kaal:claim:kaal-2013-acomparativeperspectiveo-015

The German Federal Court of Justice held in Mannesmann that directors breached their fiduciary duty by awarding a bonus of roughly seventeen million dollars to a chief executive whose tenure had substantially increased shareholder value, whereas Delaware courts imposed no liability for the far larger Ovitz payout in Disney.

Source quote, verbatim
decision in Mannesmann28 determined that the directors of the German Mannesmann AG breached their fiduciary duty to the company by awarding a bonus of approximately $17 million to the Mannesmann CEO whose tenure at Mannesmann resulted in a substantial increase of shareholder value.
From

Kaal, A Comparative Perspective on the Limitations of the Duty of Oversight – A Comment on Lisa Fairfax (2013), A Comparative Perspective on the Duty to Monitor, p. 6
· source PDF

Cite as

Kaal, A Comparative Perspective on the Limitations of the Duty of Oversight – A Comment on Lisa Fairfax (2013)

Holds when
Classification

empiricalsupport: evidencedcorporate-governance

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