Private Equity Minority Investments - Universität St.Gallen

Chapter V: Access to Information1 Key Legal DocumentsIn principle, the statutory rights to information and inspection ofshareholders and board members represent a minimum standard. 2215 Due toits one-sided mandatory nature, 2216 the respective rights can be amendedonly for the PEMI’s benefit. 2217 Shareholders’ information rights can bebroadened via the articles of association. At all times, however, the board ofdirectors, due to the principle of parity and the directors’ personalliability, 2218 must maintain its authority to reject requests that could breachbusiness secrets or where the information requested could be used to thedetriment of the company. 2219 The later withdrawal of enhanced informationrights requires an amendment of the articles of association, which is, bydefault, approved by the absolute majority of the votes allocated to theshares represented at the general meeting. 2220Pursuant to prevailing expert opinion, 2221 board members’ informationrights are broadened via the organizational resolutions or board resolutions,but not via the articles of association due to the principles of parity 2222 andof the board’s self-organization 2223 . Such a view is also reflected incorporate law, which mentions only “regulations and resolutions” 2224 of theboard of directors and not the articles of association as a means of2215With respect to shareholders, see KUNZ, Minderheitenschutz, § 12, N 13, FN 44;FORSTMOSER, Meinungsäusserungsrechte, p. 99; MEIER-SCHATZ, Zusammenarbeit, p. 829.With respect to members of the board of directors, see VON SALIS-LÜTOLF, Finanzierungsverträge,§11, N 1338; FORSTMOSER/MEIER-HAYOZ/NOBEL, § 28, N 104; BÄCHTOLD, p. 67;HORBER, Informationsrecht, p. 119, N 366 and p. 122, N 371; DRUEY, Verwaltungsratsmitlied,p. 49. With respect to the GmbH, see NATER, p. 117.2216CO 697. See FN 1992. With respect to the GmbH, see NATER, p. 75.2217See KUNZ, Minderheitenschutz, § 12, N 13, FN 44; FORSTMOSER, Meinungsäusserungsrechte,p. 99; WATTER, Minderheitenschutz, p. 125.2218For principle of parity, see Section IV.D.2.1, FN 557, for duty of loyalty, see SectionIV.E.4.1.2.2219See WEBER, Basler Kommentar, CO 697, N 3; FORSTMOSER, Meinungsäusserungsrechte, p.98 et seq. With respect to the GMBH, see NATER, p. 75 et seq.2220CO 703.2221See WERNLI, Basler Kommentar, CO 715a, N 14; ROTH PELLANDA, p. 329, N 687; KRNETA,CO 715a, N 1062; KUNZ, Verwaltungsratsmitglied, p. 579 (stating that in order to abolish therequired authorization of the chairman regarding a request for information or inspection, anamendment of the organizational regulations – not the articles of association – or a passing ofa board resolution is necessary); BÄCHTOLD, p. 67, 95 et seq.; DRUEY, Verwaltungsratsmitglied,p. 51 (finding that the establishment and management of an adequate boardinformation system is part of the board’s organizational autonomy); NOBEL, Klare Aufgaben,p. 532 (“dürfte es ratsam sein, das gesamte Auskunftsrecht reglementarisch zu ordnen”);FORSTMOSER/MEIER-HAYOZ/NOBEL, § 28, N 104.2222See Section IV.D.2.1 and FN 557.2223See Section IV.E.5.1.1.2224CO 715a VI. The provision applies analogously with respect to the information rights of themanaging officers in a GmbH, see NATER, p. 117.353