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Aktienrückkäufe im Licht der Corporate Governance: Auswirkungen und Behandlung im Konzernabschluss am Beispiel der Adidas Group

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  • Sendel-Müller, Markus
  • Weckes, Marion

Abstract

Ein Aktienrückkaufprogramm muss von der Hauptversammlung genehmigt werden. Ist dies geschehen, verfügt der Vorstand hinsichtlich Zeitpunkt und Volumen über gewisse Spielräume. Welche Ziele der Vorstand hierbei verfolgt, ist nicht immer eindeutig feststellbar. Wird mit einem Aktienrückkauf lediglich den verbliebenen Aktionäre eine höhere Dividende in Aussicht gestellt oder fehlen sinnvolle Investitionsziele? Gibt es Hinweise auf die Beeinflussung der Gesellschafterstruktur oder verfolgt der Vorstand die Maximierung seiner eigenen Boni? All dies sind mögliche Zielsetzungen, die mit dem Instrument "Aktienrückkauf" verfolgt werden können, gleichzeitig aber unter dem Blickwinkel einer guten Corporate Governance (Unternehmensführung und -überwachung) kritisch zu sehen sind. Es gilt daher den Rückerwerb eigener Anteile im Lichte der Corporate Governance zu betrachten und mit Blick auf ein nachhaltig ausgerichtetes Unternehmen zu beurteilen. Welche Rolle dabei der Aufsichtsrat spielt und welche Pflichten damit verbunden sind, soll in diesem Report beleuchtet werden.

Suggested Citation

  • Sendel-Müller, Markus & Weckes, Marion, 2018. "Aktienrückkäufe im Licht der Corporate Governance: Auswirkungen und Behandlung im Konzernabschluss am Beispiel der Adidas Group," Mitbestimmungsreport 39, Hans-Böckler-Stiftung, Düsseldorf.
    • Handle: RePEc:zbw:hbsmbr:39
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