The Prudential Requirments of Investment Firms primary objective is to cope with financial stabiliy issues. This has also been to focus of the proposal of the European Commission in late 2017. Some of the proposed amendments by Members of the European Parliament would obligate certain asset managers - among others - to inform in detail on their behaviour on general meetings and discussions with portfolio companies and to incoporate ESG aspects into their voting guidelines. We criticize these ...
Deutsches Aktieninstitut welcomes the level II Regulation draft on the SRD II which will help to further improve and harmonise information flows between companies, intermediaries and shareholders and, in turn, will ease to practice shareholders’ rights cross border within the EU. Though we basically welcome the draft, some work remains to be done. Overall, it has to be ensured that the final Regulation works together with existing company laws as well as the needs of issuers to have legal ...
Deutsches Aktieninstitut criticises ESMA for the proposal to make XBRL reporting mandatory for listed companies by 2020. Such an obligation would cause significant additional compliance costs and risks for issuers although there is no evidence that analysts or investors are interested in XBRL reporting. The paper is Deutsches Aktieninstitut's response to an ESMA-consultation on the concretisation of the EU Transparency Directive.
The positiov of German listed companies for the trialogues on the Shareholder Rights Directive is summarized in two position papers of Deutsches Aktieninstitut. In a joint position paper with the Bundesverband der Deutschen Industrie (BDI) Deutsches Aktieninstiutt focusses on the provisions on related party transactions, remuneration and the topic of proxy advisors. Both associations stress that for the German industry it is of major importance that in particular the improvements on related ...
Transparency and reliability of proxy advisors have improved over the past decade as has the incorporation of national specifics of corporate governance into the voting guidlines. However, listed companies still miss a possibility to check voting recommendations against factual errors before they are issued to investors. These are two of the main findings of this position paper prepared for an ESMA's consultation on a code of business conduct of the proxy industry.
The transposition of the amended EU Transparency Directive into German law still needs some improvement. In particular, the regime of major holdings notifications should be me made more efficient and risks for issuers resulting from incorrect notifications should be reduced. These are the requests of Deutsches Aktieninstitut laid down in this position paper for the German parliamentary debate.
Regarding the consultation of the Prospectus Directive, Deutsches Aktieninstitut recommends to facilitate the prospectus regime, especially with regard to prospectuses concerning so called secondary issuances. In our view, in the case of secondary issuances it is not necessary to mention in a prospectus what has already been published due to obligations of other provisions such as the Transparency Directive and is therefore accessible for anyone.
In its comments Deutsches Aktieninstitut supports the European Commission’s initiative on building a Capital Markets Union. Further to the steps proposed by the Commission the demand-side of capital markets should, however, be addressed more precisely. This applies especially to the aspect of corporate finance. In addition, a cumulative impact-assessment of the regulatory initiatives launched in the aftermath of the financial crisis is necessary in order to identify and remove barriers for ...
The position paper describes the advantages of employee shareownership and proposes measures in order to enhance the attractiveness of this kind of employee financial participation. According to this tax incentives should be increased and regulatory obstacles should be abandoned.
This position paper comments on a draft code of conduct which has been presented in October 2013 by a group of proxy advisors to govern their transparency and business conduct. Deutsches appreciate the initiative as step forward in order to improve the transparency of the proxy advisory industry. However, the code should be improved. Deutsches Aktieninstitut is in particular calling for the opportunity to check the draft of a voting recommendation on factual errors before its ...
Position of Deutsches Aktieninstitut in regard of the proposed changes in the law regulating transformation of companies (Umwandlungsgesetz) and concerning corporate demergers (in German)
In this position Deutsches Aktieninstitut welcomes the idea of accelerating court procedures to verify the adequacy of an offer. The duration of such procedures harm companies as well as investors. Deutsches Aktieninstitut proposes, though, to admit appeals to the Federal Court of Justice.
Position of Deutsches Aktieninstitut in regard of the government draft bill of the revised Stock Corporation Act 2012 (in German)
Position of Deutsches Aktieninstitut in regard of the appeal to the Federal Constitutional Court: "Delisting", 1 BvR 1569/08 (in German)
The number of shareholders and investors in equity funds rised signficantly by 1.1 million to over 10 million in 2017. This equals 15,7 percent of the German population in the age of above 14 years, so that the pre-crisis level has been reached again.
