im Olympiapark	10:00	28/03/2012
	The Agenda for the ordinary AGM of Bayerische Motoren Werke AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Bayerische Motoren Werke AG earned balance-sheet profits of €1.507.93m last business year. The profits are to be fully paid out as dividend. Approval of the system of executive remuneration is to be decided.
Deutsche Börse	16/05/2012	ord. AGM	65929 Frankfurt	Pfaffenwiese, in der Jahrhunderthalle Frankfurt	10:00	28/03/2012
	The Agenda for the ordinary AGM of Deutsche Börse AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Deutsche Börse AG earned balance-sheet profits of €650.0m last business year. Of the profits, €605.44m is to be paid out as dividend and €44.56m allocated to reserves. Elections to the Supervisory Board are to be held. The existing Authorized Capital is to be replaced by a new one of €6m, with the possibility of excluding subscription rights. The remuneration of the Supervisory Board is to be re-regulated. Additionally, several charter amendments are to be decided.
Fresenius	11/05/2012	ord. AGM	60327 Frankfurt	Ludwig.erhard-Anlage 1, im Congress Center Messe Frankfurt	10:00	28/03/2012
	The Agenda for the ordinary AGM of Fresenius SE & Co. KGaA starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Fresenius SE & Co. KGaA earned balance-sheet profits of €454.82m last business year. Of the profits, €155.08m is to be paid out as dividend, €299.7m allocated to reserves and €0.04m carried forward to a new account. Approval of the system of executive remuneration is to be decided. Additionally, the company is to be authorized to issue option and convertible bonds, with the possibility of excluding subscription rights. For this, Conditional Capital of €16.32m is to be kept available. The company is to be authorized to purchase its own shares and use them, and to exclude subscription rights. Additionally, several charter amendments are to be decided.
FCM	10/05/2012	ord. AGM	60327 Frankfurt	Ludwig-Erhard-Anlage 1, im Congress Center Messe Frankfurt	10:00	28/03/2012
	The Agenda for the ordinary AGM of Fresenius Medical Care AG & Co. KGaA starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Fresenius Medical Care AG & Co. KGaA earned balance-sheet profits of €635.36m last business year. Of the profits, €209.93m is to be paid out as dividend and €425.43m carried forward to a new account. The Audit and Corporate Governance Committee is in future to consist exclusively of independent members. The company charter is to be amended accordingly.
adidas	10/05/2012	ord. AGM	90762 Fürth	Rosenstraße 50, in der Stadthalle Fürth	10:30	20/03/2012
	The Agenda for the ordinary AGM of adidas AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. adidas AG earned balance-sheet profits of €312.21m last business year. Of the profits, €209.22m is to be paid out as dividend and €103m carried forward to a new account. Approval of the system of executive remuneration is to be decided. Additionally, several charter amendments are to be decided.
Deutsche Post	09/05/2012	ord. AGM	65929 Frankfurt	Pfaffenwiese 301, in der Jahrhunderthalle Frankfurt	10:00	28/03/2012
	The Agenda for the ordinary AGM of Deutsche Post AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Deutsche Post AG earned balance-sheet profits of €1,520.09m last business year. Of the profits, €846.31m is to be paid out as dividend and €673.78m allocated to reserves. The authorization to purchase its own shares and use them, and to exclude subscription rights, is to be supplemented.
K+S	09/05/2012	ord. AGM	34119 Kassel	Holger-Börner-Platz 1, im Kongress Palais Kassel, Stadthalle	10:00	28/03/2012
	The Agenda for the ordinary AGM of K+S AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. K+S AG earned balance-sheet profits of €260.05m last business year. Of the profits, €248.82m is to be paid out as dividend and €11.23m carried forward to a new account. A confirmatory election of Dr. Bethke is to be held. The remuneration of the Supervisory Board is to be re-regulated. The shareholders are in future to be allowed to cast their votes in writing or by e-mail (postal vote). Additionally, several charter amendments are to be decided.
Deutsche Lufthansa	08/05/2012	ord. AGM	50679 Köln	Willy-Brandt-Platz1, in der LANXESS arena	10:00	20/03/2012
	The Agenda for the ordinary AGM of Deutsche Lufthansa AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Deutsche Lufthansa AG earned balance-sheet profits of €114.48m last business year. The profits are to be fully paid out as dividend. Additionally, a control and profit-transfer agreement between Deutsche Lufthansa AG and Eurowings GmbH is to be concluded. The object of the company is in future to be set as aviation at home and abroad and operation of businesses and institutions connected or related with aviation and its promotion. The remuneration of the Supervisory Board is to be re-regulated. Additionally, several charter amendments are to be decided.
Linde	04/05/2012	ord. AGM	81823 München	Messegelände, Internationales Congress Center München (ICM)	10:00	21/03/2012
	The Agenda for the ordinary AGM of Linde AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Linde AG earned balance-sheet profits of €427.65m last business year. The profits are to be fully paid out as dividend. Approval of the system of executive remuneration is to be decided. The existing Authorized Capital is to be replaced by a new one of €70m, with the possibility of excluding subscription rights. Additionally, a resolution on the creation of a conditional capital 2012 of €10.24m is to be taken, for issuing options to board members of Linde Aktiengesellschaft, members of management bodies of associated companies at home and abroad and selected management staff of Linde Aktiengesellschaft and associated companies at home and abroad in connection with a Long Term Incentive Plan 2012 on the basis of an authorization resolution. The Company is to be newly authorized to purchase its own shares and use them, with the possibility of excluding subscription rights. The existing authorization is to be suspended. Additionally, several charter amendments are to be decided.
HeidelbergCement	03/05/2012	ord. AGM	69117 Heidelberg	Neckarstaden 24, im Kongresshaus Stadthalle Heidelberg	10:00	22/03/2012
