CFA Society Switzerland

Ethics and Professionalism for the Finanzplatz

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CFA Switzerland has participated in a public consultation on changes to corporate law mostly made necessary by some recent constitutional changes („Minder“). Our comment letter is drafted in German in order to maximise impact, but here are the most salient points:

  • we advocate prospective compensation votes by the AGM only if the effect is foreseeable in detail
  • we oppose the introduction of a special dividend benefiting shareholders who participate in AGMs on the grounds of adverse selection
  • we advocate to qualify opting-out and opting-up (the Sika case) in the sense that there will be an obligation to make an offer to minority shareholdesr in the case of control change