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

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

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

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

VIPsight International

Article Index


Capital News


GAGFAH has completed its share buyback programme. The housing corporation has purchased 5,632,247 shares at an aggregate price of €38.2 million, the company, majority owned by private-equity firm Fortress, announced on 31 July. This corresponds to both 2.5 percent of share capital and an average of €6.78 per share. The Administrative Board had also decided on 1 August to close the programme begun on 8 December 2010 to buy back shares worth a total of up to €125 million and for the time being not to exploit it any further, but reserves the right to resume it in the same or a different form at a later date.


GILDEMEISTER has started a share buyback. The machine-tool builder wants to buy 3,068,581 papers from 26 August to at the latest 31 December, which represents 5.1 percent of the capital, as the MDAX Group announced in Bielefeld on 25 August. The shares will according to the company primarily be used as “currency” for future acquisitions. The Annual General Meeting in 2010 had already given the green light for the buyback.


United Internet has already announced its fourth share repurchase in the current year. The ISP plans to repurchase 9.3 million of its own shares via the stock exchange. The repurchase corresponds to a good 4.3 percent of the share capital. The TECDAX company is using an authorization from the shareholders. The shares could serve as currency for acquisitions, be used for employee-ownership programmes or be withdrawn. Previously, the share capital will be reduced by ten million euros to 215 million euros. Then the repurchase programme will begin.