VIPsight - December 2013
COMPANIES
Jungheinrich: forecast corrected
S-Dax-listed fork-lift truck manufacturer Jungheinrich AG, has revised its earnings forecast downwards for the current year. Delayed production start-up in the new Bavarian factory at Degernpoint and weak market conditions are blamed as management resets its sights downward forecasting earnings of between 165 and 170 million Euros instead of the initial 165 to 175 million. Delay in the new factory start-up in September meant that fewer vehicles than expected were produced for a European market already sluggish. Income from the German market between January and September even dropped two percent compared to last year
Recovery of the Chinese market, however, should favour the demand for Jungheinrich in Asia.. Business in the USA is also expected to show substantial growth.
Jungheinrich is upbeat about its prospects for 2014, confident of an upswing in the worldwide economy and expects that a number of strategically placed investment initiatives will pay off and create the conditions for riding high on the market’s renewed buoyancy.
Hess: Scandal much worse.
The scandal surrounding the accounts of lighting manufacturer Hess AG is looming even larger than thought. Up to now, the sum mentioned for the fraud was set in excess of 26 million Euros. The receivers, however, now put the figure at over 45 million. The webpage of Hess AG, until last year a stock-market listed company, now features an exhaustive auditor’s report giving minute details of all the fraudulent entries prior to the IPO.
According to this source, the total value of the false invoices was approximately 26 million Euros, to which, says the auditor, must be added to current business in which the self same machinery was bought and sold a number of times within the group with the profit posted on Hess AG’s accounts. Furthermore, the losses that were to be expected from transactions with subsidiary companies were not posted properly.
The two members of the Board of Managenìment, Christoph Hess and Peter Ziegler continue to deny the charges. The company receiver Volker Grube has decided to sue the two former Board members for damages as soon as the receivership period is over. In his experience, years will go by before a sentence is handed down. The lighting company was listed in Autumn 2012 with some 36 million Euros; four months later, it was obliged to declare bankruptcy in the stock exchange. after publishing fraudulent accounts
SGL: following in same-name footsteps
SGL Carbon SE, MDax listed manufacturer of carbon products has appointed Jürgen Köhler to succeed Robert Koehler who has chaired the Board of Directors for many years. After twenty years Koehler senior is retiring from his post as CEO for reasons of age. He is considered one of Germany’s top managers for the length of time serving the same company. Jürgen Köhler was appointed to the Board of Directors in June 2013 after having covered a series of management positions since 2002. His task is to continue to implement and develop company strategy.
Simultaneously, it was decided to reduce the Board of Directors from five members to three. Theodore H. Breyer left the Board last October, he too for reasons of age, and Armin Bruch has reached agreement with the company to resign also.
From next year, the Board of Directors will be composed of the Chair, Jürgen Köhler, CFO Jürgen Muth and Gerd Wingefeld.
The German Mittelstand
Exporting to emerging countries
The German Mittelstand needs to do more to meet clients’ needs.
Germany is one of the world’s leading exporting nations. In point of fact, this drive to export serves to make up for the occasional period of slack when there is a downturn in the domestic market. Be that as it may, it also stirs up envy about the German economy in certain quarters. Only recently did the United States Secretary for Trade feel the need to complain to Germany for having produced too high a trade surplus. Germany’s trading clout was becoming a threat to European stability not to mention the global economy.
Small- and medium-size companies who sell to emerging countries, however, do have to take care. A study carried out by company advisor Roland Berger reveals that they run the very real risk of developing products that their destination has no use for. From a survey conducted over 200 financial experts of small- to medium-sized companies with a turnover of 6 thousand million Euros or less, it emerged that only one in four claimed to know the details of the needs of their clients in emerging countries. This is indeed surprising because emerging countries are acknowledged by experts to having become an important mainstay of the German economy. Every manufacturer ought to know the needs of their customers – especially those in important markets.
That makes it comforting to know that many companies interviewed acknowledge the problem and have begun to implement concrete measures to resolve it. 71 percent affirm that they are close to completing a new portfolio of products that better responds to future needs and, furthermore, to be exploring new avenues of growth. More still are those who state that they have set increasing efficiency within their production process as their top priority.
The study also provides an interesting cross-section of the exports to the more important emerging countries which, in addition to Brazil, Russia, India and China (BRIC) also include Mexico, Indonesia, South Korea and Turkey (MIST). The terms of the study, carried out among 200 small- to medium-size industries with a turnover of up to 6 thousand million Euros could raise doubts that its validity vis-à-vis Mittelstand as defined by IFM (German Institute for Mittelstand Research – Institut für Mittelstandsforschung) is somewhat limited. For IFM, the term Mittelstand incorporates all the medium and small companies which, with up to 500 employees generate a turnover of up to 50 million Euros; however Companies of this size, however, rarely have the resources to take their products to these markets on their own, so they get there by indirect exportation. This means that the product of small- to medium-size industries become woven into the fabric of companies who are active on the world market and, thence, get to far-off markets through their channels of distribution.
Small- to medium-size industries ought to learn from the success stories of companies that have developed markets in emerging countries. SDax-listed seed cultivation company KWS Saat AG is an excellent case in point and example to follow. It has worked together with the largest seed producer in China for almost thirty years, and thanks to this cooperation it has become the largest western supplier of hybrid maize to China. Since 2012 KWS has insistently lobbied its subsidiary companies to tackle business operations in Latin America in production and selling. Local partners are familiar with their markets’ habits and customs, commercial and otherwise, and by extension, clients’ needs.
Buhlmann's Corner
The Supervisory Board – an (un)known quantity?
The unsung hero of Corporate Governance in Germany, Christian Strenger, was right yet again. He got the legal ruling he was looking for in the wake of the 2011 general meeting on the subordinate status of the Supervisory Board of Solar World vis-à-vis the Roi Soleil Frank Asbeck. The dire straits the company is presently in speaks volumes about the far from irreprehensible conduct of the Board at the time. The issue, though, hardly seems to be causing Asbeck sleepless nights. In theory, he could still seek admission to the Board, a feat that not even Frank Bsirske could accomplish given that he is both Deputy Chair of Lufthansa at the same time as being Chair of the Green party trade union. In 2002 his application for admission was rejected expressly on grounds of conflict of interests.
The issue of supervisory board independence is set to be a focal point in the upcoming 2014 voting, too, thanks to the specialist who drafted the guidelines for voting in ISS (&Co). The issue it boils down to is this; does having one third independence mean having a completely free hand? My question is should situations like what Linde is squaring up for in 2014 on such a crucial issue as cooling-off be subject to a hard and fast guideline with no obligation towards sounding the market or the shareholders? Wolfgang Reitzle may be the best Supervisory Board Chair that Linde has ever had, but who is aware of the fact? I, personally, know that he is in a league of his own, and that his (re)structuring of the company, increasing its worth by a double figure percentage, was nothing short of brilliant. I am also sure that in a case like this, an exception to the rule can be trusted, also (but not only) because the working efficiency of Linde’s Board of Management is light years ahead of its Supervisory Board’s. His Chairing of Linde’s Board of Management did nothing to hinder his success as Chair of Continental’s Supervisory Board where he turned the company’s fortunes around, taking it from rags to riches. Who could have done better?
Independence and the capability to shoulder responsibility go hand in hand with the courage to take decisions as basic requisites for a (well) functioning supervisory board. A strong Supervisory Board shoulders its responsibilities and doesn’t delegate them. The lowest common denominator, though, is a balanced make up in the power structure.
There is one aspect that stands out a mile. The concentration of control and government had been identified and understood as one of the roots of all evil as late as the monarchy of Louis 14th . And yet as recently as 2003, the chairman of a company’s board of management could attest to the independence that the law demands from prospective candidates, including himself, seeking election to a seat on a Supervisory Board, a vestige which, in the meantime, has been deservedly consigned to the dustbin of history.
Yet there are still countries, France and the United States for example, who by favouring their own single-tier board systems, manifestly approve the overlapping of government and control. But what happens when the enforcer takes it upon himself to play the additional roles of judge, jury and executioner? Decision-making is certainly simpler and less hampered by disagreement, and despite its rather démodé sound and the inherent problems, PDGs are still being appointed. Here’s to Phitrust progressing in its quest for the post to be abolished.
Fresenius is an example of how a major shareholder (independently of the extent of its holding) can do good. Alas, the opposite is also true, as Haniel has shown in its holding in (Celesio, Metro & Co.). There is no doubt that the influence wielded by major players ought to be curtailed to prevent ‘dependence’ and to forestall situations like that of Volkswagen and MAN. A session of creative vote counting together with, then, a 30% stake assured the car manufacturer unlimited power over MAN.
The tasks assigned to the supervisory board have not increased at the same rate as their remuneration; the increase over the last ten years has been in the thoroughness and the transparency with which their agendas have been carried out. Supervisory boards are expected to keep the Board of Directors on a tight rein,, they must harness the horses that pull the cart. Both of these tasks have to function, but there’s little else to it.
Private intrigues (Solarworld) or functional muddling as in appointing PDGs; both run counter to the interests of the community as a whole, just as though one of the horses of the team were made to ride in the coach box. Responsibility measured with a ruler; would you call simple-minded or just careless.