The number of shareholders and investors in equity funds kept constant at 9 million in 2016. This equals 14 percent of the German population in the age of above 14 years. The high level of market volalitility in the first half of the year did not make people feel insecure with respect to equity investments. The shareholdings statistics of Deutsches Aktieninstituts also offer an overview on the sociademographics of shareholders and investors in equity funds. Sociodemographic details of ...
The Germans' confidence in shares has returned in 2015. The number of shareholders and investors in equity funds rised to 9 million which is the highest level since three years. This equals 14 percent of the German population in the age of above 14 years and an increase of 560.000 (+ 6.7 percent) compared to 2014. The shareholdings statistics of Deutsches Aktieninstituts also offer an overview on the sociademographics of shareholders and investors in equity funds. Sociodemographic details ...
The equity culture in Germany takes the second hit in row. In 2014 the number of sharholders and holders of equity funds declines by 500.000 - despite of rising share prices. Only 8.4 million Germans (13.1 percent of the population) invest in the equity market. Due to the conservative structure of savings private households accumulate less wealth than they could. Deutsches Aktieninstituts therefore calls upon politicians to remove regulatory and other obstacles for share investments. The ...
In the first half of the year 2013 the number of direct shareholders has increased by 7.1 percent. Compared to 2012 additional 323.000 people have decided to invest in shares, so that there are now 4.9 million direct shareholders in Germany (7.1 percent of the population). This is the highest number since 2003. However, in the same space of time the number of people who invest in equity-based funds has decreased. Taking both developments together, the number of indirect and direct ...
Misunderstandings, bad feelings and a significant level of desinterest prevent Germans from investing money into shares. Even historically low interest rates have not increased their interest in equity investments. This is the core result of this study conducted by Deutsches Aktieninstitut and Börse Stuttgart. The study also develops ideas how the reservations could be overcome. The biggest push would result from the system of old age provision.
The return triangle for employee shares developed by experts of the hkp/// group calculates returns of, by way of examples, employee share ownership programs of the indices DAX, MDAX, TecDAX und SDAX, and for companies belonging to the respective index. Based on these calculations the study displays the benefits of employee shares, which are characterised by discounts on the market value or bonus shares, provided after a given vesting period by the employer. Furthermore, the study underlines ...
The Germans still show a number of misunderunstandings about and prejudices against shares that form an obstacle for a deeper equity culture. However, the potential for improvement is higher than the number of shareholders in Germany appears to suggest. These are two core results of this study which have been conducted by Deutsches Aktieninstitut and the Stuttgart stock exchange in order to survey the additude of the German population towards share investments.
The study provides the results of a survey among more than 400,000 retail investors of Deutsche Post DHL. Answers to the following questions are given: What sources of information do retail investors use? Do they prefer dividends or increases of share prices? Do they exercise their voting rights at the general meeting? Since the survey, a joint project of the Ruhr-University Bochum, Deutsche Post DHL, Deutscher Investor Relations Verband (DIRK) and Deutsches Aktieninstitut, has ...
By providing for sufficient diversification of an equity investment and focusing on the long term, investor can expect shares to achieve a high return, even without spending a lot of time on monitoring performance. This credo of Deutsches Aktieninstitut is shown by the Stock Triangle, which visualises the annual average return for the past 50 years for a broadly diversified portfolio of DAX equities under the assumption of an one-off investment.
The EURO STOXX Return Triangle of Deutsches Aktieninstitut visualises the performance of an investment in equities in the European currency area under the assummption of an one-off investment. The annual average return on a broadly diversified equities portfolio - in this case, the equities in the EURO STOXX 50 - is indicated here in color for any given investment period since 1986.
The Survey of Börse Stuttgart and Deutsches Aktieninstitut reflects the attitude of the Germans on shares // Inspite of low interest rates great reservations // Personal experience creates positive attitude // Integration of share investments into old age provisions necessary
In 2014 about half a million people bid their shares or shares in funds farewell. Despite rising prices at the stock exchanges the number of share investors dropped the second year in a row. Only 8.4 million Germans, i.e. about 13 percent of the population, are invested in the share market. That is the alarming result of the newest survey of Deutsches Aktieninstitut regarding the number of shareholders in Germany.
Shares and equity funds promote wealth building of private households. This is demonstrated by the stock triangle of Deutsches Aktieninstitut, which visualizes the peformance of the companies of the DAX over the past 50 years. The new edition is now available which adds the development of share prices and dividends in the German market in 2014.
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