{"id":3208,"date":"2018-03-28T15:35:48","date_gmt":"2018-03-28T13:35:48","guid":{"rendered":"https:\/\/honert.de\/?p=3208\/"},"modified":"2018-04-05T15:15:11","modified_gmt":"2018-04-05T13:15:11","slug":"special-audit-in-accordance-with-german-stock-corporation-law-in-limited-partnerships-with-many-members-of-the-public-as-limited-partners","status":"publish","type":"post","link":"https:\/\/honert.de\/en\/special-audit-in-accordance-with-german-stock-corporation-law-in-limited-partnerships-with-many-members-of-the-public-as-limited-partners\/","title":{"rendered":"SPECIAL AUDIT IN ACCORDANCE WITH GERMAN STOCK CORPORATION LAW IN LIMITED PARTNERSHIPS WITH MANY MEMBERS OF THE PUBLIC AS LIMITED PARTNERS?"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_section-6d8e29337fdd87ef7327b46eb1b48c39\">\n.avia-section.av-av_section-6d8e29337fdd87ef7327b46eb1b48c39{\nbackground-repeat:no-repeat;\nbackground-image:url(https:\/\/honert.de\/wp-content\/uploads\/3629.jpg);\nbackground-position:0% 0%;\nbackground-attachment:scroll;\n}\n<\/style>\n<div id='av_section_1'  class='avia-section av-av_section-6d8e29337fdd87ef7327b46eb1b48c39 main_color avia-section-default avia-no-shadow  avia-builder-el-0  el_before_av_section  avia-builder-el-first  hide_on_print avia-full-stretch avia-bg-style-scroll av-minimum-height av-minimum-height-40 av-height-40  container_wrap sidebar_right'  data-section-bg-repeat='stretch' data-av_minimum_height_pc='40' data-av_min_height_opt='40'><div class='container av-section-cont-open' ><main  role=\"main\" itemprop=\"mainContentOfPage\"  class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-3208'><div class='entry-content-wrapper clearfix'>\n<\/div><\/div><\/main><!-- close content main element --><\/div><\/div><div id='av_section_2'  class='avia-section av-av_section-d18d8c2c81d10022ebd21ffa95322c35 main_color avia-section-default avia-no-shadow  avia-builder-el-1  el_after_av_section  avia-builder-el-last  avia-bg-style-scroll container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-3208'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36\">\n.flex_column.av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36 av_two_third  avia-builder-el-2  el_before_av_two_third  avia-builder-el-first  first flex_column_div av-zero-column-padding  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_heading-48027f473b81d82cdbe16171b8e1c675\">\n#top .av-special-heading.av-av_heading-48027f473b81d82cdbe16171b8e1c675{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-av_heading-48027f473b81d82cdbe16171b8e1c675 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-av_heading-48027f473b81d82cdbe16171b8e1c675 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-av_heading-48027f473b81d82cdbe16171b8e1c675 av-special-heading-h1 blockquote modern-quote  avia-builder-el-3  avia-builder-el-no-sibling '><div class='av-subheading av-subheading_above'>28. March 2018\n<\/div><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >SPECIAL AUDIT IN ACCORDANCE WITH GERMAN STOCK CORPORATION LAW IN LIMITED PARTNERSHIPS WITH MANY MEMBERS OF THE PUBLIC AS LIMITED PARTNERS?<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36\">\n.flex_column.av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36 av_two_third  avia-builder-el-4  el_after_av_two_third  el_before_av_two_third  first flex_column_div av-zero-column-padding  column-top-margin'     ><section  class='av_textblock_section av-av_textblock-35972167d9f102c5ddaec0c531c98b9e '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p><strong>The Federal Court of Justice [<em>Bundesgerichtshof \u2013 BGH<\/em>] has consistently extended the analogous applicability of the provisions under corporate law to Limited Partnerships with Many Members of the Public as Limited Partners [<em>Publikums-Personengesellschaften<\/em>] (hereinafter \u201cPublicly Held Partnership\u201d). However, it has so far not been decided by the BGH, whether the special audit in accordance with the German Stock Corporation Law (\u00a7\u00a7 142 et seq. German Stock Corporation Act [<em>Aktiengesetz \u2013 AktG<\/em>]) which is becoming an increasingly popular tool can be applied mutatis mutandis to Publicly Held Partnership as well. The Regional Court of Hamburg has now rejected this option (file reference: 411 HKO 31\/15).<\/strong><!--more--><\/p>\n<\/div><\/section><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36\">\n.flex_column.av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36 av_two_third  avia-builder-el-6  el_after_av_two_third  el_before_av_one_third  first flex_column_div av-zero-column-padding  column-top-margin'     ><section  class='av_textblock_section av-av_textblock-35972167d9f102c5ddaec0c531c98b9e '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h2>I. Special Audit in Accordance with German Stock Corporation Law Pursuant to \u00a7\u00a7 142 et seq. AktG<\/h2>\n<p>The special audit in accordance with stock corporation law pursuant to \u00a7\u00a7 142 et seq. AktG constitutes one of the central minority rights for monitoring the management of a stock corporation [<em>Aktiengesellschaft<\/em>]. Given the very limited rights of inspection of the shareholders regarding a stock corporation\u2019s management, the special audit is often the only possibility to investigate irregularities. This is especially the case where the executive board and the supervisory board of the stock corporation interact collusively or if the mechanisms of checks and balances within a stock corporation become ineffective for other reasons.