Politics
Politicians vote no to a cap on directors’ fees
Just as the negotiations on forming a governing coalition were entering the final stages, the CDU/CSU Christian Democrats and the SPD Social Democrats bowed to pressure brought to bear by the economics area of the CDU and leading institutions in the areas of finance and economics, to reject the proposed ceiling on the excesses paid to directors of stock market listed companies. No legally enforceable limit had been talked about. Surprisingly, the provision initially envisaged by law experts for the relationship between directors’ earnings and the average employee’s salary of market-listed companies to be made public was also rejected. This is what emerges from the third draft coalition contract between the two sides published on 26 November according to which the Chancellor feared a spate of disaccord driven by envy. Originally the maximum ratio between Board of Directors and average salary was to have been set by the general meeting. Now, all that remains is the laconic “In order for there to be transparency in verifying directors’ salaries, the decision on the sums to be paid to the Board of Directors will, in future, be made by the general meeting based on proposals put forward by the Supervisory Board.”
Fears of expropriation looming
Representatives of small shareholders are up im arms about the ruling on delisting handed down on 8 November last by the Bundesgerichtshof – BGH Federal court. The court had initially accepted that delisting for the regulated market did not erode shareholder protection to the right to ownership (art 14). Now, regular delisting of a stock-market listed company requires neither authorization by a company general meeting nor an offer on the part of the joint stock company itself or its major shareholder to purchase the stock owned by small shareholders. Nor would this diminish the shareholder’s status of company partner. Such was the ruling handed down by the BGH that flew in the face of the case law applied in the instance of Macrotron. SdK (Schutzgemeinschaft für Kapitalanleger the German Investors’ Association) now fears a spate of expropriation of minor shareholders. The discretionary power for delisting is now exclusively in the hands of the Board of Directors and the Supervisory Board with nothing in exchange for those holding a diversified portfolio. The Macrotron ruling of 2002 required a joint-stock company to obtain authorization by its general meeting to seek delisting and hence, by a simple majority of all shareholders. Furthermore the company itself or its major shareholder was required to make a public offer to buy out the other shareholders – this in order to give the shareholders the chance to sell their shares directly to the company or its major shareholder instead of on the stock market. “Now”, comments Hans-Martin Buhlmann, VIP eV, “anyone, even the Board of Directors of a DAX-listed company, can delist with no obligation to consult the shareholders – something has to be done”.
Paul Signer has again increased his holding in Celesio. Now, his Elliott International hedge-fund, almost on its own, is in a position to prevent anyone taking over the Stuttgart-based distributor of pharmaceuticals. According to a communiqué on the right to vote, the American millionaire owned 42.8 million shares of Celesio on 19 November, corresponding to a minority block of 25.16 percent; 19.11 percent in shares and 6.05 percent in convertible bonds. Up to now, it was common knowledge that Elliott possessed 21.13% of Celesio through various companies. At the end of October, American pharmaceutical distributor McKesson, put forward a takeover bid for Celesio offering 23 Euros per share on the condition of obtaining at least 75 percent of the shares and convertible bonds. The Americans have already reached an agreement with Haniel the major shareholder from whom they will purchase 50.01%. The overall worth of the transaction is some 6.1 thousand million Euros, including bonds. Singer, on the other hand possesses enough stock to scupper the deal also because there are other investors ready and willing to follow him. Those in the know hint that other hedge-funds already own between three and five percent of Celesio. Elliott’s real intentions are still not clear, and the fund itself is making no statements. Elliott will probably push for McKesson to increase its bid, at the risk, however, of killing it.
People
Gerhard Schick has agreed to resume the Chair of Bechtle’s Supervisory Board.. In a communiqué, the Tec Dax IT company announced that Klaus Winkler, a Supervisory Board member since 1999 and its present Chairman, was quitting for “personal family reasons. Now, the founder of Germany’s second largest IT company should head the Board, at least until the general meeting scheduled for 5 June 2014.
In a surprise move, Jürgen Buchsteiner is leaving Brenntag when his contract expires at year end. Personal reasons are cited as being behind the decision of the 55-year old who has headed the chemical company’s Asia-Pacific M&A activities since 2012. During his tenure as CFO, his contribution to the company’s stock exchange flotation was fundamental to its success.
Commerzbank Management Board members Jochen Klösges and Ulrich Sieber are leaving at the end of the year. In July 2014, Klösges will take up the post of CEO at E.R. Capital Holding. On 6 November last, the Supervisory Board decreed that Sieber, head of human resources, had to go, a decision in which Klas-Peter Müller’s double vote was probably crucial. In mid October opposition to a decision of his, above all by the workers’ representatives, led to it being overturned by the Supervisory Board. The terms of his severance will probably be set by a tribunal.
On 27 November, 50 year-old Siegfried Russwurm resigned as Chair of the OSRAM Licht Supervisory Board. Russwurm, who is a member of the Siemens Board of Directors was replaced by Peter Bayer whose place in turn was taken by Roland Busch, who, jointly with Michael Knuth, was also appointed vice chair of the Supervisory Board. According to the latest information, Siemens still has a direct 17% stake in its former group subsidiary.
After years as Chair of RATIONAL’s Board of Directors, Günter Blaschke has passed the helm over to Peter Stadelmann., presently head of human resources. Stadelmann’s tenure will commence on 1 January 2014. According to a company statement, Blaschke will remain with the company in an advisory capacity. Rational’s business is in systems for distributing hot meals.
Lothar Adler has thrown the towel. After the fracas over the amount of his fee, the Chairman of the Central Works Council of Siemens AG has agreed not to proceed with the controversial renewal of his contract. Adler’s original intention had been to continue working for a few months after his 65th birthday but Siemens has confirmed that on reaching the age limit, he will leave the group at the end of May 2014. His successor will be appointed after next year’s company board elections.
Peter Y. Solmssen is leaving Siemens. The head of the group’s legal affairs has allegedly clarified his severance terms. Solmssen was considered one of the most trusted lieutenants of Peter Löscher, who resigned at the end of last July. Speculation about the American’s future had been rife for months; he is the third and last executive summoned from abroad by Cromme to leave the Munich-based group.
Talanx, the third largest insurance conglomerate in Germany, is cutting back on the number of its Board of Directors from seven to six. Thomas Noth is voluntarily quitting the Board of Directors at the expiry date of his contract on 31 May 2014. The success in consolidating computer technology in Germany has made the post of chief information officer (CIO) redundant.
Fannie Mae commenced legal proceedings in New York on 31 October against Deutsche Bank and other eight banks, as well as against all the member banks of the British Bankers Association, suing for approximately 800 million dollars, some 585 million Euros. The claim is that the defendants caused damages of this amount to the American national real estate lending company by manipulating the international base interest rate. Fannie Mae claims that the manipulation of the LIBOR (London Interbank Offered) Rate alone caused more than 300 million dollars worth of damage. A large number of Fannie Mae’s credits were or are linked to LIBOR.
The major shareholder in Rhön-Klinikum, B. Braun, was in court in Schweinfurt defending his sale of 43 clinics to Helios. The aim of the proceedings is to ascertain whether the sales contract of the stock was null or whether it only becomes executable if approved by a 90% majority of shareholders and is in conformity with the rules governing market competition as the medical technology producer stated in Melsungen on 22 November. At the same time, the family company holding rose from 11 to 14 percent to become the largest single shareholder including the company’s founder Eugen Münch, and planning a 25% increase, application for which has been lodged with the anti-trust authority.
By means of a share repurchase, FUCHS PETROLUB has paid the surplus liquidity back to the shareholders while enhancing the sale potential of the stock by issuing stock dividends. According to a company statement issued on 26 November, a million (and no more) ordinary and preferential shares must be purchased for an overall amount of 100 million Euros, namely approximately 2.4 percent of the lubricant manufacturer’s share capital worth. Fuchs’s intention is to withdraw the shares, an initiative that commenced on 27 November and is expected to terminate on 31 March 2015. Furthermore an increase in company shareholder’s equity is expected to be proposed at the next general meeting scheduled for 7 May 2014. This increase in capital is linked to the issue of stock dividends at a ratio of 1:1 According to Fuchs, these measures are evidence of belief in positive future growth.
The presentation of Münchener Rückversicherungs-Gesellschaft’s intermediate report, was punctuated by the announcement that before the next general meeting on 30th April 2014, it would attempt to gather up to 13 million of its own shares, of an overall worth of up to one thousand million Euros, or approximately 3.6% of total share capital. Repurchased shares will be withdrawn in order to optimize the way the company structures its capital. The last repurchasing programme launched by this re-insurance giant ended in 2011. When he announced the half-year results in early August, the chairman of the Board of Directors Nikolaus von Bomhard had already stated his intention to resume reacquiring.
Campus
No change in Supervisory Boards’ pay scale
According to Towers Watson, the debate on the “proper” remuneration of Supervisory Boards stirred up in the wake of certain amendments made to the Code of Corporate Governance in Germany, has been extremely fruitful. Whereas company watchdogs used to be paid according to voluntary work pay-scales, or proportionately to their company’s dividend, a certain idea of establishing remuneration as a means of guaranteeing independence and introducing professionalism among the members of the Board has taken root. The Code states that from 2012 the variable components of remuneration be pegged to the long-term success of the company. This has brought about changes in the model of almost a third of DAX-listed companies. The consultancy company forecasts that other companies will adapt their retribution policies in the coming years. Previously, the Code had suggested that the remuneration of Supervisory Board members be generally pegged to success. There are now 13 DAX-listed companies that pay their Supervisory Board a fixed amount while 17 take the short- or long-term success of the company as a variable factor (e.g. calculated on how the result affects each single share). The average earning of the Chair of a Board of Directors in 2013 is 338.500 Euro. Compared to this, the fee of the Chair of the watchdog committee is practically identical to that of the year before (+1%) reports Towers Watson.
