VIP (Vereinigung Institutionelle Privatanleger) eV
VIP (Vereinigung Institutionelle Privatanleger) eV: VIPsight – April 2015
The German Mittelstand Buhlmann’s Corner A belated ‘chapeau!’ to Karl Marx, and a capitalism that thrives in the humus of state monopoly? It’s taking time, but the Government Committee on the Code of Corporate Governance chaired by Manfred Gentz is beginning to get the point that Supervisory Boards in Germany ought not to become just more costly but should also function better and become more internationally minded. The never ending cuts in the number of members and the increase in red tape for each bench (co-determination in Germany is composed of two benches – one to represent the interests of the shareholders and the other to represent those of the employees) and in the committees makes it ever more difficult to select high-profile members and ever more complicated to identify possible successors. Read more on VIPsight.eu! Companies The Hornbach Holding AG chain of DIY stores has announced that based on numbers presently available (at February 28), group turnover increased last year 2014-5 by 6 percent, and now stands at roughly 3.6 thousand million Euros. According to the SDax-listed concern, the turnover was powered by the 97-strong German store network. DIY and gardening increased in the other 49 European markets by 5 percent. The bankruptcy of former competitors Praktiker and MaxBahr, together with the take-over of 6 Praktiker sales points in Germany were obviously contributing factors to this success. According to Handelsblatt, Hornbach’s market share has risen in the meantime from 10 to 11 percent. Read more on VIPsight.eu! People VIPsight America – USA On April 1, 2015, the Securities and Exchange Commission announced its first enforcement action against a company for including “improperly restrictive language in confidentiality agreements,” SEC Press Release 2015-54, which the SEC asserted “impede[d]” employees from reporting possible securities violations to the Commission. In re KBR, Inc., Exchange Act Release No. 74619 (Apr. 1, 2015). In a settled administrative proceeding against Houston technology firm KBR, Inc., the SEC found that the company violated SEC Rule 21F-17, promulgated under the whistleblower provisions of the Dodd-Frank Act. That Rule provides in pertinent part that “[n]o person may take any action to impede an individual from communicating directly with the Commission staff about a possible securities law violation, including enforcing, or threatening to enforce, a confidentiality agreement. . . with respect to such communications.” Without admitting or denying the allegations, KBR agreed to pay a $130,000 civil penalty and take other remedial actions. Read more on VIPsight.eu! End of Media Release Issuer: VIP (Vereinigung Institutionelle Privatanleger) eV Key word(s): Finance 2015-04-30 Dissemination of a Press Release, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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