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Enterprises with over 500 employees must have one-third representation on a supervisory board. 50%: 2000: Enterprises with over 2000 employees must have one-half representation on a supervisory board, but the chair of the supervisory board is a shareholder representative and has a casting vote. In coal and steel companies shareholder ...
[3] When a German company has 500–2,000 employees, the workers select one-third of the supervisory board. [4] When it comes to internal elections the chairman of the supervisory board, the Aufsichtsratsvorsitzender, has two votes in case of a draw. [5] The supervisory board, in theory, is intended to provide a monitoring role. However, the ...
Employees and national unions have equal representation on the supervisory board with the stockholders, but the board’s chairman must be a stockholder who has a tie-breaking vote. [ 5 ] The principle is to have almost equal representation between employee representatives and shareholder representatives on the supervisory board ( Aufsichtsrat ).
It applies to public and private companies, so long as there are over 2,000 employees. For companies with 500–2,000 employees, one third of the supervisory board must be elected. There is also legislation in Germany, known as the Betriebsverfassungsgesetz whereby workers are entitled to form Works Councils at the local shop floor level.
In companies with over 2000 employees, the supervisory board ("Aufsichtsrat") is composed of half shareholder appointees (Aktiengesetz §§102 and 119) who can only remove the supervisory board members on a 75% vote (AktG §§102-103).
A company wide codetermination referendum would be held in firms with over 2000 employees, with the entire workforce voting. After approval, only union members would be able to vote for candidates to the supervisory board. Shareholders and unions would appoint x representatives each.
After its entire board resigned overnight, 23andMe will cut over 200 employees and its cancer research in an urgent bid to nurse the company back to health Sasha Rogelberg November 12, 2024 at 1:14 PM
In the two-tiered board, the executive board, made up of company executives, generally runs day-to-day operations while the supervisory board, made up entirely of non-executive directors who represent shareholders and employees, hires and fires the members of the executive board, determines their compensation, and reviews major business decisions.