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Clawback-Klauseln in Vorstandsverträgen

By Christian Stemberg

Clawback-Klauseln in Vorstandsverträgen

By Christian Stemberg

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Description
Christian Stemberg examines the phenomenon of so-called clawback clauses, which are now widely used in practice. These clauses have become a regular feature in the employment contracts of executive board members of German stock corporations. He explores the reasons behind the success of these contractual provisions and their potential benefits. To this end, he approaches the topic from various perspectives ¿ empirical, comparative law, law and economics, and legal doctrine. After providing a legal classification of clawback clauses, the author conducts an empirical study analyzing their prevalence among listed German companies. He concludes that clawback clauses have now become firmly established in Germany. Stemberg then investigates the causes of this "clawback boom." In doing so, he first compares the development of such clauses in the United States and subsequently incorporates insights from law and economics. He finds that the studies conducted primarily in the U.S. can only be applied to German circumstances with caution. In the following sections, Stemberg addresses legal concerns regarding the admissibility and enforceability of clawback clauses. While their permissibility under corporate law is now largely undisputed, questions remain, particularly under the law governing general terms and conditions (AGB law). Finally, the author offers possible solutions to address these concerns. He also examines whether clawback clauses have the potential to contribute to the establishment of a long-term and sustainable remuneration structure for listed companies within the meaning of § 87 (1) of the German Stock Corporation Act (AktG).
Product details
Binding:
Paperback
Edition:
1
Number of Pages:
372
Release Date:
2025-12-10
Publication Date:
2025-12-10
Publisher:
Mohr Siebeck GmbH & Co. K
Languages:
Original: German
ISBN10:
3161648897
ISBN13:
9783161648892
GPSR Manufacturer Reference:
[email protected]
Weight:
542 g
Height:
231 cm
Width:
154 cm
Thickness:
20 cm
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