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Zur Empfehlung von Abfindungsobergrenzen für Vorstandsmitglieder

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  • Schottmüller-Einwag Ute
  • Dilger Alexander

Abstract

In diesem Beitrag wird untersucht, ob Vorstandsabfindungen von börsennotierten Unternehmen durch die Empfehlung 4.2.3 Abs. 4 Satz 1 des Deutschen Corporate Governance Kodex in ihrer Höhe begrenzt werden. Die Analyse umfangreicher empirischer Daten zu Entsprechenserklärungen aller CDAX-Unternehmen und tatsächlichen Abfindungshöhen vorzeitig ausgeschiedener Vorstandsmitglieder von DAX-Unternehmen in den Jahren 2010 bis 2014 zeigt, dass die empfohlenen Obergrenzen trotz anderslautender Entsprechenserklärungen mehrheitlich überschritten wurden. Mithilfe institutionenökonomischer, rechtswissenschaftlicher und soziologischer Ansätze wird theoretisch erklärt, warum das Comply-or-Explain-Prinzip des § 161 AktG, das der Konzeption der Empfehlungen des DCGK zugrunde liegt, bei der untersuchten Empfehlung versagt. Auf dieser Basis wird eine Gestaltungsempfehlung für die Praxis abgeleitet, welche der Empfehlung zu einer stärkeren Wirkung verhelfen kann.
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Suggested Citation

  • Schottmüller-Einwag Ute & Dilger Alexander, 2020. "Zur Empfehlung von Abfindungsobergrenzen für Vorstandsmitglieder," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 70(1), pages 256-288, April.
    • Handle: RePEc:bpj:ordojb:v:70:y:2020:i:1:p:256-288:n:13
    DOI: 10.1515/ordo-2020-0013
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    Cited by:

    1. Schottmüller-Einwag Ute & Dilger Alexander, 2023. "Entwicklungen der Vorstandsabfindungen von 2010 bis 2019," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 72(1), pages 127-151, December.
    2. Dilger, Alexander, 2020. "Abfindungen für Vorstandsmitglieder ohne und mit Beschränkungen [Severance payments to members of executive boards without and with limits]," Discussion Papers of the Institute for Organisational Economics 11/2020, University of Münster, Institute for Organisational Economics.

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    More about this item

    JEL classification:

    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
    • J63 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Turnover; Vacancies; Layoffs
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • K31 - Law and Economics - - Other Substantive Areas of Law - - - Labor Law
    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation
    • M52 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Compensation and Compensation Methods and Their Effects

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