Transcript
Shareholder Activism in Germany
What is shareholder activism about? Activism is nothing else but
a shareholder taking a minority position in a listed company and
trying to exercise influence on management to increase the share
price. That's all. It's about value, not values. Activists
seek meetings with management, use shareholder rights, look for
support from other shareholders, and use media campaigns to promote
their objectives. This works in every jurisdiction. In 2018, we had
about 15 campaigns in Germany. We had a very spectacular case with
thyssenkrupp. You know thyssenkrupp is the old steel company that
is now a conglomerate. It was in a crisis with a depressed share
price. Activists came in and required the split up of the company
into two separate companies. They started a public campaign, and
after some changes in the board, the management finally followed
suit. The share price went up by 20%. This was a classic U.S.
campaign but it happened