Research: fuel to power the engine driving the German economy towards success, construction of machine tools
Jointly with Deutsche Industriebank – IKB, the Association of German Machine-tool manufacturers and plant (Verband Deutscher Maschinen- und Anlagenbau – VDMA) has presented a study on the future of the sector of German industry that produces capital goods and the area of machine tool production. The authors drew from facts to prepare and present a number of theories regarding the present situation, and according to them emerging countries are destined to play a more prominent role worldwide. There is a trend towards increased industrialization in Europe and in the rest of the world deriving from growing demand for industrial products in emerging countries. Germany has the advantage of strong industry to start with. Integration of so-called megatrends – transport and mobility, the supply of energy, climate and resource protection is of paramount importance – as are information and networks that provide good employment prospects for the future.
Furthermore, fresh competition is always emerging, especially in China. The study, however points out that the German success stories are difficult to emulate. The factors that contribute to the vigour of the German economy include a marked preference for foreign markets, and being present on the market as it grows, its drive in the pursuit of innovation and its capacity to conceive and implement new ideas that embrace more than one business area. If, then, one adds the flexibility typical of small- to medium-sized industry, competitiveness becomes greatly enhanced in terms of price.
Experts, however, are advising companies to review how they tackle the issues inherent in internationalisation. Small- and medium-size producers of machine tools are presently labouring against a gap in technology by which the purchase of raw materials to be used in manufacture is no longer aligned with the characteristics the customers demand for the goods they purchase, a disharmony seen also between R&D and production. In short, raw materials should be purchased on the world market whereas production, sales and after-sales assistance should focus on the needs of specific areas.
Furthermore, German companies are able to stand out from the competition by the complex system solutions they adopt and the cooperation they offer networking both inside and outwith their own specific business area. Germany’s presence in the international arena and its increasing offer in terms of system performance now demand a quantum leap. An alternative solution could lie in specialisation. Companies must continue to give due importance to
cost efficiency, process optimisation and the continued ability to keep production capability up to date in order to guarantee high quality together with proper prices. Lastly, politics must also play its part to maintain and promote free competition in the engine that powers the German economy.
Surteco: Investment with an eye towards SDax
In November, Surteco SE, the surface technology specialist earned almost 80 million Euros from the issue of 4.4 million new shares, so raising the widely-held stock from 23 to 45 percent The management board reports that this improves the chances for the Prime Standard to be accepted into the Small Cap Index SDax. The subcontractor in the construction and furnishing industry has earmarked this increase in capital to fund the Süddekor group. The German antitrust watchdog has given its blessing to the transaction.
Sympatex: Bonds on environmentally-friendly fabrics
Sympax Holding GmbH., the producer of impermeable and transparent membranes for functional clothing based in Unterföhring near Munich was floated on the Frankfurt stock exchange at the end of November with a bond volume of 13 million Euros. The title has a duration of five years with a coupon of 8% and is expected to be listed as an Entry Standard for company bonds. 60% of the bond’s yield is earmarked to fund company growth. According to the online platform fixed.income.org., by the end of this year Sympatex Holding is hoping to have purchased a profitable company in France in the same line of business as itself with a 9 million Euro turnover.
Sympatex points out that the difference between its products and those of the competition lies firstly in the superior performance of theirs and secondly by their environmental compatibility. All Sympatex’s fabrics are recyclable. This is why the company is directing attention to its brand name as an ecological alternative in the market of functional clothing. Sympatex presently employs a staff of 300 staff in 19 countries.
Capital News
Director's Dealings
| Company | Person | Function | Buy / Sell | Total value in Euro | Number of shares | Date |
| Allianz SE | Zimmermann, Rolf | AR | V | 90297 | 705 | 15.11.2013 |
| Bayer Aktiengesellschaft | Schmidt-Kiessling, Michael | AR | V | 8316 | 90 | 04.11.2013 |
| COMMERZBANK Aktiengesellschaft | Engels, Stephan | VR | K | 25987 | 2500 | 11.11.2013 |
| DEUTSCHE BANK AKTIENGESELLSCHAFT | Chada, Gunit | V | 2203892 | 61594 | 31.10.2013 | |
| DEUTSCHE BANK AKTIENGESELLSCHAFT | Cloete, Alan | V | 2743849 | 76868 | 31.10.2013 | |
| DEUTSCHE BANK AKTIENGESELLSCHAFT | Grassie , Colin | V | 183775 | 5463 | 21.11.2013 | |
| Deutsche Lufthansa Aktiengesellschaft | Bischoff, Jens | K | 39924 | 2790 | 01.11.2013 | |
| Deutsche Lufthansa Aktiengesellschaft | Klühr, Thomas | K | 59887 | 4185 | 01.11.2013 | |
| Deutsche Lufthansa Aktiengesellschaft | Menne, Simone | VR | K | 119988 | 8382 | 01.11.2013 |
| Deutsche Lufthansa Aktiengesellschaft | Hohmeister, Harry | VR | K | 119988 | 8382 | 01.11.2013 |
| Deutsche Lufthansa Aktiengesellschaft | Volkens, Dr. Bettina | VR | K | 119988 | 8382 | 01.11.2013 |
| Deutsche Lufthansa Aktiengesellschaft | Gerber, Peter | K | 24409 | 1585 | 18.11.2013 | |
| DMG MORI SEIKI AKTIENGESELLSCHAFT | Offen, Hans Henning | AR | V | 48240 | 2000 | 31.10.2013 |
| DMG MORI SEIKI AKTIENGESELLSCHAFT | Offen, Hans Henning | AR | V | 48100 | 2000 | 31.10.2013 |
| DMG MORI SEIKI AKTIENGESELLSCHAFT | Offen, Hans Henning | AR | V | 48240 | 2000 | 31.10.2013 |
| DMG MORI SEIKI AKTIENGESELLSCHAFT | Offen, Hans Henning | AR | V | 24160 | 1000 | 31.10.2013 |
| DMG MORI SEIKI AKTIENGESELLSCHAFT | Offen, Hans Henning | AR | V | 24050 | 1000 | 31.10.2013 |
| Dürr Aktiengesellschaft | Dieter, Ralf | VR-CHef | V | 173448 | 2700 | 11.11.2013 |
| Dürr Aktiengesellschaft | Heuwing, Ralph | VR | V | 1334785 | 21080 | 13.11.2013 |
| Dürr Aktiengesellschaft | Heuwing, Ralph | VR | V | 2798758 | 43920 | 20.11.2013 |
| Fraport AG Frankfurt Airport Services Worldwide | Müller, Michael | VR | V | 53020 | 1000 | 08.11.2013 |
| Fresenius Medical Care AG & Co. KGaA | Gatti, Dr. Emanuele | VR | A2 | 2392890 | 49800 | 18.11.2013 |
| Fresenius Medical Care AG & Co. KGaA | Gatti, Dr. Emanuele | VR | A2 | 1709606 | 35469 | 19.11.2013 |
| Fresenius SE & Co. KGaA | Götz, Dr. Jürgen | VR | A2 | 2999028 | 58920 | 06.11.2013 |
| Fresenius SE & Co. KGaA | Sturm, Stephan | VR | A2 | 2313649 | 40000 | 07.11.2013 |
| Fresenius SE & Co. KGaA | Wastler, Dr. Ernst | VR | A2 | 1526988 | 32400 | 07.11.2013 |
| Fresenius SE & Co. KGaA | Sturm, Stephan | VR | A2 | 665941 | 10000 | 08.11.2013 |
| Fresenius SE & Co. KGaA | Schneider, Dr. Ulf M. | VR-CHef | A2 | 1245856 | 25800 | 25.11.2013 |
| Fresenius SE & Co. KGaA | Wastler, Dr. Ernst | VR | A2 | 2421157 | 36300 | 26.11.2013 |
| Fresenius SE & Co. KGaA | Götz, Dr. Jürgen | VR | A2 | 1405389 | 28380 | 26.11.2013 |
| FUCHS PETROLUB SE | Hambrecht, Dr. Jürgen | AR-Chef | V | 184500 | 3000 | 04.11.2013 |
| FUCHS PETROLUB SE | Hambrecht, Dr. Jürgen | AR-Chef | V | 30904 | 500 | 04.11.2013 |
| FUCHS PETROLUB SE | Hambrecht, Dr. Jürgen | AR-Chef | K | 191208 | 3100 | 05.11.2013 |
| FUCHS PETROLUB SE | Hambrecht, Dr. Jürgen | AR-Chef | K | 24597 | 400 | 05.11.2013 |
| Henkel AG & Co. KGaA | Frey, Johann-Christoph | V | 12556414 | 153099 | 13.11.2013 | |
| Henkel AG & Co. KGaA | Frey, Johann-Christoph | K | 12564300 | 179490 | 13.11.2013 | |
| Henkel AG & Co. KGaA | Henkel, Christoph | K | 0 | 100000 | 20.11.2013 | |
| Henkel AG & Co. KGaA | Henkel, Christoph | K | 0 | 70000 | 20.11.2013 | |
| Henkel AG & Co. KGaA | Henkel, Christoph | V | 0 | 150377 | 20.11.2013 | |
| Henkel AG & Co. KGaA | Henkel, Christoph | K | 5788752 | 80377 | 20.11.2013 | |
| Henkel AG & Co. KGaA | Henkel, Christoph | K | 0 | 125000 | 20.11.2013 | |
| Henkel AG & Co. KGaA | Aurora GmbH & Co. KG | K | 71 | 1 | 21.11.2013 | |
| Infineon Technologies AG | Gruber, Peter | AR | V | 110400 | 16000 | 20.11.2013 |
| Infineon Technologies AG | Asam, Dominik | VR | K | 45873 | 6365 | 21.11.2013 |