	The Agenda for the ordinary AGM of HeidelbergCement AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. HeidelbergCement AG earned balance-sheet profits of €70.18m last business year. Of the profits, €65.63m is to be paid out as dividend and €4.55m carried forward to a new account. A resolution amending §5(1) of the charter on shareholders' rights to registration of their shares is to be taken.
E.ON	03/05/2012	ord. AGM	45131 Essen	Norbertstraße 2, in der Grugahalle	10:00	21/03/2012
	The Agenda for the ordinary AGM of E.ON AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. E.ON AG earned balance-sheet profits of €1,905.47m last business year. The profits are to be fully paid out as dividend. The company is to be converted into a European Company (Societas Europaea, SE). In this connection elections to the Supervisory Board are to be held. It is in future to consist of twelve members. The existing Authorized Capital is to be replaced by a new one of €460m. In addition, the Company is to be authorized to issue option and convertible bonds, as well as participation rights and income bonds. For this, Conditional Capital of €175m is to be kept available. The existing authorization and the existing Conditional Capital (Conditional Capital 2010) are to be suspended. The Company is to be newly authorized to purchase its own shares and use them The existing authorization is thereby to be suspended. Additionally, several charter amendments are to be decided.
BASF SE	27/04/2012	ord. AGM	68161 Mannheim	Rosengartenplatz 2, im Congress Center Rosengarten	10:00	16/03/2012
	The Agenda for the ordinary AGM of BASF SE starts with the usual items, like presentation of annual accounts and discharge to the company bodies. BASF SE earned balance-sheet profits of €3,506.34m last business year. Of the profits, €2,296.2m is to be paid out as dividend and €1,210.15m allocated to reserves. The Board is to be authorized to buy own shares and use them, also for withdrawing own shares and reducing capital. The shareholders are in future to be allowed to cast their votes in writing or by e-mail, even without attending the AGM (amendment to charter §17).
Bayer	27/04/2012	ord. AGM	50679 Köln	Deutz-Mühlheimer-Straße 111, Congress-Centrum Koelnmesse, Eingang Nord, Halle 7	10:00	28/02/2012
	The Agenda for the ordinary AGM of Bayer AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Bayer AG earned balance-sheet profits of €1,364.46m last business year. The profits are to be fully paid out as dividend. Elections to the Supervisory Board are to be held. The remuneration of the Supervisory Board is to be re-regulated.
Beiersdorf	26/04/2012	ord. AGM	20355 Hamburg	Am Dammtor/Marseiller Straße, im Congress Centrum Hamburg	10:30	01/03/2012
	The Agenda for the ordinary AGM of Beiersdorf AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Beiersdorf AG earned balance-sheet profits of €176.4m last business year. Of the profits, €158.77m is to be paid out as dividend and €17.63m allocated to reserves. Elections to the Supervisory Board are to be held. Additionally, assent to the control and profit-transfer agreement between Beiersdorf AG and Beiersdorf Manufacturing Waldheim GmbH in favour of Beiersdorf AG is to be decided. Approval of the system of executive remuneration is to be decided.
Munich Re	26/04/2012	ord. AGM	81829 München	Am Messesee 6, im IMC - Internationales Congress Center München, Messegelände	10:00	15/03/2012
	The Agenda for the ordinary AGM of Münchener Rückversicherungs-Gesellschaft AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Münchener Rückversicherungs-Gesellschaft AG earned balance-sheet profits of €1,118.84m last business year. Of the profits, €1,109.87m is to be paid out as dividend and €8.88m carried forward to a new account. Approval of the system of executive remuneration is to be decided.
MAN SE	20/04/2012	ord. AGM	81823 München	in der Messe münchen, Messegelände (Eingang Ost)	10:00	01/03/2012
	The Agenda for the ordinary AGM of MAN SE starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Discharge to Mr Klaus Stahlmann is to be postponed. MAN SE earned balance-sheet profits of €373.74m last business year. Of the profits, €338.19m is to be paid out as dividend and €35.55m carried forward to a new account Elections to the Supervisory Board are to be held.
Merck	20/04/2012	ord. AGM	65929 Frankfurt	Pfaffenwiese 301, Jahrhunderthalle Frankfurt	10:00	08/03/2012
	The Agenda for the ordinary AGM of Merck KGaA starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Merck KGaA earned balance-sheet profits of €309.49m last business year. Of the profits, €96.93m is to be paid out as dividend and €212.56m carried forward to a new account. The remuneration of the management is to be re-regulated. Assent to the control and profit-transfer agreement between Merck KGaA and heipha Dr. Müller GmbH in favour of Merck KGaA is to be decided.
Volkswagen	19/04/2012	ord. AGM	20355 Hamburg	Marseiller Straße 2, im Congress Center Hamburg	10:00	12/03/2012
	The Agenda for the ordinary AGM of Volkswagen AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Volkswagen AG earned balance-sheet profits of €1,715.47m last business year. Of the profits, €1,405.91m is to be paid out as dividend, €300m allocated to reserves and €9.56m carried forward to a new account. Elections to the Supervisory Board are to be held.The existing Authorized Capital is to be replaced by a new one of €110m. The Company is to be newly authorized to purchase its own shares and use them. Additionally, several charter amendments are to be decided.
RWE	19/04/2012	ord. AGM	45131 Essen	Norbertstraße 2, in der Grugahalle	10:00	06/03/2012
	The Agenda for the ordinary AGM of RWE AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. RWE AG earned balance-sheet profits of €1,229.79m last business year. Of the profits, €1,228.89m is to be paid out as dividend and €0.89m carried forward to a new account.
Henkel	16/04/2012	ord. AGM	40474 Düsseldorf	Rotterdamer Straße 141, im Congress Center Düsseldorf, Eingang CCD-Stadthalle	10:00	08/03/2012
