2019년 11월 28일 목요일

excerpts:// corporate governance and banks' roles in it, in Germany

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https://www.jura.uni-frankfurt.de/43029805/paper70.pdf

­­­An even more widely noted and, at the same time, widely criticized, phenomenon of the German system of corporate governance is the role of the banks in the system.[주]36

German banks, in particular the 4 or 5 biggest, own sometimes quite large equity statkes in numerous public companies, they control the proxy machinery of most public companies where there are not otherwise controlling shareholders, and they are represented on the boards of most large German public companies.[주]37

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다른 자료: https://www.ifo.de/DocDL/ces_wp180.pdf

( .. .. ) two main features distinguish the German system of corporate governance from systems of the Anglo-American type. The first is that it has several institutiona features which mean that banks are potentially capable of playing a major role in corporate governance. Banks hold equity stakes in large firms, and they also control equity voting rights because they exercise proxy votes on behalf of shareholders who have deposited their shares with the banks. In  Germany a public limited company, Aktiengesellschaft (AG), has to have a supervisory board, the main function of which is to monitor the board of senior managers who are responsible for the running of the company: banks are extensively represented on these supervisory boards. The provision of external finance to firms is dominated by banks, both as lenders and as arrangers and underwriters of new security issues. ...

다른 자료: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=247410

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