# kaal:claim:1558614-035

**Claim.** Germany's 2005 introduction of the derivative suit tightened the standard of care only partially, because section 148(1) of the AktG conditions shareholder standing on holding shares worth roughly 100,000 euros, a threshold with no U.S. counterpart.

**Type.** design  **Support.** evidenced

**Holds when.**

- German derivative suits under section 148(1) AktG as amended by the UMAG
- partly counterbalanced by VorstAG liability and compensation reduction provisions

**Source quote.**

> section 148(1) of the AktG requires a threshold ownership of shares totaling !100,000 (about $127,090) for shareholders to have standing to sue on behalf 174 of the corporation in German courts

**From.** Painter and Kaal, *Initial Reflections on an Evolving Standard Constraints on Risk Taking by Directors and Officers in* (2010), IV.C. Securities Disclosure, page 40

**Cite as.** Painter and Kaal, Initial Reflections on an Evolving Standard Constraints on Risk Taking by Directors and Officers in (2010). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1558614

**Verify.** sha256 of source PDF `e898211630f4116879329d6de8397523dca5b066864147421aa5cbc7429dc83b` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Painter%20and%20Kaal%20-%202010%20-%20Initial%20Reflections%20on%20an%20Evolving%20Standard%20Constraints%20on%20Risk%20Taking%20by%20Directors%20and%20Officers%20in.pdf

**Topics.** reputation, corporate-governance, compliance

**Keywords.** derivative-suits, aktiengesetz, shareholder-standing, umag, private-enforcement

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