	The Agenda for the ordinary AGM of Henkel AG & Co. KGaA starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Henkel AG & Co. KGaA AG earned balance-sheet profits of €345.17m last business year. The profits are to be fully paid out as dividend. Elections to the Supervisory Board and the Partners Committee are to be held. Assent to an agreement amending the existing control and profit-transfer agreement between Henkel AG & CO. KGaA and Elch GmbH is to be decided. The remuneration of the Supervisory Board and the Partners Committee is to be re-regulated. Additionally, several charter amendments are to be decided.
Daimler	04/04/2012	ord. AGM	14055 Berlin	in der Messe Berlin, Sondereingang Ecke Masurenallee/Messedamm	10:00	22/02/2012
	The Agenda for the ordinary AGM of Daimler AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Daimler AG earned balance-sheet profits of €2,378.51m last business year. Of the profits, €2,345.96m is to be paid out as dividend and €32.55m allocated to reserves.Dr. Clemens Börsig is to be re~elected to the Supervisory Board.
MDAX
FUCHS PETROLUB	09/05/2012	ord. AGM	68161 Mannheim	Rosengartenplatz 2, in der m:con: mannheim congress GmbH (Rosengarten), Mozartsaal	10:00	28/03/2012
	The Agenda for the ordinary AGM of FUCHS PETROLUB AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. FUCHS PETROLUB AG earned balance-sheet profits of €132.84m last business year. Of the profits, €70.27m is to be paid out as dividend and €62.57m carried forward to a new account. Additionally, assent to the control and profit-transfer agreement between FUCHS PETROLUB AG and WISURA GMBH in favour of FUCHS PETROLUB AG is to be decided.
Hanover Re	03/05/2012	ord. AGM	30175 Hannover	Theodor-Heuss-Platz 1-3, im HCC Hannover Congress Centrum (Kuppelsaal)	11:00	23/03/2012
	The Agenda for the ordinary AGM of Hannover Rückversicherung AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Hannover Rückversicherung AG earned balance-sheet profits of €294m last business year. Of the profits, €253.25m is to be paid out as dividend and €40.75m carried forward to a new account. Approval of the system of executive remuneration is to be decided. Elections to the Supervisory Board are to be held. The conversion of Hannover Rückversicherungs AG into a European Company (Societas Europaea, SE) is to be decided.
HOCHTIEF	03/05/2012	ord. AGM	45131 Essen	Norbertstraße, im Congress Center Essen, Eingang West	10:30	21/03/2012
	The Agenda for the ordinary AGM of HOCHTIEF AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. The balance-sheet profits of €6.92m are to be fully carried forward to a new account. Approval of the system of executive remuneration is to be decided. The Company is to be newly authorized to purchase its own shares, with the possibility of excluding a right to purchase, and to use them even excluding statutory subscription rights of shareholders, and to cancel repurchased shares and reduce capital. The existing authorization is to be suspended. Additionally, several charter amendments are to be decided.
HUGO BOSS	03/05/2012	ord. AGM	70629 Stuttgart	im Internationalen Congresszentrum Stuttgart ICS, Messepiaza, Saal C1	10:00	22/03/2012
	The Agenda for the ordinary AGM of HUGO BOSS AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. HUGO BOSS AG earned balance-sheet profits of €203.1m last business year. Of the profits, €199.1m is to be paid out as dividend and €3.99m carried forward to a new account. The conversion of bearer shares into registered shares is to be decided. Additionally, a special resolution of ordinary shareholders on assent to the conversion of preference shares into ordinary shares with suspension of the preference is to be taken. Additionally, several charter amendments are to be decided.
MTU	03/05/2012	ord. AGM	85716 Unterschleißheim	Andreas-Danzer-Weg 1, im Dolce Munich Unterschleissheim Ballhausforum	10:00	23/03/2012
	The Agenda for the ordinary AGM of MTU Aero Engines Holding AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. MTU Aero Engines Holding AG earned balance-sheet profits of €61.18m last business year. Of the profits, €60.76m is to be paid out as dividend, and €0.42m allocated to reserves.
Continental	27/04/2012	ord. AGM	30175 Hannover	Theodor-Heuss-Platz 1-3, im Kuppelsaal des Hannover Congress Centrums	10:00	21/03/2012
	The Agenda for the ordinary AGM of Continental AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Continental AG earned balance-sheet profits of €508.49m last business year. Of the profits, €300.01m is to be paid out as dividend and €208.48m carried forward to a new account. The existing Authorized Capital is to be replaced by a new one of €70m, with the possibility of excluding subscription rights. The conditional capitals, conditional capital I of €111.5m and conditional capital II of €37,5m, are to be suspended. In addition, the Company is to be authorized to issue option and convertible bonds, with the possibility of excluding subscription rights. For this, Conditional Capital of €51m (Conditional Capital 2012) is to be kept available. The existing authorization to issue option and convertible bonds is to be suspended. The remuneration of the Supervisory Board is to be re-regulated. Additionally, several charter amendments are to be decided.
Dürr	27/04/2012	ord. AGM	74321 Bietigheim-Bissingen	Carl-Benz-Straße 34, im Foyer des Verwaltungsgebäudes der Dürr Aktiengesellschaft	11:00	19/03/2012
	The Agenda for the ordinary AGM of Dürr AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Dürr AG earned balance-sheet profits of €76.96m last business year. Of the profits, €20.76m is to be paid out as dividend and €56.2m carried forward to a new account. Elections to the Supervisory Board are to be held.
DEUTZ	26/04/2012	ord. AGM	50679 Köln	Deutz-Mühlheimer Straße 51, im Congress-Centrum Ost der Koelmesse, haupteingang Osthallen	10:00	16/03/2012
	The Agenda for the ordinary AGM of DEUTZ AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Additionally, assent to the control and profit-transfer agreement between DEUTZ AG and DEUTZ Asien Verwaltungs GmbH in favour of DEUTZ AG is to be decided.
Gerresheimer	26/04/2012	ord. AGM	40474 Düsseldorf	Stockumer Kirchstraße 61, im Congress Center Düsseldorf (CCD Ost), Raum L, M, R	10:00	16/03/2012