| Infineon Technologies AG | Asam, Dominik | VR | K | 14005 | 1943 | 21.11.2013 |
| LEONI AG | Rupp, Dr. Werner | AR-Chef | K | 120605 | 2500 | 12.11.2013 |
| LEONI AG | Rupp Vermögensverwaltungs GbR | K | 120450 | 2500 | 12.11.2013 | |
| MorphoSys AG | Moroney, Dr. Simon | VR-Chef | K | 422730 | 33000 | 19.11.2013 |
| MorphoSys AG | Moroney, Dr. Simon | VR-Chef | V | 1580555 | 28300 | 19.11.2013 |
| MorphoSys AG | Moroney, Dr. Simon | VR-Chef | V | 47300 | 860 | 20.11.2013 |
| MorphoSys AG | Moroney, Dr. Simon | VR-Chef | V | 1024708 | 18840 | 21.11.2013 |
| Nordex SE | Ventus Venture Fund GmbH & Co. Bet. KG | K | 463430 | 46343 | 27.11.2013 | |
| Nordex SE | momentum-capital Vermögensverwaltungs GmbH | K | 36570 | 3657 | 27.11.2013 | |
| QIAGEN N.V. | cc Verwaltungs GmbH | V | 700000 | 40000 | 15.11.2013 | |
| SAP AG | Brandt, Werner | VR | V | 669900 | 11000 | 26.11.2013 |
| Siemens Aktiengesellschaft | Solmssen, Peter Y. | VR | V | 666740 | 6975 | 11.11.2013 |
| Siemens Aktiengesellschaft | Thomas, Dr. Ralf P. | VR | V | 249012 | 2605 | 11.11.2013 |
| Siemens Aktiengesellschaft | Requardt, Prof. Dr. Hermann | VR | V | 666740 | 6975 | 11.11.2013 |
| Siemens Aktiengesellschaft | Kux, Barbara | VR | V | 666740 | 6975 | 11.11.2013 |
| Siemens Aktiengesellschaft | Busch, Dr. Roland Emil | VR | V | 128760 | 1347 | 11.11.2013 |
| Siemens Aktiengesellschaft | Kaeser, Joe | VR-Chef | V | 717307 | 7504 | 11.11.2013 |
| Siemens Aktiengesellschaft | Helmrich, Klaus | VR | V | 188790 | 1975 | 11.11.2013 |
| Siemens Aktiengesellschaft | Russwurm, Siegfried | VR | V | 717307 | 7504 | 11.11.2013 |
| Siemens Aktiengesellschaft | Solmssen, Peter Y. | VR | V | 1623150 | 16975 | 11.11.2013 |
| Siemens Aktiengesellschaft | Solmssen, Peter Y. | VR | V | 1727984 | 18153 | 11.11.2013 |
| Siemens Aktiengesellschaft | Solmssen, Peter Y. | VR | V | 820449 | 8583 | 12.11.2013 |
| Siemens Aktiengesellschaft | Solmssen, Peter Y. | VR | V | 730170 | 7686 | 12.11.2013 |
| Siemens Aktiengesellschaft | Requardt, Prof. Dr. Hermann | VR | V | 1177333 | 12269 | 22.11.2013 |
| STADA Arzneimittel Aktiengesellschaft | Retzlaff, Hartmut | VR-Chef | K | 329000 | 20000 | 13.11.2013 |
| Symrise AG | Daub, Achim | VR | V | 223210 | 6766 | 07.11.2013 |
| TAG Immobilien AG | Ristow, Dr. Lutz R. | AR-Chef | D | 0 | 99477 | 12.11.2013 |
| TAG Immobilien AG | Elgeti, Rolf | VR-Chef | D | 0 | 21884 | 18.11.2013 |
| TAG Immobilien AG | Ristow, Dr. Lutz R. | AR-Chef | D | 0 | 7978 | 18.11.2013 |
| United Internet AG | Hoffmann, Robert Nikolaus | VR | K | 1950975 | 69405 | 20.11.2013 |
| United Internet AG | Hoffmann, Robert Nikolaus | VR | V | 1344000 | 150000 | 20.11.2013 |
| United Internet AG | Hoffmann, Robert Nikolaus | VR | V | 607000 | 100000 | 20.11.2013 |
| United Internet AG | Hoffmann, Robert Nikolaus | VR | V | 2847500 | 100000 | 21.11.2013 |
| XING AG | Chu, Ingo Franklin | VR | A2 | 670477 | 9000 | 11.11.2013 |
| XING AG | Chu, Ingo Franklin | VR | A2 | 1154464 | 16000 | 12.11.2013 |
VIPsight Shareholders
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M & A
Nemetschek: completion of portfolio
GTecDax listed Nemetschek AG is bidding to take over the Norwegian company Data Design System ASA for a sum in excess of 10 million Euros. The software group intends finalising the deal before the end of this year. With a staff of 90, the Norwegian company supplies CAD-based advanced Building Information Modelling for the design and documentation of electrical, HVAC and plumbing systems for buildings. Nemetschek, a supplier of CAD and software, will thus broaden its range of products for construction processes. Data Design System’s turnover for 2012 was 8.7 million Euros and EBIT of some 1.5 million Euros.
Delignit: environmentally worthwhile
Woodworking company Delignit AG takes over DHK automotive GmbH (interior finishings for cars) and all its holdings in HTZ Holztrocknung GmbH. The parties involved have agreed not to reveal the price of the deal. This acquisition of the two manufacturers of Saxony broadens the range of Delignit’s environmentally aware products and system solutions, and adds to its production capacity. DHK automotive is not restricted to coverings for luggage racks; it also supplies interior lateral finishings for industrial vehicles. Of particular importance and a worthwhile addition to Delignit’s product range is a special procedure for beehive construction materials in vegetable fibre, characterised by sustainability and lightness. For the first time, and for 2014, Delignit’s has set its sales target above 40 million Euros.
Eckert & Ziegler: Bridges towards the US market
After taking over Biocompatibles, Eckert & Ziegler Strahlen – and Medizintechnik AG has acquired the entire share quota of Mick Radio Nuclear Instruments, Inc. (MRNI). MRNI, manufactures accessories for the brachytherapy radioisotope treatment of tumours with a turnover for 2012 of 4 million Euros. Both parties have resolved to keep the price of the transaction under wraps. Eckert & Ziegler is hoping its investment in Biocompatibles, producer of implants used in the treatment of prostate cancer, will bolster its standing in the US market. The company confirms that brachytherapy is a highly efficient option in the treatment of a number of tumours. MRNI is deemed to be a market leader in the application of this form of therapy and has enormous drive towards innovation and possesses several patents. Eckert & Ziegler is listed in the Prime Standards.
VIPsight International
VIPsight America - Mexico
24 Novermeber 2013
Corporate Governance in the State-owned Enterprises
In private companies, the objectives of the managers and shareholders can enter in conflict due to the fact that shareholders have as main goal the maximize the value of their investment in the company, while for the administrators, the objectives are others, such as the satisfy their own desires in terms of their salary, recognition, power, the thrill to the challenge, and the opportunity to make a difference in the world, among others, that translates into control over the company in addition to that they are responsible for the handling of the financial and corporate information. The above leads to the fact that the mechanisms of Corporate Governance. Therefore I am a question arises, the Corporate Governance may also apply for public companies?
Private companies have a goal of securing profits while in state-owned enterprises are not pursuing profits but the common good of society. In private companies the decisions are taken by few people, which make it more efficient the decision-making process, while in public enterprises, the decisions are taken by many people and the process is obviously very bureaucratic. In the private companies, the administrators are either elected or kept in their charges through the correct performance that each person has in their management, while in state-owned enterprises generally administrators are elected or retained in their charges through the or nepotism and cronyism that each one of them, which would mean that are probably not the best people to lead the public companies in which they come to be, and finally, when it have situations of crisis, private companies could reach to break or deal with complicated financial situations in exchange for public companies the state can never go to break, in case that this were to happen, the state injected Cash flows to maintain the operations of this type of companies.
Due to the above we returned to the question, as it could be the Corporate Governance in public enterprises? By what I set the task of investigating how the Corporate Government arrives to work in public enterprises. Fortunately I found that if there are codes of Corporate Governance practices that also apply to public companies. One of them emits the Organization for Economic Cooperation and Development (OECD), calls the OECD Guidelines on Corporate Governance of State-owned Enterprises (2011), which as mentioned the same OECD in that document, is an “extension” of the OECD Principles of Corporate Governance issued in 2004 for private companies. Likewise, the consulting company Deloitte issued Corporate Governance Practices in entities of the Public Sector (2010). This means that it is possible that public companies may have the inside their codes of Corporate Governance.
The two documents agree that State-owned Enterprises have a leading role for the society, are the companies that could generate higher economic growth in a country even greater than the private sector companies, because of this, it is very important to take into account the guidelines that have Corporate Governance for the correct operation of that.
