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VIPsight

Corporate Governance – portrayed in the individual cultural and legal framework, from the standpoint of equity capital.

VIPsight is a dynamic photo archive, sorted by nations and dates, by and for those interested in CG from all over the world.

VIPsight offers, every month:
transparent and independent current information / comments / facts and figures on corporate governance locally and internationally,

  • written by local CG experts,
  • selected and structured by the Club of Florence,
  • financed by its initiator VIP and other sponsors with a background of “Equity and Advisory” interests.
     

VIPsight International


Article Index

 

 

 

 

 

ACTIONS CORNER

 

 

Commerzbank is bracing itself for a fine expected to top 500 million US Dollars for breaking US law on embargos. This, seemingly, is the alternative to criminal proceedings and investigation by the American judicial system. The alleged sanction busting took the form of financial dealings with companies in Iran and other countries. On July 8, Commerzbank confirmed that it was in touch with the American authorities. A total fine of half a thousand million Euros is a particularly painful prospect for Germany’s second most important bank, seeing as how its net profit for last year was a mere 78 million Euros.

 

Agreement is emerging in the dispute over the dismissal of the four interest-rate traders in the Deutsche Bank interest manipulation case. On appeal, the parties agreed with the draft settlement proposed by judge Astrid Nungesser to resort to mediation in a hearing set for 19 September. The hope is that the judge will usher the adversaries towards compromise. Failure will refer the case back to a workers’ tribunal set up at the  behest of  the traders who are claiming redress for dismissal without advance notice. Mediation was introduced by law in 2012 as a recognised legal procedure.

 

Erich Kellerhals is being relentless in his efforts to oust Metro board-member Pieter Haas from his position in Media-Saturn and terminate his mandate by notification of investigation  issued by the court in Ingoldstadt. The founder of the Media-Markt and Saturn group is pressing for an end to the three-year-long ongoing dispute that the retail giant is embroiled in. In addition, Kellerhals points to Haas’s conflict of interest, on the one hand being on the board of directors of Metro with its subsidiary companies Reale and Kaufhof which are direct competitors of Media-Saturn. The meeting of July 22 did at least result in an agreement to appoint Haas as interim CEO of Media-Saturn.