	The Agenda for the ordinary AGM of Gerresheimer AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Gerresheimer AG earned balance-sheet profits of €34.77m last business year. Of the profits, €18.84m is to be paid out as dividend and €15.93m carried forward to a new account. Elections to the Supervisory Board are to be held. The existing Authorized Capital is to be replaced by a new one of €15.7m, with the possibility of excluding subscription rights. Additionally, the company is to be newly authorized to issue option and convertible bonds. For this, Conditional Capital of €6.28m is to be kept available. Die bestehende Ermächtigung sowie das bestehende Bedingte Kapital soll aufgehoben werden. Additionally, several charter amendments are to be decided.
Axel Springer	25/04/2012	ord. AGM	10888 Berlin	Axel-Springer-Straße 65, im Axel Springer Haus	10:00	14/03/2012
	The Agenda for the ordinary AGM of Axel Springer AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Axel Springer AG earned balance-sheet profits of €168.2m last business year. Of the profits, €167.63m is to be paid out as dividend and €0.57m allocated to other reserves.
PUMA SE	24/04/2012	ord. AGM	91074 Herzogenaurach	PUMA Way 1, im PUMA Brand Center	13:30	12/03/2012
	The Agenda for the ordinary AGM of PUMA SE starts with the usual items, like presentation of annual accounts and discharge to the company bodies. PUMA SE earned balance-sheet profits of €95m last business year. Of the profits, €29.87m is to be paid out as dividend and €65.13m carried forward to a new account. Elections to the Administrative Board are to be held. The remuneration of the Administrative Board is to be re-regulated. The existing Conditional Capital is to be cancelled. The existing Authorized Capital is to be replaced by a new one of €7.5m. The existing Authorized Capital II is to be replaced by a new one of €7.5m. Additionally, several charter amendments are to be decided.
GEA Group	24/04/2012	ord. AGM	46045 Oberhausen	Düppelstraße 1, im Kongresszentrum Luise-Albertz-Halle	10:00	13/03/2012
	The Agenda for the ordinary AGM of GEA Group Aktiengesellschaft starts with the usual items, like presentation of annual accounts and discharge to the company bodies. GEA Group Aktiengesellschaft earned balance-sheet profits of €101.37m last business year. Of the profits, €101.09m is to be paid out as dividend and €0.27m carried forward to a new account. Approval of the system of executive remuneration is to be decided. Assent to the control and profit-transfer agreement between GEA Group Aktiengesellschaft and GEA Beteiligungsgesellschaft II mbH, and to the control and profit-transfer agreement between GEA Group Aktiengesellschaft and GEA Convenience-Food Technologie GmbH in favour of GEA Group Aktiengesellschaft, is to be decided. Elections to the Supervisory Board are to be held. The Authorized Capital of €77m is to be renewed. The existing conditional capital of €40.83m is to be created, to grant conversion rights to the existing shareholders of the former GEA AG to terminate the pending judicial proceedings. The existing Conditional Capital is to be cancelled. Additionally, several charter amendments are to be decided.
Sky Deutschland	03/04/2012	ord. AGM	80339 München	Theresienhöhe 15, in der alten Kongresshalle	10:00	23/02/2012
	The Agenda for the ordinary AGM of Sky Deutschland AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. By-elections to the Supervisory Board are to be held. The existing Authorized Capital is to be replaced by a new one of €389.45m, with the possibility of excluding subscription rights.A resolution on extension of the new authorized capital 2012 to facilitate the issuance of shares against contributions in kind and for the acquisition of loans to the company from corporate loans with authorization for partial exclusion of subscription rights is to be taken. In addition, the Company shall again be authorized to issue option and convertible bonds, with the authorization to exclude subscription rights. For this, a Conditional Capital of €335.54 million is to be kept available. The resolution of 15 April 2011 on an authorization for the Board to issue convertible and / or option bonds, and Conditional Capital 2011, will be repealed. . Additionally, several charter amendments are to be decided.
TecDAX
Drägerwerk	04/05/2012	ord. AGM	23554 Lübeck	Willy-Brandt-Allee 10, in der Lübecker Musik- und Kongresshalle	10:00	21/03/2012
	The Agenda for the ordinary AGM of Drägerwerk AG & Co. KGaA starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Drägerwerk AG & Co. KGaA earned balance-sheet profits of €158.22m last business year. Of the profits, €2.53m is to be paid out as dividend and €155.69m carried forward to a new account. The Company is to be authorized to purchase its own shares and use them, with the possible exclusion of tender rights on purchase and of subscription rights on sale.
Software AG	04/05/2012	ord. AGM	64283 Darmstadt	Schlossgraben 1, im darmstadtium - Wissenschafts- und Kongresszentrum	10:00	28/03/2012
	The Agenda for the ordinary AGM of Software AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Software AG earned balance-sheet profits of €195.61m last business year. Of the profits, €39.91m is to be paid out as dividend, €1.97m allocated to reserves and €153.74m carried forward to a new account. The existing conditional capital of €0.750 million is to be reduced to €0.055 million. In addition, the conditional capital for issuing stock options to board members and executives is to be increased by €8.68 million. Additionally, assent to the amendment of the control and profit-transfer agreements between Software AG and SAG Deutschland GmbH, SAG Consulting GmbH and IDS Scheer Consulting GmbH is to be decided. The remuneration of the Supervisory Board is to be re-regulated. Additionally, several charter amendments are to be decided. .
PSI	03/05/2012	ord. AGM	10623 Berlin	Fasanenstraße 85, Im Konferenzzentrum im Ludwig Erhard Haus	10:00	23/03/2012
	The Agenda for the ordinary AGM of PSI AG für Produkte und Systeme der Informationstechnologie starts with the usual items, like presentation of annual accounts and discharge to the company bodies. PSI AG für Produkte und Systeme der Informationstechnologie earned balance-sheet profits of €6.11m last business year. Of the profits, €3.92m is to be paid out as dividend and €2.19m allocated to reserves.