<br \/>\nThe general meeting of a stock corporation may decide on a special audit with a simple majority of the votes cast, provided that the decision covers specific events. The special auditor has to be appointed by name by the general meeting, he has to meet certain qualifications and there may not exist any circumstances in his person that might lead to a prohibition of appointment pursuant to \u00a7 143 AktG (e.g. the special auditor was not allowed to act as auditor for the stock corporation at the time of the event to be investigated according to the regulations under the German Commercial Code [<em>Handelsgesetzbuch \u2013 HGB<\/em>]).<br \/>\nSpecial audits are often used as preliminary stage for asserting claims for damages in accordance with \u00a7\u00a7 147 et seq. AktG at a later stage. Therefore, these special audits provide an effective monitoring tool to shareholders.<\/p>\n<h2>II. Jurisdiction of the BGH on the Applicability of Corporate Law to Publicly Held Partnerships<\/h2>\n<p>The provisions of the special audit regulations in \u00a7\u00a7 142 et seq. AktG in their form as corporate law provisions of the German Stock Corporation Act are, however, not directly applicable to Publicly Held Partnerships. For the last few decades, the BGH has allowed the respective application of provisions from corporate law to Publicly Held Partnerships by means of further developing the law \u2013 always on the basis of individual decisions \u2013 in those cases, where it was considered appropriate \u201cfor the protection of investors and in the interest of the functionality of limited partnerships with many members of the public as limited partners [Publikums-KG]\u201d (see e.g. BGH, Judgement of 12 July 1982, NJW 1982, 2500, 2501). Ultimately, the background to this is the fact that the legislature has remained inactive in this respect, but a comparable need for investor protection was recognized by the judicature.<\/p>\n<h2>III. Corresponding Applicability of Special Audits under German Stock Corporation Law to Publicly Held Partnerships<\/h2>\n<h5>1. No Decision by the BGH so far<\/h5>\n<p>The BGH has not yet decided whether the special audit under German stock corporation law pursuant to \u00a7\u00a7 142 et seq. AktG is applicable to Publicly Held Partnerships and whether a resolution in favor of such special audit can be adopted by the general meeting of Publicly Held Partnerships with a simple majority of the votes cast. For this reason, too, the issue of the applicability of special audit provisions to Publicly Held Partnerships is continually being contendingly discussed in the literature.<\/p>\n<h5>2. Higher Regional Court\u2019s Case Law Rejects Applicability<\/h5>\n<p>As far as apparent, the question of the applicability of special audits under German stock corporation law has so far been subject of one decision by the Higher Regional Court of Hamm (Judgement of 3 December 2012, I-8 U 20\/12, ZIP 2013, 976) and one decision by the Bavarian Higher Regional Court [<em>BayObLG<\/em>] (Judgement of 4 July 1985, 3 Z 43\/85, NJW 1986, 140). In both cases the courts respectively rejected the applicability of regulations for special audits under German stock corporation law. The courts did not see the need for a corresponding application of \u00a7\u00a7 142 et seq. AktG to Publicly Held Partnerships.<\/p>\n<h5>3. The Decision of the Regional Court of Hamburg<\/h5>\n<p>Against this background, the Regional Court of Hamburg (file reference: 411 HKO 31\/15) had to rule on the action for a declaratory judgment filed by an investor of the four defendants who were structured as Publicly Held Partnerships.<br \/>\nThe plaintiff sought a declaratory judgment ruling that the resolution on the execution of a special audit (under German stock corporation law) had been passed by each shareholders\u2019 general meeting of the four defendants. The shareholder\u2019s resolutions which were deemed effective by the plaintiff were each passed with a majority of more than 50 %, but less than 70 % of the votes cast. The (identical) articles of association of the defendants did not provide for the right to execute a special audit. In order to amend the articles of association, a majority of at least 70 % of the votes cast was required.<br \/>\nThe Regional Court of Hamburg dismissed the plaintiff\u2019s claim due to a lack of an effective resolution on the special audit. The resolution of each general shareholders\u2019 meeting on the execution of a special audit regarding each defendant had to be passed with a majority of votes which is sufficient to amend the articles of association which was indisputably lacking in this case. The Regional Court of Hamburg based its decisions on the judgments passed by the Higher Regional Court of Hamm and by the Bavarian Higher Regional Court (see Section III. No. 2 above) and saw no room for a corresponding application of \u00a7\u00a7 142 et seq. AktG to Publicly Held partnerships. This ruling was based on the consideration that a loophole requiring a filling was missing within Publicly Held Partnerships. While the shareholders cannot claim any rights of inspection of their documents vis-\u00e0-vis their stock corporations outside the annual general meeting, the limited partners of Publicly Held Partnerships were granted control rights in accordance with \u00a7 166 HGB whose scope did not require any expansion.<br \/>\nThe decision of the Hamburg Regional Court is final and binding after the appeal filed by the plaintiff before the Higher Regional Court of Hamburg was withdrawn.