Our Sponsors

VIPCoFCCGBroadridgeLink Market Services GmbHAHEADhermesDP DHLK+SSAPGeorgesonSuedzuckerWacker Chemie AGThomson ReutersEQS Group



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


VIPsight - May 2014



Deutsche Bank is doubling its maximum to ease the variable in remuneration

In the call for the shareholders’ meeting of May 22, Deutsche Bank shareholders are being asked to increase the ceiling of the variable component of pay-out for the Board of Directors and for the employees and office bearers of the subsidiary companies. At the same time, the basic salaries of highly paid employees should also rise in order to enabled payment of the guaranteed amounts in accordance with the regulations concerning the steepest bonuses. This will increase the basic remuneration of employees who earn double their fixed salary through the sliding scale.  From January 2014  bonuses paid in Germany by banks must not exceed the annual salary, a ruling passed by the EU in 2013 in a move to level out the excesses in pay structures noted in bank boardrooms. In certain conditions,  bonuses can amount to double the basic pay if shareholders expressly allow it. The bank points out that the new rule will not generate an automatic increase in bonuses and that its sole intention is to make its margins for decision more flexible. An investigation carried out by the regulator (BaFin) reveals that the majority of banks do not toe the line on the new limits on bonuses.

Scania shareholders spurn Volkswagen’s offer as too poor

On April 23, Alecta, with its 2.04 percent stake in Scania is the company’s third largest shareholder after Volkswagen and its subsidiary MAN, rejected the offer of 200 Swedish Kroner per share or a total of 6.7 thousand million Euros as inadequate. VW declined to comment on the Swedish pension fund’s announcement. Several Scania shareholders  turned the offer down as insufficient whereas others were willing to accept it. The Swedish ‘No’ faction now counts 4.8 percent and includes AMF, Skandia, AP 4 and Investor AB. Swedbank Robur, with its 1.87% stake is Scania’s fourth largest shareholder and  could  now play a crucial role in reversing the situation in favour of the VW bid. It holds 0.34% of votes and has not yet made its decision known. If Swedbank Robur were to reject the offer, Volkswagen would find itself in troubled waters. The bid was conditional on the VW group counting on 90% of Scania shares by 5pm on April 25. The lack of success induced VW to extend the validity of its bid until May 16, while the media reports that VW has no intention of increasing its offer.


YOC: upswing in mobile advertising

YOC AG, provider of mobile advertising, is viewing 2014 in an upbeat light. The restructuring launched by the new CEO Dirk Kraus is beginning to take effect, although the Prime Standard listed company’s turnover for 2013  was some 26 million Euros – a trading deficit of 41%. According to the company, this was mainly due to having sold off the Mobile Technology division and hence having its turnover for the first half-year only to consolidate. EBITDA , too, is running a deficit of 4.5 million Euros which, however, is a 6% improvement on last year’s  figure.

The Media business area that was invoicing less, by contrast has benefitted from the restructuring and has produced an increased EBT over 2012. The company is forecasting better results in 2014 accompanied by the development of new products, cost cuttings and a positive approach to tackling sales issues. The development of new technologies and new products will mainly take place in the area of Programmatic Selling and audience targeting. Management intends making the definitive results available in due course.

Nanogate: precious shell, sturdy core

On the crest of the wave of 2013’s record turnover and profit, Entry-standard listed Nanogate is setting itself new sales targets and forecasts enhancing its profitability. After a 30 percent increase in sales to 53 million Euros and an EBITDA up by more than 8 percent, dividends, too, will grow by 10 percent this year – the company is suggesting 0.11 Euros.

Management of this specialist in surface rendering intends to continue in this growth trend in 2014. A company communiqué issued together with the publication of the year-end accounts points to improved profitability, a healthy order book, and breaking into new export markets as the secrets of success for ushering in the next phase of growth. The medium term aim is to invoice 100 million Euros. Its quota of 49% of in house equity and a mere 1.2 million Euros of debt leaves Nanogate well placed to continue its growth. Last year, the company also took on more staff; it presently counts 360 employees.