 

 

 

 

Director's Dealings

 

Company	Person	Function	Buying/ Selling	Total value in Euros	Number of shares	Date
adidas	Christian Tourres	SB	S	2.962.320	49.372	15.03.2012
Brenntag	Dr. Andreas Rittstieg	SB	B	40.070	452	26.03.2012
Deutsche Telekom	Dr. Manfred Wilhelm Balz	AB	B	81.396	9.000	21.03.2012
ElringKlinger	Theo Becker	AB	B	67.375	3.000	12.03.2012
FMC	Rolf A. Classon	SB	B	195.705	2.857	23.03.2012
FMC	Dr. Walter L. Weisman	SB	B	136.340	2.000	09.03.2012
FMC	Dr. Ben J. Lipps	AB Chair	S	3.731.571	70.935	06.03.2012
FUCHS PETROLUB	Lieselotte Fuchs		S	1.241.310	30.000	19.03.2012
GERRY WEBER	R + U Weber GmbH & Co. KG		B	582.000	20.000	19.03.2012
HeidelbergCement	Kötitzer Leder- und Wachstuch-Werke		B	14.572.447	335.616	20.03.2012
HeidelbergCement	Merckle Service GmbH		S	14.559.022	335.616	20.03.2012
Henkel	Christoph Henkel		S	5.250.000	100.000	13.03.2012
Klöckner & Co	Dr. Michael Rogowski	SB	S	49.725	1	21.03.2012
KRONES	Schawei GmbH		B	381.440	10.000	22.03.2012
LANXESS	Axel Heitmann	AB	B	1.325.940	22.000	22.03.2012
METRO	Frans W. H. Muller	AB	B	76.750	2.500	20.03.2012
METRO	Olaf Koch	AB Chair4	B	597.560	20.000	21.03.2012
Munich Re	Wolfgang Mayrhuber	SB	B	70.339	620	15.03.2012
ProSieben	Conrad Albert	AB	S	812.700	42.000	02.03.2012
ProSieben	Thomas Ebeling	AB-Chef	S	7.483.991	385.203	02.03- 16.03.2012
ProSieben	Axel Salzmann	SB	S	1.161.000	60.000	02.03.2012
ProSieben	Dr. Christian Wegner	AB	S	812.700	42.000	02.03.2012
QSC	Jürgen Hermann	AB	Exercise of option	54.776	25.000	21.03.2012
SGL CARBON	Theodore H. Breyer	AB	S	15.750	5.000	23.03.2012

 

 

 

VIPsight Shareholders

in March

Shares held by capital investment companies:

*Changes from previous month, percent

VIPsight Shareholder ID <click here>

 

 

 

 

Newsletter Capital

 

