• Banking and Finance in Historical Perspective
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38. Jahrgang | Jahr 2012 | Heft 1


Aufsatz: Seite 1–34

Heribert Anzinger / Sebastian Karach / Steffen Meinshausen / Dirk Schiereck
Aktive Minderheiten und die Rechte des Kleinaktionärs / Active Minorities and the Rights of Small Shareholders
Die Entwicklung des Aktionärsaktivismus am Beispiel Erich Nold / The Development of Shareholder Activism, taking Erich Nold as an Example
The present paper elucidates the impact that the Darmstadt-based coal merchant Erich Nold exerted on the development of shareholders democracy in Germany, torn between the priorities of protection of minority shareholders and predatory shareholder activism. Based on the examination of three general meetings, Nold's approach and his criticism of the predominant culture in stock corporations in the late 1950s and early 1960s will be explained. It becomes evident that Erich Nold's commitment has exercised an impact on reforms of stock corporations going into this century.