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Europe has known very different systems of company laws for a long
time. These differences do not only pertain to the board structures
of public companies, where single-tier and two-tier structures can
be distinguished, they also pertain to the principles of fixed
legal capital. Fixed legal capital is not a traditional ingredient
of English and Irish company law and had to be incorpo-rated into
these legal systems (only) for public limited companies according
to the Second European Company Law Directive of 1976. Both
jurisdictions have never really embraced these rules. Against this
background, the British Accounting Standards Board (ASB) and the
Company Law Centre at the British Institute of International and
Comparative Law (BIICL) have initiated and supported a study of the
benefits of this legal system by a group of experts led by Jonathan
Rickford. The report of this group has been published in 2004. Its
result was that legal capital was costly and superfluous; hence,
the Second Directive should be repealed. The British government has
adopted this view and wants the European Commission to act
accordingly. Against this background a group of German and European
company law experts, academics as well as practitioners, have come
together to scrutinise sense and benefits of fixed legal capital
and all its specific elements guided by the following questions:
What is the relevant legal concept supposed to achieve? What does
it achieve in reality? What criticisms are there? Which proposals
or alternatives are available? From the outset the group of experts
has endeavoured to cooperate with foreign colleagues, which
resulted in very fruitful and pleasant exchanges. This volume
contains, besides an executive summary of the results, 16 essays on
specific aspects of legal capital in Germany covering also
neighbouring fields of law (e.g. accounting, insolvency);7 reports
on fixed legal capital in other jurisdictions (France, Great
Britain, Italy, the Netherlands, Poland, Spain and the U.S.A.)
addressing the same questions as the essays on German law. The
British initiative disapproves of the Second Directive. The
Directive does only deal with public limited companies in Europe,
which is reflected in the analysis presented here. It is only
concerned with the fixed legal capital of public limited companies,
not with capital issues of private companies. The study has arrived
at a result that differs completely from that of the Rickford
group. It verifies the usefulness of the concept of fixed legal
capital and wishes to convince the European Commission of the
benefits of the Second Company Law Directive.
In this concise monograph, the great German and European expert on
company law, Marcus Lutter, assigns the stockholder his role in the
market economy, namely as a player involved in major transactions
and one who guarantees diversity and counteracts the concentration
of power in the managing bodies particularly by exercising his
right to inspect and file suit. Prof. Dr. Dr. Stefan Grundmann,
LL.M., Humboldt University Berlin"
Very different systems for corporations have always existed in
Europe. These differences relate not only to the management
structure of the corporations, with single or dual systems for
management bodies, but also to the principles of permanent capital:
Fixed capital is foreign to English and Irish law, and must be
incorporated into the legal systems (only) for the corporation on
the basis of the 2nd EU Capital Directive of 1976. No one ever made
friends in these countries in doing so. Therefore, the British
Department of Trade initiated and supported an investigation by a
workgroup under the leadership of Jonathan Rickford some years ago
regarding the benefits of this system. The report from this
workgroup was published in the year 2004 (European Business Law
Review [2004] 919). It came to the conclusion that the system of
permanent capital is expensive and redundant; it therefore
recommended the cancellation of the 2nd Directive. The British
government aligned itself with this approach and pressed the
European Commission for an appropriate initiative. Before this
background, a group of German scholars and practitioners of
corporate law converged in order to investigate the sense and
benefits of permanent capital and its individual elements quite
broadly. Aside from a summary of the results, a total of 15
individual investigations of aspects of capital in Germany and
their relationships to adjacent legal areas (accounting and
insolvency, for example) are in the present volume, with 7 reports
on foreign permanent capital (France, Great Britain, Italy, the
Netherlands, Poland, Spain in the USA), each under the same
questions such as the discourses on German law. The investigation
seeks to convince the European Commission of the benefits of the
2nd Directive.
Von Prof. Dr. Walther Busse von Colbe, Bochum Sehr verehrte Damen,
meine Herren! 1m Namen des Institutes fUr Untemehmungsftihrung und
Untemehmensfor- schung der Ruhr-Universitat Bochum und zugleich im
Namen meines Kollegen Lutter m6chte ich die Teilnehmer und
Referenten zum heutigen Symposion "Auf- gaben des
Wirtschaftsprlifers" hier in der Ruhr-Universitat begI"i. GBPen.
Ich danke Ihnen fur das gro& Interesse und die rege Teilnahme,
die Sie dieser Tagung entgegengebracht haben, und den Referenten
fUr die Bereitschaft zur Mit- wirkung. Insbesondere danke ich aber
auch dem Institut der Wirtschaftsprlifer fUr die Kooperation bei
der Vorbereitung und der Durchfiihrung dieser Tagung. Den
Vorsitzenden des Vorstandes des Institutes der Wirtschaftsprlifer,
Herm Hans Havermann, mochte ich besonders willkommen heif. \en.
Anlaf. \ fur dieses Symposion war, daf. \ einige Vorgiinge und
Gerichtsentscheidun- gen in jtingster Zeit den Berufsstand der
Wirtschaftsprlifer, die Institution der Wirtschaftsprlifung,
insbesondere der Pflichtprlifung, und auch das Prlifungsobjekt,
also den Jahresabschlufl, zum Gegenstand des offentlichen
Interesses, aber auch einer sehr regen Fachdiskussion gemacht
haben. Lassen Sie mich nur zwei Kom- plexe herausgreifen: Bei
eipigen grof. \en Untemehmen wurden ganz iiberraschend Verluste von
einem ganz ungewohnlichen Ausmaf. \ bekannt, die aus dem letzten
Jahresabschluf. \ nicht erkennbar waren. Ich erinnere an die
Vorgiinge bei Herstatt oder der Hessischen Landesbank. Es tauchte
hier die Frage auf: "Hatte der Wirtschaftspriifer oder die Prlifung
versagt, oder war das Priifungsobjekt untauglich? " Erich Potthoff
hat dieses Problem einmal unter das l.
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