Company	ISIN	gez. Kap.	not. Kap.	Datum Eintrag
adidas AG -reg-	DE000A1EWWW0	209.216.186,00		31.12.2011
Allianz SE -reg-	DE0008404005	455.300.000,00		31.12.2011
BASF SE -reg-	DE000BASF111	918.478.694,00		31.12.2011
Bayer AG -reg-	DE000BAY0017	826.947.808,00		31.12.2011
Bayerische Motoren Werke AG -com-	DE0005190003	601.995.196,00		31.12.2011
Beiersdorf AG -com-	DE0005200000	252.000.000,00		31.12.2011
Commerzbank AG -com-	DE0008032004	5.594.109.009,00		20.03.2012
Daimler AG -reg-	DE0007100000	1.066.383.882,00		30.03.2012
Deutsche Bank AG -reg-	DE0005140008	929.499.640,00		31.12.2011
Deutsche Börse AG -reg-	DE0005810055	193.000.000,00		17.02.2012
Deutsche Lufthansa AG -reg-	DE0008232125	457.937.572,00		31.12.2011
Deutsche Post AG -reg-	DE0005552004	1.209.015.874,00		31.12.2011
Deutsche Telekom AG -reg-	DE0005557508	4.321.319.206,00		31.12.2011
E.ON AG -reg-	DE000ENAG999	2.001.000.000,00		31.12.2011
Fresenius Medical Care AG & Co. KGaA -com-	DE0005785802	300.247.424,00		31.03.2012
Fresenius SE & Co. KGaA -com-	DE0005785604	163.334.670,00		29.03.2012
HeidelbergCement AG -com-	DE0006047004	187.500.000,00		31.12.2011
Henkel AG & Co. KGaA -pfd-	DE0006048432	178.162.875,00		31.12.2011
Infineon Technologies AG -reg-	DE0006231004	1.086.745.835,00		30.09.2011
K+S AG -reg-	DE000KSAG888	191.400.000,00		31.12.2011
Linde AG -com-	DE0006483001	171.061.401,00		31.12.2011
MAN SE -com-	DE0005937007	140.974.350,00		31.12.2011
Merck KGaA -com-	DE0006599905	64.621.125,00		31.12.2011
METRO AG -com-	DE0007257503	324.109.563,00		31.12.2011
Münchener Rückversicherungs-Gesellschaft AG -reg-	DE0008430026	179.341.212,00		31.12.2011
RWE AG -com-	DE0007037129	575.745.499,00		31.12.2011
SAP AG -com-	DE0007164600	1.228.339.598,00		29.02.2012
Siemens AG -reg-	DE0007236101	914.203.421,00		30.09.2011
Thyssen Krupp AG -com-	DE0007500001	514.489.044,00		30.09.2011
Volkswagen AG -pfd-	DE0007664039	170.142.778,00		31.12.2011

 

 

 

 

 

Newsletter Shareholder

 