<\/p>\n<h2>IV. Consequences for the Practice<\/h2>\n<p>Even though the Regional Court of Hamburg followed the (only) two rendered decisions of Higher Regional Courts so far, this does not result in legal certainty regarding the question of the respective applicability of the special audit provisions to Publicly Held Partnerships. Due to the lack of a decision by the BGH on this issue, there is an opportunity for shareholders of Publicly Held Partnerships to make a highly effective monitoring tool feasible and, on the management side, to fight the special audit which contains the risk of substantial liability.<br \/>\nThe preparation of a shareholders\u2019 resolution bears high risks of ineffectiveness for the shareholder seeking a special audit due to the specific requirements and the strictness of form of the German stock corporation law. In addition, the shareholder who voted for the special audit has to try regularly to let declare the effectiveness of the resolution on the special audit \u2013 also without a majority of votes which is sufficient to amend the articles of association \u2013 by filing a declaratory action. For this purpose, the shareholder can rely on the majority opinion within the literature which comprehensively approves the corresponding application of the special audit provisions under German stock corporation law to Publicly Held Partnerships and which is also based on the continuous expansion of the jurisprudence of the BGH on the applicability of corporate law provisions to Publicly Held Partnerships.<br \/>\nFrom the management\u2019s view of Publicly Held Partnerships, a detailed analysis of the shareholders\u2019 resolution in question and a stringent rejection of the corresponding applicability of the special audit provisions on the basis of the court rulings passed so far and which have now been confirmed by the Regional Court of Hamburg are required in order to successfully fight a shareholder&#8217;s action aimed at determining a special audit resolution. This is particularly important in those cases where the general meeting of shareholders adopts a resolution to conduct a special audit with a majority of votes that is not sufficient to amend the articles of association at the same time. In this case, it depends on the controversial issue described in this article on the corresponding application of the special audit provisions under German stock corporation law, because \u00a7 142 para. 1 sentence 1 AktG stipulates that the general shareholders\u2019 meeting may appoint a special auditor with (&#8220;only&#8221;) a simple majority of the votes cast.<br \/>\nOnly future disputes and a final decision of the BGH will bring legal certainty for shareholders as well as the management in Publicly Held Partnerships to the question of the applicability of special audits under German stock corporation law in Publicly Held Partnerships.<\/p>\n<\/div><\/section><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_one_third-9deae2ff43582e0bccfb02cb654e15bd\">\n.flex_column.av-av_one_third-9deae2ff43582e0bccfb02cb654e15bd{\nborder-radius:0px 0px 0px 0px;\npadding:7px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column 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class='hr av-av_hr-fb479b19f087d3def54096c70f7e0968 hr-invisible  avia-builder-el-11  el_after_av_textblock  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div><br \/>\n<section  class='av_textblock_section av-av_textblock-946250ebb501c0bad51857a018bc0e61 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock hide_on_print'  itemprop=\"text\" ><h2>Downloads<\/h2>\n<p><a href=\"#\" onclick=\"window.print();return false\">Print<\/a><br \/>\n\n\n\n\t<div class=\"dkpdf-button-container\" style=\" text-align:left \">\n\n\t\t<a class=\"dkpdf-button\" href=\"\/en\/wp-json\/wp\/v2\/posts\/3208?pdf=3208\" target=\"_blank\"><span class=\"dkpdf-button-icon\"><i class=\"fa fa-file-pdf-o\"><\/i><\/span> Download (PDF)<\/a>\n\n\t<\/div>\n\n\n\n\n\n<\/p>\n<\/div><\/section><\/p><\/div>\n<\/div><\/div><\/div><!-- close content main div --><\/div><\/div><div id='after_section_2'  class='main_color av_default_container_wrap container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-3208'><div class='entry-content-wrapper clearfix'>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Court of Justice [Bundesgerichtshof \u2013 BGH] has consistently extended the analogous applicability of the provisions under corporate law to Limited Partnerships with Many Members of the Public as Limited Partners [Publikums-Personengesellschaften] (hereinafter \u201cPublicly Held Partnership\u201d). However, it has so far not been decided by the BGH, whether the special audit in accordance with [&hellip;]<\/p>\n","protected":false},"author":26,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"mc4wp_mailchimp_campaign":[],"footnotes":""},"categories":[128],"tags":[],"class_list":["post-3208","post","type-post","status-publish","format-standard","hentry","category-2018-q1-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/posts\/3208","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/comments?post=3208"}],"version-history":[{"count":14,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/posts\/3208\/revisions"}],"predecessor-version":[{"id":3307,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/posts\/3208\/revisions\/3307"}],"wp:attachment":[{"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/media?parent=3208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/categories?post=3208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/tags?post=3208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}