Private Equity Minority Investments - UniversitÃƒÂ¤t St.Gallen

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Part Two: Legal Framework and Toolsresults of the votes and elections. 2052 Moreover, they have unrestrictedaccess to the company’s articles of association which is a public document.As members of a GmbH, PEMIs also have a right to inspect the shareregister, 2053 while as shareholders they may only access the share registerwith respect to their own entry. 2054 In a closely held firm context, however,access to the share register is less relevant because the shareholdersgenerally know each other.To investigate specific events, circumstances, or behaviors 2055 – informationthat may be necessary to exercise shareholder rights – PEMIs may move atthe general meeting for certain facts be subject to a special audit. 2056 Asindicated above, the right to request a special audit is part of the threeprongedinformation system. 2057 In contrast, GmbH members are notexplicitly granted a right to request a special audit by law, but this right canbe granted via the articles of association. 2058 PERAKIS characterizes suchright a “powerful weapon in the hands of the minority.” 2059 However, it issubordinate to the right to information and inspection 2060 and it ispredominantly of practical relevance in connection with the preparation ofliability claims against the board of directors or management 2061 and whenchallenging a resolution of the general meeting. 2062 Moreover, thecomplicated and time-consuming procedure 2063 as well as the ratherstringent jurisprudence requiring strong prima facie evidence showing thatcorporate organs have breached the law or articles of association andthereby have harmed the company or its shareholders have contributed to2052CO 702 III. D-CO 702 III provides that the meeting minutes must be accessible to theshareholders electronically within 20 days after the general meeting or a copy must be sent toeach shareholder upon request free of charge.2053CO 790 III.2054See BAUEN/VENTURI, § 2, N 128.2055The special audit is intended to investigate facts rather than to provide a legal opinion, areview of expediency or adequacy of certain decisions, or an assessment of certainjudgements made by corporate organs, see VON BÜREN/STOFFEL/WEBER, p. 193 N 922;FORSTMOSER/MEIER-HAYOZ/NOBEL, § 35, N 26.2056CO 697a et seq. In detail, inter alia, KUNZ, Minderheitenschutz, § 12, N 59 et seqq.;GABRIELLI, p. 70 et seqq.; HORBER, Informationsrecht, p. 337 et seqq.2057See FN 1964.2058See FN 1971.2059PERAKIS, p. 71.2060See BÖCKLI, Aktienrecht, § 16, N 30; WEBER, Basler Kommentar, CO 697a, N 2; MAROLDAMARTÍNEZ, p. 254 et seq.; FORSTMOSER/MEIER-HAYOZ/NOBEL, § 35, N 31; HORBER,Informationsrecht, p. 343 et seq., N 1072.2061See FORSTMOSER/MEIER-HAYOZ/NOBEL, § 35, N 9.2062See EHRAT, Protection of Minority Shareholders, p. 231.2063See WEBER, Basler Kommentar, CO 697a, N 13.326
Chapter V: Access to Informationthe limited role of this instrument in practice. 2064 For these reasons, thespecial audit is not a tool to satisfy PEMIs’ ongoing need for information.Hence, the right to request a special audit is not further addressed in thisdissertation.Individual RightsMinority Shareholder RightsInformationShareholdersCO 697CO 696 et seq.InspectionSpecial Information Rights‣ Management organization(CO 716b II Sentence 2)‣ Minutes of the general meeting(CO 702 III)‣ Articles of association(CRO 43 I b (A6), 71 I b (GmbH))‣ in GmbH: share register(CO 790 IV)Special AuditCO 697a et seqq.Requires 10% of equity orCHF 2 million nominal valueBoard of DirectorsInformationCO 715a I-IIIInspectionCO 715a IVFigure 21: Information provided upon request1.4 Shareholders’ Equal Access to InformationThe principle of equal treatment of shareholders (or members in a GmbH),applied to the firm’s disclosure practice, requires in principle that theinformation that one shareholder obtains must be accessible to all2064See EHRAT, Protection of Minority Shareholders, p. 231; FORSTMOSER/MEIER-HAYOZ/NOBEL, § 35, N 118 (speaking of a preventiure 22ve effect concerning an improveddisclosure policy); equally VON BÜREN/STOFFEL/WEBER, p. 192, N 921. See also BÖCKLI,Aktienrecht, § 16, N 15; WEBER, Basler Kommentar, CO 697a, N 14.327
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Private Equity Minority Investments
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AcknowledgementsThe process of writ
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Executive SummaryTriggered by the f
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Summary ContentsSummary ContentsSum
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Table of Contents3.2.1 Source of Ca
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Table of ContentsXIV2 Ex Ante and E
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Table of ContentsXVI3.3.5 Voting Ag
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Table of ContentsProtection .......
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Table of Contents5.3.2 Board of Dir
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List of FiguresList of FiguresFigur
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BibliographyTable of ReferencesACHA
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BibliographyASTRACHAN, Joseph H. an
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Bibliography- “Corporate Governan
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BibliographyBURKHALTER, Thomas, Ein
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Bibliography- “Herausforderungen
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Bibliography- “Interessenkonflikt
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Bibliographyavailable at http://www
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BibliographyHART, Oliver, “Incomp
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BibliographyHUSER, Patrick A., Anle
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BibliographyLUBATKIN, Michael H., S
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BibliographyMODIGLIANI, Franco and
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of MPRDC without reference to the a
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BibliographyRÜDISSER, Michèle, Bo
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BibliographySTOUT, Lynn A., “The
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Bibliography- “Interessenkonflikt
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BibliographyWEBER, Martin, “Recht
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List of AbbreviationsList of Abbrev
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lit.MBI / MBOMerger ActNNBERNo.NZZl
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Part One: Introduction andTheoretic
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Chapter I: Introductionfinancial cr
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Chapter I: IntroductionBResearch To
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Chapter I: Introductionaddress in p
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Chapter I: Introductioninvestment s
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Chapter I: Introductioninvestors pu
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Chapter I: Introductioninvestments
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Chapter I: Introductioncorporations
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Chapter II: Theoretical Foundations
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2.1.2 Underlying Assumptions and Ke
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Part Three: Case Study - SimilorGro
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Judith Verena Söding (1983) studie
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Private Equity Minority Investments - UniversitÃƒÂ¤t St.Gallen

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