Company	Akt.art	Ant.akt.(%)	Aktionär	Akt.art	Ant.vgl.(%)	Aktionär
adidas AG	St	5,04	BlackRock, Inc.	St	5,04	BlackRock, Inc.
	St	5,03	Thornburg Investment Management Inc.	St	5,03	Thornburg Investment Management Inc.
	St	5,01	Capital Research and Management Company	St	5,01	Capital Research and Management Company
	St	2,00	Management	St	2,90	Aberdeen Asset Management PLC
				St	1,92	Aufsichtsrat
				St	1,00	Vorstand
Allianz SE	St	5,03	BlackRock, Inc.	St	5,03	BlackRock, Inc.
	St	0,60	eigene Anteile	St	0,62	eigene Anteile
BASF SE	St	6,96	BlackRock, Inc.	St	5,35	BlackRock, Inc.
Bayer AG	St	9,97	Capital Research and Management Company	St	9,97	Capital Research and Management Company
	St	5,03	BlackRock, Inc.	St	5,03	BlackRock, Inc.
				St	2,95	Capital World Growth and Income Fund, Inc.
				St	2,76	Société Générale S.A.
Bayerische Motoren Werke AG	St	17,40	Stefan Quandt GmbH & Co. KG für Automobilwerte	St	17,40	Stefan Quandt GmbH & Co. KG für Automobilwerte
	St	16,70	Johanna Quandt	St	16,70	Johanna Quandt
	St	12,60	Susanne Klatten GmbH & Co. KG für Automobilwerte	St	12,56	Susanne Klatten GmbH & Co. KG für Automobilwerte
	St	3,05	BlackRock, Inc.	St	3,05	BlackRock, Inc.
Beiersdorf AG	St	50,89	maxingvest ag	St	50,47	maxingvest ag
	St	9,99	eigene Anteile	St	9,99	eigene Anteile
				St	2,75	Capital Research and Management Company
Commerzbank AG	St	25,00	Bundesrepublik Deutschland	St	25,00	Bundesrepublik Deutschland
	St	3,07	BlackRock, Inc.	St	4,85	Allianz SE
	St	2,84	Allianz SE	St	3,07	BlackRock, Inc.
	St	0,79	eigene Anteile	St	1,11	Assicurazioni Generali S.p.A.
	St	0,14	SILAG AG	St	0,79	eigene Anteile
				St	0,78	UBS AG
				St	0,59	Credit Suisse AG
				St	0,46	Citigroup Inc.
				St	0,32	JPMorgan Chase & Co.
				St	0,14	SILAG AG
				St	0,10	HSBC Holdings plc
				St	0,04	Goldman Sachs Group, Inc.
				St	0,01	ING Groep N.V.
Daimler AG	St	6,90	Kuwait Investment Authority	St	6,90	Kuwait Investment Authority
	St	5,72	BlackRock, Inc.	St	5,72	BlackRock, Inc.
	St	3,10	Capital Research and Management Company	St	3,10	Capital Research and Management Company
	St	3,10	Renault S. A.	St	3,10	Renault S. A.
	St	3,07	International Petroleum Investment Company (IPIC)	St	3,07	International Petroleum Investment Company (IPIC)
	St	1,13	DekaBank Deutsche Girozentrale
	St	0,10	The Goldman Sachs Group, Inc.
	St	0,07	Deutsche Bank AG
Deutsche Bank AG	St	5,14	BlackRock, Inc.	St	5,14	BlackRock, Inc.
	St	3,86	Credit Suisse Group AG	St	3,86	Credit Suisse Group AG
	St	2,99	Capital Research and Management Company	St	2,99	Capital Research and Management Company
	St	2,60	eigene Anteile	St	2,73	eigene Anteile
	St	0,06	Dr. Josef Ackermann	St	0,06	Dr. Josef Ackermann
	St	0,06	Anshuman Jain	St	0,05	Anshuman Jain
	St	0,02	Jürgen Fitschen	St	0,02	Jürgen Fitschen
	St	0,01	Rainer Neske	St	0,01	Rainer Neske
	St	0,01	Dr. Clemens A.H. Börsig	St	0,01	Dr. Clemens A.H. Börsig
	St	0,01	Dr. Hugo Bänziger	St	0,01	Dr. Hugo Bänziger
	St	0,01	Hermann-Josef Lamberti	St	0,01	Hermann-Josef Lamberti
Deutsche Börse AG	St	5,64	BlackRock, Inc.	St	5,01	BlackRock, Inc.
	St	4,94	eigene Anteile	St	4,94	eigene Anteile
	St	3,09	Capital Research and Management Company	St	3,09	Capital Research and Management Company
	St	2,96	Franklin Mutual Advisers, LLC	St	2,96	Franklin Mutual Advisers, LLC
	St	2,92	Sun Life Financial Inc.	St	2,92	Sun Life Financial Inc.
Deutsche Lufthansa AG	St	5,00	Templeton Global Advisors Limited	St	5,08	BlackRock, Inc.
	St	4,97	BlackRock, Inc.	St	5,00	Templeton Global Advisors Limited
	St	2,80	AXA S.A.	St	2,80	AXA S.A.
Deutsche Post AG	St	30,50	KfW - Kreditanstalt für Wiederaufbau	St	30,50	KfW - Kreditanstalt für Wiederaufbau
	St	3,18	BlackRock, Inc.	St	3,18	BlackRock, Inc.
Deutsche Telekom AG	St	17,00	KfW - Kreditanstalt für Wiederaufbau	St	17,00	KfW - Kreditanstalt für Wiederaufbau
	St	15,00	Bundesanstalt für Post und Deutsche Telekom	St	15,00	Bundesanstalt für Post und Deutsche Telekom
	St	4,44	The Blackstone Group L.P.	St	4,44	The Blackstone Group L.P.
	St	3,34	BlackRock, Inc.	St	3,34	BlackRock, Inc.
	St	0,54	Deutsche Bank AG
E.ON AG	St	5,91	Staat Norwegen	St	5,91	Staat Norwegen
	St	5,01	BlackRock, Inc.	St	5,01	BlackRock, Inc.
	St	4,78	eigene Anteile	St	4,78	eigene Anteile
Fresenius Medical Care AG & Co. KGaA	St	31,30	Fresenius SE & Co. KGaA	St	30,33	Fresenius SE & Co. KGaA
	St	5,00	BlackRock, Inc.	St	5,00	BlackRock, Inc.
	St	3,76	Thornburg Investment Management Inc.	St	3,76	Thornburg Investment Management Inc.
	Vz	100,00	Streubesitz (= 100% der Vorzugsaktien)	Vz	100,00	Streubesitz (= 100% der Vorzugsaktien)
