Resumen de Majority shareholder protection by variable qualified majority rules

Andrea Casajús Navasal, Helfried Labrenz, Tobias Hiller

• In this paper, we analyze judicial review according to the German Stock Corporation Act (Aktiengesetz, §§ 243 et seqq.) and its blocking effect with the help of concepts of cooperative game theory. In particular, we suggest variable qualified majority rules as ingredients of arrangements which balance the interests of a majority shareholder and of the minority shareholders.