Likewise, we might well ask another question, why is it necessary that the State-owned Enterprises have good Corporate Governance mechanisms? The answer would seem obvious, as was mentioned above, public companies are more complex than the private companies, in addition to the administrators of that is possible that lack the skills, abilities and attitudes to be able to carry out good management in a matter of planning and control. In accordance with the document of the consulting firm Deloitte, identified some factors that make the administrative process in the private firms is very inefficient: A. There are a lack for a competitive market by what lack of need for effective and efficient processes; B. public enterprises have greater ease of access to financial resources, this allows you to generate an economic waste eloquent; C. The State fully supports public enterprises, which affects the responsibility that in other circumstances should assume their administrators before the scarcity of resources; D. electoral cycles make the objectives are not carried out at the time in which they were in place, the current administration as well as the political interests that each one of the administrators could have; E. personal interests and party favor that the management of the resources generates the high-level corruption and inefficiency of regulators that could avoid this corruption.
The OECD Guidelines on Corporate Governance of State-owned Enterprises, are the following (taken from the official document of the OECD website):
I. How to Ensure a Legal and Regulatory Framework effective for State-owned Enterprises. The legal and regulatory framework for public enterprises should ensure the equality of conditions in the markets in which companies compete the public sector and private sector enterprises, in order to avoid market distortions. The framework should be based on and be fully compatible with the OECD Principles of Corporate Governance.
II. The State acting as Owner. The State should act as an owner informed and active, and establish a property policy clear and consistent, ensuring that the Corporate Governance of State-owned Enterprises is done in a transparent and accountable manner, with the required level of professionalism and effectiveness.
III. Equitable treatment of shareholders. Both the State and public companies should recognize the rights of all the shareholders, and according to the principles of the OECD on Corporate Governance, ensure a fair treatment and equal access to corporate information.
IV. Relations with interested Parties. The property policy of the State should fully recognize the responsibilities of public enterprises with interested parties and request to report on their relations with these.
V. Transparency and Disclosure. Public enterprises should maintain a high level of transparency in accordance with the OECD Principles of Corporate Governance.
VI. The responsibilities of the Boards of State-owned Enterprises. The boards of public enterprises should be sufficient authority, competence and objectivity to perform its function of strategic guidance and oversight of the administration. Should act with integrity and take responsibility for their actions.
The Corporate Governance Practices in entities of the Public Sector, which emits Deloitte give the pattern using a few basic principles that would lead to public enterprises to effective governance. To the effect that State-owned Enterprises are able to identify some elements of Corporate Governance which can contribute to its operation, in accordance with the official document, then presented these Corporate Governance principles:
1. Leadership and commitment of the government bodies. To create a system of effective government, the composition of the governing council and other bodies of government, whether ad hoc committees or other similar support to the Council, they must have clarity about the responsibilities that are assumed and the commitment that exists with regard to the citizens.
2. Communication. One of the current opportunities of the public sector is placed on communication between their areas and all those fields that are connected to their operations and services. Such failure in the communication limited fluency in the operations of the entities, and impedes the flow of information in the times and with the opportunity that is required toward the corresponding filters, affecting with this capacity for an adequate and efficient decision-making process.
3. Accountability. To correctly identify when there must be accountability, it must define who is responsible, by which it is responsible for which it is responsible and when is responsible. The lack of these threat criteria compliance with organizational objectives. When accountability is adequate is familiar with the functions of each of the members and it optimizes the response to any contingency.
4. Transparency. Perhaps the transparency in all its aspects is the most important element that should be in the public sector in our country. The lack of clarity in the information undermines confidence in public institutions by the third parties involved. Show how resources are obtained, the expenditure of the same and the management of operations, shows that public entities are reliable, responsible and with a good governance, in addition to providing the optimal public image.
After all the above, I now another question arises, how is it possible that in the Energy Reform that introduced the federal government last August 12nd 2013, does not include these practices of Corporate Governance for State-owned Enterprises? In fact, the major public enterprises of Mexico are precisely those that are in the energy sector this is, Mexican Oil Company (PEMEX, by its Spanish acronym for PEtroleos MEXicanos) and the Federal Electricity Commission (CFE, by its Spanish acronym for Comisión Federal de Electricidad), which are the larger State-owned Enterprises in whole Latin America.
Perhaps I am very ingenuous to think that the current Mexican government could get to do things well, this is, with transparency, without partisan interests or personal, trying to decrease or why not eliminate the corruption that much damage has been done to Mexico. It is clear that what you are most interested in the Mexican political class is to get rich at the expense of the people, continue to get high returns because of their links with the entrepreneurs elected to serve the government as parapet and continue with corruption so excruciating for the natural resources that has Mexico. The oil is and will continue to be the “black gold” for the politicians of Mexico. Perhaps some day in Mexico there will be a government fair, equitable, efficient, transparent and without corruption? Perhaps I do not live to see it, just as it happened with my father, which he never saw in its 62 years of life to a Mexico fair and honest, by the ones who fought until the last day of his death, in memoriam for Juan Dâvila, Requiescat In Pacem (November 12nd 1998). Only hope that my children if they live in a Mexico other than the current. We will have to see…
VIPsight Europe - France
15 December 2013
French banks prefer conflicts of interests and shame than reforms
While the Governor of the Bank of France boasted in July 2012 that no French bank was involved in the interest rates manipulation scandal, Société Générale has just been fined for 446 million euros by the E.C. Competition Authorities. In the same inquiry a procedure has been initiated against Crédit Agricole.
Yet the dispute chapter page 259-261 of the Annual Report of Société Générale! for the 2012 General provisionnait € 300 million in other cases , said not a word of this investigation by the competition services of the European Commission ( nor folders educated by the AMF and since then has given conviction) ...
Note that the more transparent Crédit Agricole who has not been convicted to date, recognized him having " received requests for information from various authorities in the context of investigations concerning both the determining of intereste rates on several currencies and an certain other market indices, and other operations related to these rates and indices. "
To our knowledge the Financial Markets Authority (AMF) instrcuted no inuqiry in this area and the French government is so addicted to debt that he is quite far to meet its legal obligations as a supervisor of French banks.
But there is not always bad news , the appointment by the Chairman of the National Assembly, Claude Bartolone (PS ) of Thierry Philipponnat, CEO of the Finance Watch NGO, to serve on the panel of the AMF, is clearly good news for investors and shareholders.
This former manager of Amnesty International, also a former banker of BFCE, Exane Paris, UBS and BNP Paribas is General Secretary of Finance Watch, a non -governmental organization specializing in "financial regulation for the service of companies and the real economy, not speculation."
The AMF College is the main decision-making body of the french markets authority AMF. It comprises 16 members (including the chairman , Gérard Rameix, a former member of Proxinvest Consulative Committte. The members of the College term of office is of five years, renewable once. The AMF College is renewed by half every thirty months.
4 December 2013
Bernard Charlès, Proxinvest Top 2012 CEO pay, is quite right...
Bernard Charlès, the CEO of software champion Dassault Systèmes and the champion of our French 2012 CEO pay survey is quite right to alarm in an interview in Le Monde about the mad French taxation on equity investments.
"If I can not distribute plots of land, that is to say, a share capital of the company, I will leave. " Without specifying if he speaks of him or his firm ...
It belongs not only to the CEO but mosttly to the shareholders who distribute these "plots" if the form of bonus shares or options. But Bernard Charles rightly points " the extremely high French taxes on capital, stock options and free shares ." For a free share of the capital remitted to en employee, inn addditionto the purchase cost or the dilution, " the company and the employee will have to pay in taxes and taxes up to 80 % of its value , it is not bearable ."
Not only our socialists Ministers have done this, the Sarkozy era contributed as well. " Cease fire ! " already cried Jean-Claude Sobel in an excellent in Les Echos of November 2012 .
For the remittance of such share related advantages the employer's contribution tripled in two years to 30% against 10% and the employee contribution was quadrupled from 2.5% to 10 % ( a "social" contribution without any social compensation for the contributors ) .
At the end of 2014 , the collection of the State's =taxation on share related plans has become such that these could be considered by Proxinvest as abnormal management act .
Bernard Charles is possibly overpaid with his € 15 million package, but he is clearly right to emphasize the danger to overtax the French digital secgment. Our entire economy is in danger when government and officials ignore the risk attached to any equity investment, the engagement of its shareholders and wehn they sabotage the fair involvement of employees in the companies capital.
VIPsight Europe - Switzerland
10 December 2013
Ethos and the Committee on Workers Capital have launched Global Proxy Review 2013
Ethos and the Global Unions Committee on Workers Capital (CWC) announce the launch of Global Proxy Review 2013, a report and interactive website that encourages investors to take an active role in proxy voting oversight for global equity portfolios.
The votes profiled in the report encompass ESG issues at companies in 15 economic sectors. They include votes held at multinational corporations such as: Wal-Mart, News Corporation, Barrick Gold, Heineken, Standard Bank, Telefonica, UBS and Glencore-Xstrata. Approximately one third of the votes selected related to executive compensation, reflecting a continued preoccupation toward excessive executive pay one year after the ‘shareholder spring’ of 2012. National regulatory contexts are also evolving to facilitate active ownership by shareholders; ‘say-on-pay’ votes are now mandatory in all countries featured in the report except Canada and the results are binding in Australia, the Netherlands, the UK (starting in October 2013) and will become binding by 2015 in Switzerland. In addition to governance issues, the votes profiled also include significant social issues such as reporting on human rights related risks.