Fresenius SE & Co. KGaA	St	28,71	Else Kröner-Fresenius-Stiftung	St	28,85	Else Kröner-Fresenius-Stiftung
	St	5,04	BlackRock, Inc.	St	5,04	BlackRock, Inc.
	St	4,26	Allianz SE	St	4,26	Allianz SE
				St	1,77	Skandinaviska Enskilda Banken AB
HeidelbergCement AG	St	25,11	Ludwig Merckle	St	25,89	Ludwig Merckle
	St	5,12	Arnhold and S. Bleichroeder Holdings, Inc.	St	5,12	Arnhold and S. Bleichroeder Holdings, Inc.
	St	5,03	BlackRock, Inc.	St	5,03	BlackRock, Inc.
	St	2,95	Artisan Partners Limited Partnership	St	2,95	Artisan Partners Limited Partnership
				St	0,02	Pommersche Provinzial-Zuckersiederei AG
Henkel AG & Co. KGaA	St	53,17	Familie Henkel	St	53,12	Familie Henkel
	Vz	2,13	eigene Anteile	Vz	2,26	eigene Anteile
Infineon Technologies AG	St	9,82	Dodge & Cox	St	9,82	Dodge & Cox
	St	5,08	BlackRock, Inc.	St	5,08	BlackRock, Inc.
	St	5,06	Capital Research and Management Company	St	5,06	Capital Research and Management Company
	St	3,06	EuroPacific Growth Fund, Inc.	St	3,06	EuroPacific Growth Fund, Inc.
	St	3,01	Odey Asset Management LLP	St	3,01	Odey Asset Management LLP
K+S AG	St	9,88	Meritus Trust Company Limited	St	9,88	Meritus Trust Company Limited
	St	5,46	BlackRock, Inc.	St	5,46	BlackRock, Inc.
	St	3,00	Prudential plc	St	3,00	Prudential plc
	St	2,99	Capital Research and Management Company	St	2,99	Capital Research and Management Company
				St	2,54	Credit Suisse Group AG
Linde AG	St	5,13	Sun Life Financial Inc.	St	5,13	Sun Life Financial Inc.
	St	5,02	BlackRock, Inc.	St	5,02	BlackRock, Inc.
	St	4,94	Capital Research and Management Company	St	4,94	Capital Research and Management Company
				St	2,97	Allianz SE
MAN SE	St	55,90	Volkswagen AG	St	55,90	Volkswagen AG
	St	4,15	BlackRock, Inc.	St	4,15	BlackRock, Inc.
Merck KGaA	St	9,56	Sun Life Financial Inc.	St	9,56	Sun Life Financial Inc.
	St	5,13	Templeton Investment Counsel, LLC	St	5,13	Templeton Investment Counsel, LLC
	St	5,06	BlackRock, Inc.	St	5,06	BlackRock, Inc.
	St	5,06	Templeton Global Advisors Limited	St	5,06	Templeton Global Advisors Limited
	St	4,48	Deutsche Bank AG	St	4,48	Deutsche Bank AG
	St	2,99	Capital Research and Management Company	St	4,48	FIL Limited
	St	0,96	Barclays plc	St	2,99	Capital Research and Management Company
				St	2,88	Credit Suisse Group AG
				St	0,96	Barclays plc
METRO AG	St	50,01	Stimmrechtsbündelung Haniel/Schmidt-Ruthenbeck	St	50,01	Stimmrechtsbündelung Haniel/Schmidt-Ruthenbeck
	St	9,97	Gesellschafterstamm Beisheim	St	9,97	Gesellschafterstamm Beisheim
Münchener Rückversicherungs-Gesellschaft AG	St	10,24	Warren E. Buffett	St	10,24	Warren E. Buffett
	St	6,15	BlackRock, Inc.	St	6,15	BlackRock, Inc.
	St	3,04	People's Bank of China / State Administration of Foreign Exchange (SAFE)	St	3,04	People's Bank of China / State Administration of Foreign Exchange (SAFE)
	St	1,00	eigene Anteile	St	0,79	eigene Anteile
RWE AG	St	16,09	RW Energie-Beteiligungsgesellschaft mbH & Co. KG	St	16,09	RW Energie-Beteiligungsgesellschaft mbH & Co. KG
	St	13,00	Privataktionäre	St	14,00	Privataktionäre
	St	5,01	BlackRock, Inc.	St	5,01	BlackRock, Inc.
	St	3,01	Mondrian Investment Partners Limited	St	3,01	Mondrian Investment Partners Limited
	St	0,08	Belegschaftsaktionäre	St	2,93	Société Générale S.A.
	St	0,05	eigene Anteile	St	1,00	Belegschaftsaktionäre
				St	0,05	eigene Anteile
SAP AG	St	9,90	Prof. Hasso Plattner	St	9,96	Prof. Hasso Plattner
	St	9,20	Dr. Dietmar Hopp	St	9,20	Dr. Dietmar Hopp
	St	9,00	Dr. Klaus Tschira	St	9,00	Dr. Klaus Tschira
	St	5,02	BlackRock, Inc.	St	5,02	BlackRock, Inc.
	St	3,73	Deutsche Bank Trust Company Americas	St	3,73	Deutsche Bank Trust Company Americas
	St	3,08	eigene Anteile	St	3,19	eigene Anteile
Siemens AG	St	6,00	Siemens (Familie)	St	6,00	Siemens (Familie)
	St	5,01	BlackRock, Inc.	St	5,01	BlackRock, Inc.
	St	4,37	eigene Anteile	St	4,37	eigene Anteile
	St	2,39	DIC Company Limited	St	0,83	UBS AG
	St	0,83	UBS AG	St	0,01	Aufsichtsrat
	St	0,01	Aufsichtsrat	St	0,01	Vorstand
	St	0,01	Vorstand
ThyssenKrupp AG	St	25,33	Alfried Krupp von Bohlen und Halbach-Stiftung	St	25,33	Alfried Krupp von Bohlen und Halbach-Stiftung
	St	5,06	BlackRock, Inc.	St	5,06	BlackRock, Inc.
	St	3,06	Franklin Mutual Advisers, LLC	St	3,06	Franklin Mutual Advisers, LLC
	St	2,50	Norges Bank (norwegische Zentralbank)	St	2,50	Norges Bank (norwegische Zentralbank)
Volkswagen AG	St	50,73	Porsche Automobil Holding SE	St	53,13	Porsche GmbH
	St	20,00	Land Niedersachsen	St	20,00	Land Niedersachsen
	St	17,00	State of Qatar	St	17,00	State of Qatar
	St	2,37	Porsche GmbH

 

 

 

 

Newsletter Management

 

Newsletter Management <click here>