Private Equity Minority Investments - Universität St.Gallen

Chapter IV: Voicewhat has been discussed at board meetings if it serves the shareholders’interests with no real sense of any wrongdoing. 16904.1.3 Duty of Equal Treatment4.1.3.1 Legal ConceptThe duty of equal treatment 1691 requires each director of a stock corporation(managing officer in a GmbH) and third parties engaged in managementduties to treat the shareholders (members in a GmbH) in the samecircumstances equally. 1692 The principle of equal treatment does not,however, relate to shareholders as persons but to their equity stakes.Therefore, on this issue, NOBEL suggests speaking of the principle of equaltreatment of shares, rather than of shareholders. 16934.1.3.2 ObligorsThe principle of equal treatment serves as a benchmark for the actions ofcorporate organs. 1694 Resolutions of the general meeting are challengeable ifthey discriminate against or disadvantage certain shareholders for reasonsnot in the firm’s interest. 1695 Moreover, board members and third partiesengaged in corporate management must observe the principle of equaltreatment. 1696 Even though not addressed to the individual shareholdersdirectly, the principle of equal treatment functions as a constraint on the1690See BÖCKLI, Aktienrecht, § 13, N 72, FN 179; realistically also FORSTMOSER/MEIER-HAYOZ/NOBEL, § 28, N 49 (“In der Praxis wird diese Schranke kaum beachtet.”); also seeWENNINGER, p. 170 (leaving the question on the passing of information open because inpractice the violation of stock corporation confidentiality by the entrustor hardly causes anyproblems).1691See, on this topic in general, inter alia, HUGUENIN JACOBS.1692CO 717 II. See BGE 117 II 290, 312 (E. 6b: “En principe, les actionnaires ont droit au mêmetraitement.“). See BÖCKLI, Aktienrecht, § 13, N 679; VON SALIS, p. 25; HUGUENIN JACOBS, p.31 (“Das aktienrechtliche Gleichbehandlungsprinzip besagt, dass die Aktionäre nachMassgabe ihrer Rechte gleich zu behandeln sind.”). With respect to the GmbH, CO 813. SeeWATTER/ROTH PELLANDA, Basler Kommentar, CO 814, N 3; MEYER-HAYOZ/FORSTMOSER,§18, N 124.1693See NOBEL, Finanzmarktrecht, § 10, N 184; cf. also BÖCKLI, Aktienrecht, § 13, N 679.1694See PERAKIS, p. 30; HÜNERWADEL, p. 90. However, the individual shareholder must observethe principle of equal treatment if exercising effective and decisive influence on corporatedecision making and therefore qualifying as a de facto organ of the company, seeFORSTMOSER/MEIER-HAYOZ/NOBEL, § 39, N 30. On de facto organs, see Section IV.E.4.1.4.1695CO 706 II Sec. 3. With respect to the GmbH, CO 808c i.c.w. CO 706 II Sec. 3.1696CO 717 II. Analogously, the managing officers and third parties in charge of the managementof a GmbH shall, under equal circumstances, give equal treatment to the members (CO 813).271