VIPsight December in ITALIAN
AZIENDE
Jungheinrich: prognosi adattata
La Jungheinrich AG, produttrice di carelli elevatori, ha corretto la sua prognosi di guadagno per l’esercizio corrente verso il basso. A causa del ritardato inizio della produzione nella nuova fabbrica bavarese a Degernpoint e in seguito ai deboli affari in Europa il management prevede adesso un guadagno tra 165 e 170 milioni di Euro, invece dei 165 a 175 milioni prognosticati. L’azienda è quotata nel S-Dax.
A Settembre, a causa dei ritardi di produzione nella nuova fabbrica l’azienda ha prodotto meno veicoli del previsto. E il mercato europeo si muove poco. Tra gennaio e settembre i ricavi in Germania sono persino scesi del due percento rispetto all’anno precedente. Vista la ripresa del mercato in Cina Jungheinrich prevede tuttavia un aumento della domanda in Asia. Anche il business negli USA dovrebbe continuare a crescere sostanziosamente.
Per il 2014 Jungheinrich è ottimista dimostrandosi abbastanza sicura di un miglioramento delle condizioni economiche mondiali. Attraverso degli investimenti strategici Jungheinrich avrebbe creato le condizioni per approfittare da questo andamento positivo del mercato.
Hess: lo scandalo si è allargato
Lo scandalo sul bilancio del produttore d’illuminazione Hess AG assume delle nuove dimensioni. Se fino ad ora si era parlato di manipolazioni per oltre 26 milioni di Euro, adesso la stima dei curatori fallimentari supera i 45 milioni di Euro. Sulla pagina internet della Hess AG, che fino all’inizio dell’anno era quotata in borsa, si trova un rapporto molto esteso del revisore dei conti nel quale tutte le posizioni abbellite prima dell’IPO sono dettagliatamente elencate.
Secondo questa fonte l’insieme delle fatture fittizie ammonta a circa 26 milioni di Euro. A questi si aggiungono, secondo il revisore dei conti, anche degli affari circolari, dove gli stessi macchinari sono stati rivenduti più volte all’interno del gruppo facendo alla fine confluire il ricavo nel bilancio della Hess AG. Anche le perdite prevedibili da affari con derivati non sono state registrate a dovere.
I due membri del consiglio di amministrazione Christoph Hess e Peter Ziegler continuano a negare. Il curatore fallimentare Volker Grube ha deciso di procedere per rimborso danni contro i due ex-membri de CdA non appena conclusosi il controllo speciale. Secondo la sua esperienza prima di avere la sentenza passerebbero ancora degli anni. Lo specialista per l’illuminazione è stato quotato in autunno 2012 con circa 36 milioni di Euro, quattro mesi più tardi, dopo la pubblicazione del falso in bilancio, ha dovuto il suo fallimento in borsa.
SGL: Nelle orme dell’omonimo
Il produttore di prodotti di carbonio SGL Carbon SE presenta Jürgen Köhler come successore di Robert Koehler che è stato alla guida del CdA per lungo tempo. Il vecchio CEO Koehler lascia dopo vent’anni la sua carica per motivi di età. In Germania è uno dei Top Manager che è stato più a lungo a servizio della stessa azienda. Il collega Jürgen Köhler è entrato nel CdA a giugno 2013 dopo essersi occupato di diverse funzioni di management dal 2002. Il suo compito è di portare avanti e di far ulteriormente crescere le strategie aziendali. La SGL è quotata nel MDax.
Allo stesso momento è stato deciso di ridurre il CdA da cinque a tre membri. Theodore H. Breyer ha già lasciato l’organo lo scorso mese di ottobre sempre per motivi di anzianità e Armin Bruch lascerò la sua carica di comune accordo. Dal prossimo anno il CdA sarà composto dal suo presidente, Jürgen Köhler, dal CFO Jürgen Muth e da Gerd Wingefeld.
Buhlmann's Corner
Il consiglio di sorveglianza – un essere (s)conosciut0?
Il padre mai incoronato della Corporate Governance in Germania, Christian Strenger, ha avuto ancora una volta il giusto fiuto. I giudici da lui interpellati in seguito all’assemblea generale del 2011 gli hanno dato ragione sul rapporto di dipendenza del consiglio di sorveglianza della SolarWorld dal Re Sole Frank Asbeck. Il fatto che allora l’operato del consiglio non era da approvare ha trovato ora la triste conferma nella crisi esistenziale in cui si trova l’azienda. Ma la questione non sembra toccarlo da vicino. In teoria potrebbe ritentare l’approvazione, cosa che Frank Bsirske in qualità di Deputy Chair della Lufthansa e contemporaneamente di presidente del sindacato Ver.di non può. Nel 2002 la sua approvazione è stata espressamente rifiutata a causa di un conflitto d’interesse.
L’indipendenza del consiglio di sorveglianza rimarrà nel focus delle votazioni anche nel 2014. Ci ha pensato il consulente che ha formulato le linee guida sulle votazioni per ISS (&Co.). Chi è indipendente per un terzo può fare ciò che vuole? Mi domando, ma è giusto che (come nel caso di Linde nel 2014) una decisione così importante come quella del Cooling-off venga decisa in base ad una insensibile linea guida e senza ascoltare il mercato ovvero gli azionisti? Se Wolfgang Reitzle è il miglior presidente del consiglio di sorveglianza di Linde – chi lo sa? Ma che Reitzle ha saputo come nessun altro (ri)strutturare l’azienda aumentando il suo valore di una percentuale a due cifre, questo lo so io. E sono anche certo che nel suo caso ci si può fidare dell’eccezione alla regola, anche e non solo perché nella Linde il Consiglio di amministrazione funziona di gran lunga meglio del Consiglio di sorveglianza. Accanto alla sua funzione di presidente del CdA di Linde Reitzle ha portato come suo presidente del Consiglio di sorveglianza la Continental dalla crisi alle stelle – chi avrebbe saputo farlo meglio di lui?
L’indipendenza e la capacità di assumersi una responsabilità sono insieme al coraggio di prendere delle decisioni le condizioni fondamentali per un consiglio di sorveglianza (ben) funzionante. Un buon consiglio di sorveglianza accetta le responsabilità invece di delegarle. La condizione minima è invece una composizione giusta nella struttura del potere.
Una cosa è certa quanto ovvia: l’unione tra controllo e gestione è stata identificata e riconosciuta al più tardi dai tempi di Luigi XIV come la radice di molti mali. Eppure anche in tempi recenti – parlo del 2003 – il presidente del consiglio di amministrazione poteva confermare con la propria firma l’indipendenza richiesta dalla legge per candidarsi alla poltrona nel consiglio di sorveglianza – questo automatismo fa parte della storia ed è bene così.
Eppure ci sono anche dei paesi, come ad esempio in Francia o negli Stati Uniti, che con i loro 1-tier-boards ci dimostrano di approvare la fusione tra fare e controllare. Cosa succede quando il poliziotto non diventa solo il controllore ma anche il boia? – Certo le vie decisionali sono più brevi e ci sono meno discussioni. Ma anche il ruolo del PDG (Président-Directeur-Géneral) suona ormai demodé – eppure nonostante i problemi si continua a nominarlo. Auguriamo Phitrust di ottenere sempre più risultati nel loro impegno per la sua abolizione.
Il fatto che un grande azionista (indipendentemente dalla soglia della sua partecipazione) possa anche fare del bene, lo vediamo nel caso di Fresenius. Ma purtroppo vediamo anche il contrario, come nelle partecipazioni di Haniel (Celesio, Metro & Co.). E sicuramente giusto limitare l’influenza dei partecipanti maggiori per motivi di “dipendenza”, anche per evitare casi come Volkswagen e MAN. Con un conteggio creativo dei voti e una partecipazione di allora 30% il produttore di automobili conquistò il potere illimitato sulla MAN.
I compiti del consiglio di sorveglianza non si sono moltiplicati a pari passo con la sua retribuzione; è il lavoro in se e la sua trasparenza che sono notevolmente aumentati negli ultimi dieci anni. Il consiglio di sorveglianza deve tenere le redini del CdA, deve attaccare i cavalli che tirano il carro. Le due cose devono funzionare, ma di più non c’è da fare.
Intrecci privati (Solarworld) o confusioni funzionali come nel caso del PDG sono controproducenti per l’insieme, come se uno volesse mettere a sedere il cavallo imbrigliato sulla serpa del carro. E misurare la responsabilità col righello – non so se chiamarlo semplicistico o colposo.
Persone
Gerhard Schick accetta il ritorno alla presidenza del consiglio di sorveglianza di Bechtle. L’azienda IT comunica che l’attuale capo del consiglio di sorveglianza, Klaus Winkler, abbia lasciato la sua carica per “ motivi personali famigliari”. Era membro del consiglio di sorveglianza dal 1999. Adesso il fondatore della seconda più grande casa IT in Germania dovrebbe dirigere il consiglio almeno fino all’assemblea generale prevista per il 5 giugno 2014. La Bechtle è quotata nel Tec Dax.
Jürgen Buchsteiner lascia inaspettatamente la Brenntag quando, a fine anno,scade il suo contratto. Il responsabile per l’Asia del distributore di prodotti chimici non prolungherà il suo contratto per motivi personali. Il 55enne ex CFO - che al momento della quotazione in Borsa della Brenntag ha dato dei contributi fondamentali – è stato dal 2012 responsabile per la regione Asia-Pacifico e per il settore M&A.
