Switzerland: Regulierung und Haftung von Proxy Advisors

Last Updated: 8 June 2017
Article by Thomas U. Reutter

Most Read Contributor in Switzerland, August 2019

I. Phänomen Proxy Advisor

1. Institutionelle Investoren als Förderer

Institutionelle Investoren sind heute die bedeutendste Aktionärsgruppe von Publikumsgesellschaften. Es gibt zwar nach wie vor Publikumsgesellschaften, bei denen ein Unternehmer oder eine Unternehmerfamilie die Mehrheit hält. Dennoch ist der überwiegende Teil der Börsenkapitalisierung – in der Schweiz wie auch in den meisten anderen Börsenplätzen – in der Hand von institutionellen Investoren.1 Dies gilt insbesondere für die Gesellschaften mit sehr grosser Börsenkapitalisierung.

Der Begriff der institutionellen Investoren wird als solcher vom Gesetz nicht definiert.2 Dieser Beitrag versteht institutionelle Investoren als Anleger, die namhafte Vermögen anlegen und eine professionelle Tresorerie aufweisen.3 Besonders kennzeichnend für institutionelle Investoren ist, dass sie vorwiegend das Vermögen Dritter verwalten.4 Man denke an Fonds oder Pensionskassen, aber auch an Versicherungen oder Banken. Natürlich bestehen grosse Unterschiede in der Beziehung zwischen diesen Institutionen und den jeweils wirtschaftlich Berechtigten, dennoch ist ihnen in grösserer oder geringerer Ausprägung gemeinsam, dass Dritte als Begünstigte bzw. wirtschaftlich Berechtigte Gewinn und Verlust tragen, aber Mitgliedschaftsrechte in aller Regel nicht ausüben können. Der institutionelle Investor", in diesen häufigen Fällen letztlich als Treuhänder" resp. Beauftragter" handelnd, übt die Stimmrechte aus.5

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1 ANDERSON MARTIN/HERTIG THIERRY, Institutional Investors in Switzerland: Their behavior and influence on financial markets and public companies, Zürich 1992, 53; BÖCKLI PETER, Proxy Advisors: Risikolose Stimmenmacht mit Checklisten, SZW 2015, 209-225 (zit. BÖCKLI, Checklisten), 210; BÜHLER CHRISTOPH, Ausserrechtliche Regulierungstendenzen in der Corporate Governance, Expert Fokus 1/2 2016, 12-19, 12; KÜNZLE HANS RAINER, Die Ausübung des Aktien-Stimmrechts durch Institutionelle Vertreter und Institutionelle Anleger und die Corporate Governance in der Schweiz und den USA, in: VON DER CRONE HANS CASPAR/WEBER ROLF H./ZÄCH ROGER/ZOBL DIETER (Hrsg.), FS für Peter Forstmoser, Zürich 2003, 415-435, 420 f.

2 Vgl. aber den meist wohl synonym verwendeten Begriff des institutionellen Kunden" in Art. 4 Abs. 4 des Entwurfs eines Finanzdienstleistungsgesetzes (E-FIDLEG; BBl 2015, 9093, 9096).

3 Eine ausführliche Definition findet sich in: SPILLMANN TILL, Institutionelle Investoren im Recht der (echten) Publikumsgesellschaften, Diss. Zürich 2004 (= SSHW 232), 19.

4 Vgl. auch BÖCKLI PETER, Aktionärsdemokratie": ein Schlagwort mit Schlagseite, GesKR 2013, 179-194 (zit. BÖCKLI, Schlagwort), 181; ebenfalls ÇELIK SERDAR/ ISAKSSON MATS, Institutional investors and ownership management, OECD Journal: Financial Market Trends, Vol. 2013/2, 93-114, 96.

5 Vgl. zum Problem der agents der dritten Stufe" BÖCKLI, Checklisten (FN 1), 211.

* Der Autor dankt Frédéric Mancosu und Michael Schneitter für deren wertvolle Mitarbeit zu dieser Publikation.

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