I membri del CDA Jochen Klösges e Ulrich Sieber lasciano la Commerzbank alla fine dell’anno. A luglio 2014 Klösges diventerà CEO della E.R. Capital Holding. Il responsabile del personale Sieber se ne deve andare. Lo ha deciso il consiglio di sorveglianza lo scorso 6 novembre. Fondamentale per la decisione deve essere stato il doppio voto di Klaus-Peter Müller. A metà ottobre una sua decisione nel consiglio di sorveglianza è stata bloccata soprattutto da parte dei rappresentanti dei lavoratori. E’ probabile che l’accordo sulla sua buona uscita venga discusso in tribunale.
Il 27 novembre Peter Bayer ha preso il posto di Siegfried Russwurm come Presidente del consiglio di sorveglianza della OSRAM Licht. Il cinquantenne che fa parte del CdA della Siemens ha lasciato l’organo. A prendere il suo posto come membro del consiglio di sorveglianza è Roland Busch che insieme a Michael Knuth è stato anche nominato vice-presidente del consiglio di sorveglianza. Secondo le ultime informazioni Siemens tiene ancora direttamente il 17 percento dell’ex affiliata del gruppo.
Günter Blaschke passa la guida della RATIONAL a Peter Stadelmann. Dopo aver guidato il CdA per anni passerà il timone all’attuale direttore del personale. Stadelmann inizierà la carica a partire dal 1 gennaio 2013. Secondo un comunicato stampa Blaschke resterà a disposizione dell’azienda come consulente. La Rational si occupa di sistemi per la distribuzione di pasti caldi.
Lothar Adler se ne va. Dopo le critiche sulla sua remunerazione il capo del consiglio aziendale centrale della Siemens(Chairman of the Central Works Council of Siemens AG) rinuncia al discusso prolungamento del suo contratto. Col raggiungimento del limite dell’età lascerà il gruppo alla fine di maggio 2014, conferma la Siemens. Adler aveva inizialmente espresso la volontà di continuare a lavorare per alcuni mesi anche dopo il suo 65esimo compleanno. Il suo successore sarà nominato in occasione delle elezioni del prossimo consiglio aziendale il prossimo anno.
Peter Y. Somssen lascia la Siemens. Il Responsabile legale del gruppo avrebbe già chiarito le modalità della sua uscita. Solmssen era considerato come persona di fiducia di Peter Löscher, che si è dimesso alla fine di luglio. Da alcuni mesi si speculava sulla partenza dell’americano. Si tratta del terzo e ultimo dei manager chiamati esternamente da Cromme che lascia il gruppo di Monaco.
Talanx riduce il consiglio di amministrazione da sette a sei membri. Thomas Noth lascia il CdA del terzo gruppo assicurativo in Germania alla scadenza del contratto il 31 maggio 2013 per sua volontà. Dopo il riuscito consolidamento della tecnologia informatica in Germania nel gruppo il ruolo di un Chief Information Officer (CIO) è diventato obsoleto.
Il 31 ottobre Fannie Mae ha aperto a New York una causa contro la Deutsche Bank e altri 8 istituti bancari, nonché contro tutti gli istituti associali alla British Bankers’ Association chiedendo circa 800 milioni di dollari, ovvero circa 585 milioni di Euro. Le manipolazioni del tasso d’interesse di riferimento internazionale avrebbero provocato al finanziere immobiliare statale americano dei danni di questo livello. Fannie Mae ritiene che le soli manipolazioni del Libor che determinano le condizioni alle quali le banche si prestano del denaro tra di loro, avrebbero portato ad un danno di oltre 300 milioni di dollari. In Fannie Mae molti crediti erano o sono legati al Libor.
Il grande azionista del Rhön-Klinikum, B. Braun, si difende davanti al tribunale di Schweinfurt contro la vendita di 43 cliniche alla Helios. L’obiettivo della causa è quello di accertare che il contratto di compravendita delle partecipazioni è nullo o che può essere eseguito solamente se approvato con un maggioranza del 90 % della società, nonché il mantenimento della competizione sul mercato delle cliniche, come comunica il produttore di tecnologia medica il 22 novembre a Melsungen. Allo stesso momento l’azienda di famiglia aumenta la sua partecipazione da 11 a 14 percento diventando così il maggiore azionista individuale, prima ancora del fondatore dell’azienda Eugen Münch,, e programmando un aumento a 25 percento per il quale è già stato richiesto il permesso dell’ufficio anti-trust.
FUCHS PETROLUB sostituisce, con un riacquisto di azioni, la liquidità in esubero agli azionisti rendendo allo stesso momento i titoli più commerciabili attraverso l’emissione di stockdividends. Secondo quanto comunicato dall’azienda il 26 novembre devono essere acquistati un milione di azioni ordinarie e preferenziali per un valore complessivo di 100 milioni di Euro, e quindi circa il 2,4 percento del capitale sociale del produttore di lubrificanti. Fuchs intende ritirare le azioni. Il riacquisto è iniziato il 27 novembre e dovrebbe durare fino al 31 marzo 2015. Si prevede inoltre di proporre alla prossima assemblea generale il 7 maggio 2014 un aumento del capital da mezzi propri della società. Questo aumento del capitale sarebbe legato all’emissione di stock dividends con un rapporto di 1:1. La Fuchs dichiara che queste misure siano espressione della fiducia in una buona crescita futura.
Al momento della presentazione del rapporto intermedio la Münchener Rückversicherungs-Gesellschaft ha annunciato di voler raccogliere entro la prossima assemblea generale (30 aprile 2014) fino a 13 milioni di titoli propri per un volume fino ad un miliardo di Euro che corrisponderebbero a circa 3,6 percento del capitale sociale. Le azioni riacquistate saranno ritirate per ottimizzare la struttura del capitale della società. L’ultimo programma di riacquisto del più grande riassicuratore è finito nel 2011. Al momento dell’annuncio dei risultati semestrali all’inizio di agosto il Presidente del CdA Nikolaus von Bomhard aveva già annunciato di voler riprende il riacquisto delle azioni.
CAMPUS
Rimunerazione del consiglio di sorveglianza rimane stabile
Secondo Towers Watson la discussione sulla ‘giusta’ rimunerazione dei consigli di sorveglianza alzatasi in seguito ad alcune modifiche apportate al Codice sulla Corporate Governance in Germania, ha portato molti frutti. Se in passato i controllori aziendali venivano pagati secondo gli schemi del volontariato oppure in base al dividendo, negli ultimi anni si sono affermati dei concept di rimunerazione che mirano a garantire l’indipendenza e la professionalità dei membri dell’organo. Il codice richiede dal 2012 che le parti variabili della rimunerazione siano legati al successo a lungo termine dell’azienda. Quasi un terzo delle società quotate nel DAX hanno quindi cambiato il proprio modello. Il consulente aziendale prevede che nei prossimi anni anche altre aziende modificheranno le loro pratiche di retribuzione. Prima il codice consigliava in generale di rimunerare i membri dei consigli di sorveglianza in base al successo. Attualmente 13 aziende del DAX puntano su una retribuzione fissa dei controllori. !7 aziende si orientano anche al risultato a breve o a lungo termine della società (calcolato ad esempio in base al risultato per ogni azione). I presidenti dei consigli di amministrazione guadagnano nel 2013 mediamente 338.500 Euro. Con questo gli onorari per i capi controllori sono praticamente uguali all’anno precedente (+1%), come rileva Towers Watson.
Ricerca: elementi di successo per il motore dell’economia tedesca, la costruzione di macchine utensili
L’associazione tedesca di costruzione di macchine utensili e impianti (Verband Deutscher Maschinen- und Anlagenbau – VDMA) ha presentato insieme alla Deutsche Industriebank – IKB uno studio sul futuro dell’industria tedesca dei beni di investimento e del settore della produzione di macchine utensili. Gli autori hanno estrapolato dai fatti delle tesi sulla situazione attuale: Secondo il ruolo dei paesi emergenti aumenterà al livello globale. Si aggiunge una sempre maggiore industrializzazione in Europa e nel mondo, dovuta proprio alla crescente domanda di prodotti industriali nei paesi emergenti. La Germania vanta un’industria forte e si trova quindi in una buona posizione di partenza. Molta importanza deve essere riconosciuto anche all’integrazione dei cosiddetti “megatrend” come il trasporto e la mobilità, la fornitura di energia, la salvaguardia del clima e delle risorse ma anche all’informazione e ai network che offrono delle buone prospettive per il futuro. Dall’altra parte ci sono sempre nuovi competitor, soprattutto in Cina.
Secondo l’indagine i fattori di successo dei tedeschi non sono facili da imitare: I vantaggi dell’economia tedesca stanno soprattutto nel grande orientamento verso i mercati esteri e la sua presenza nei nuovi mercati in crescita, la sua forza d’innovazione e la capacità di trovare e di realizzare delle soluzioni che abbracciano più settori. Si aggiunge la flessibilità soprattutto nel settore delle PMI e una grande concorrenzialità sul piano del prezzo.
Gli esperti consigliano però alle aziende di adeguare la loro strategia d’ internalizzazione, perché in questo momento soprattutto nella costruzione di macchine utensili all’interno di PMI si sta verificando una dislivello sempre più importante al livello del progresso tra vendita e acquisto e anche tra produzione, ricerca e sviluppo. Secondo la ricerca il lato acquisti dovrebbe prendere in considerazione il mondo intero e la produzione, la vendita e il l’assistenza clienti dovrebbe essere maggiormente portata nei paesi target.
Le aziende tedesche hanno inoltre la possibilità di distinguersi da altri concorrenti grazie a delle system solutions complesse e delle cooperazioni anche al di là del proprio settore e all’interno di network. La presenza internazionale e la crescente offerta di system performance richiedono nuovi ordini di grandezza. Un’altra opzione è costituita dalla specializzazione. Le aziende devono continuare a dare importanza all’efficienza dei costi, all’ottimizzazione dei processi e a delle capacità di produzione moderne, per garantire accanto all’alta qualità ci sia anche un prezzo giusto. Infine anche la politica deve contribuire per mantenere e promuovere competitività del motore dell’economia tedesca.
Surteco: Investimento e sguardo verso SDax
A Novembre la Surteco SE, specialista in tecnologie della superficie, ha ricavato col piazzamento di circa 4,4 milioni di nuove azioni quasi 80 milioni di Euro. Dopo questa manovra il widely held stock è passato dal 23 al 45 percento. Secondo il CdA questo aumenta le possibilità del valore Prime Standard di essere acconto nello Small Cap Index SDax. Con l’aumento del capitale il subfornitore nel settore dell’edilizia e dell’arredamento vuole finanziare il gruppo Süddekor. L’antitrust tedesco ha già approvato il business.
Sympatex: Bond su prodotti tessili ecologici.
Alla fine die novembre la Sympatex Holding GmbH che vende membrane impermeabili e traspiranti per abbigliamento funzionale con sede a Unterföhring vicino a Monaco si è presentata alla borsa titoli di Francoforte con un bond con un volume di 13 milioni di Euro. Il titolo ha una durata di cinque anni con un coupon di otto percento e dovrebbe essere quotata nel Entry standard per bond aziendali. Il ricavo dell’emissione deve affluire per il 60 percento nella crescita dell’azienda: secondo la piattaforma online fixed.income.org la Sympatex Holding vorrebbe acquistare ancora quest’anno un’azienda simile in Francia, che è redditizia con un fatturato di 9 milioni di Euro.
Secondo la Sympatex i loro prodotti si distinguono da quelli dei concorrenti per la loro performance, da un lato, e per i loro aspetti ecologici da quell’altro. I tessuti Sympatex sono tutti riciclabili. Per questo motivo l’azienda vuole dare importanza al proprio marchio come proposta alternativa ecologica nel mercato dell’abbigliamento funzionale. Attualmente la Sympatex occupa 300 persone in 19 paesi.
POLITICA
Respinto il limite per una retribuzione massima
Nella dirittura d’arrivo delle negoziazioni sulla colazione i partiti cristiani CDU/CSU e i socialdemocratici della SPD hanno rispinto il previsto limite delle retribuzioni straripanti die manager di aziende quotate dopo la protesta dell’ala economica della CDU e delle maggiori associazioni di categoria dell’economia. Non era stato previsto un limite legale. A sorpreso la disposizione inizialmente previsto da esperti legali che prevedeva la pubblicazione della relazione tra la retribuzione dei manager di un’ azienda quotata e lo stipendio medio dei lavoratori è stata cancellata. Questo è quanto si evince dal terzo progetto per il contratto di coalizione nero-rosso pubblicato il 26 novembre secondo il quale la Cancelliera teme un dibattito basato sull’invidia. Originariamente l’assemblea generale avrebbe dovuto decidere sulla relazione massima tra retribuzione del CdA e lo stipendio medio. Adesso si legge solamente: “Per creare una trasparenza nella verifica degli stipendi dei manager, in futuro la decisione sulla retribuzione del CdA sarà presa dall’assemblea generale su proposta del consiglio di sorveglianza.”
Si temono ondate di espropriazione
I rappresentanti dei piccoli azionisti si innalzano davanti alla decisione sul delisting presa lo scorso 8 novembre dalla Corte Federale (Bundesgerichtshof – BGH). Inizialmente la Corte aveva accertato che la revoca della quotazione per il mercato regolamentato non tocca l’ambito di protezione del diritto di proprietà (art. 14) di un azionista. Il ritiro di una società per azioni dalla borsa (delisting regolare) non richiede l’autorizzazione da parte dell’assemblea generale e neanche l’offerta obbligatoria da parte della società per azioni stessa o del suo grande azionista ai piccoli azionisti sull’ acquisto delle loro azioni. Ciò non indebolirebbe neppure lo status di socio dell’azionista. Questo è quanto ha deciso il BGH abbandonando la giurisdizione applicata nel caso Macrotron. L’associazione tedesca degli investitori (Schutzgemeinschaft für Kapitalanleger – SdK) teme adesso delle “ondate di espropriazione” di azionisti minoritari. Il potere discrezionale sul delisting si troverà esclusivamente e - per gli azionisti con portafoglio diversificato - senza alcuna compensazione nelle mani del CdA e del consiglio di sorveglianza. In base alla decisione Macrotron del 2002 la domanda di delisting di una società per azione doveva essere autorizzata dall’assemblea generale, e quindi, con maggioranza semplice, da tutti gli azionisti. Inoltre era necessario che la società stessa oppure il grande azionista presentasse un’offerta pubblica di acquisto agli altri azionisti. Ciò per permettere agli azionisti di vendere le proprie azioni non in borsa ma direttamente alla società o al grande azionista. “Adesso chiunque – anche il CdA di una società quotata nel DAX – è libero di revocare la quotazione in borsa senza coinvolgere gli azionisti; qui bisogna agire”, dice Hans-Martin Buhlmann, VIP eV.
Paul Signer ha aumentato ancora il suo pacchetto Celesio. Orma il suo Hedgefond Elliott International potrebbe impedire quasi da solo il rilevamento del distributore farmacologico di Stoccarda. Secondo una comunicazione sui diritti di voto il 19 novembre il miliardario statunitense possedeva 42,8 milioni di azioni della Celesio, che corrisponderebbe ad una minoranza di blocco del 25,16 percento. 19,11 percento ricadono su azioni e 6,05 percento su bond convertibili. Fino ad ora si sapere che attraverso diverse società Eliott possedeva il 21,13 % della Celesio. Alla fine di ottobre McKesson aveva fatto un offerta di acquisto. Il distributore di farmaci americano voleva rilevare la Celesio per 23 Euro per ogni azione ponendo come condizione di poter avere almeno il 75 percento delle azioni e dei bond convertibili. Gli americani hanno già preso degli accordi con il grande azionista Haniel dal quale rileveranno la quota del 50,01 %. Il volume complessivo della transazione ammonta a circa 6,1 miliardi di Euro, obbligazioni finanziarie incluse. Con il suo pacchetto Singer potrebbe quindi sabotare l’affare, anche perché ci sono già degli altri investitori interessati a seguirlo. Gli esperti sono convinti che altri hedgefonds abbiano già acquistato altri tre a cinque percento della Celesio. La strategia di Elliott continua ad essere poco chiara e il fond stesso non ha voluto fare dichiarazioni. Probabilmente Eliott spingerà per un aumento dell’offerta di McKesson rischiando però anche un fallimento della stessa.
M&A
Nemetschek: portfolio integrato
Per un importo superiore a 10 milioni di Euro la Nemetschek AG ,quotata nel TecDax, vorrebbe rilevare la società norvegese Data Design System ASA. Il gruppo software intende chiudere la compravendita ancora prima della fine dell’anno corrente. Con 90 collaboratori i norvegesi forniscono delle soluzioni di progettazione per sistemi per edifici meccanici, e tecnologie elettriche e sanitarie. Nemetschek, fornitore di soluzioni CAD e software per la progettazione, allarga così la rosa dei suoi prodotti per il processo edilizio. Data Design System ha realizzato nel 2012 un fatturato di circa 8,7 milioni di Euro e un risultato operativo di circa 1,5 milioni di Euro.
Delignit: ecologicamente prezioso
Il lavoratore del legno Delignit AG rileva la DHK automotive GmbH (arredamento interno automobili) e tutte le sue quote della HTZ Holztrocknung GmbH. Le parti hanno deciso di tenere il prezzo della transazione riservato. Rilevando le due società della Sassonia la Delignit che offre prodotti ecologici e system solutions allarga la sua gamma di prodotti: La DHK automotive produce non solo delle coperture per portabagagli, ma fornisce anche dei rivestimenti interni laterali e altri elementi per veicoli industriali. Particolarmente importante un procedimento speciale per la produzione di elementi di costruzione a forma alveolare prodotti con fibre vegetali, che completa bene il portfolio Delignit nei criteri della sostenibilità e della costruzione leggera. Grazie all’acquisto Delignit ha potuto allargare la proprio capacità di produzione; il management prevede per il 2014 per la prima volta un fatturato di oltre 40 milioni di Euro.
Eckert & Ziegler: Ponti nel mercato USA
Dopo il rilevamento della Biocompatibles, la Eckert & Ziegler Strahlen – und Medizintechnik AG ha acquistato tutte le quote della Mick Radio Nuclear Instruments, Inc. (MRNI). MRNI produce accessori per il trattamento dei tumori con radioisotopi (brachiterapia) e ha realizzato nell’ultimo esercizio un fatturato di circa 4 milioni di Euro. Le parti vogliono tenere il prezzo della transazione riservato. Insieme all’investimento in Biocompatibles, produttore di impianti per il tumore alla prostata, la Eckert & Ziegler intende così allargare la propria posizione negli Stati Uniti. L’azienda comunica che la brachiterapia rappresenta un’opzione di trattamento molto efficace per diverse forme di tumori. MRNI è ritenuto essere leader del mercato nell’applicazione di questa forma di terapia, possiede una grande forza d’ innovazione e numerosi brevetti. La Eckert & Ziegler è quotata nel Prime Standard.