Aktiengesellschaft: Difference between revisions
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{{Short description|Type of business entity in German-speaking countries}} | {{Short description|Type of business entity in German-speaking countries}} | ||
{{ | {{title language|de}} | ||
{{Corporate law|other}} | {{Corporate law|other}} | ||
'''{{lang|de|Aktiengesellschaft}}''' ({{IPA|de|ˈaktsi̯ənɡəˌzɛlʃaft|-|De-Aktiengesellschaft.ogg}}; abbreviated '''AG''' {{IPA|de|aːˈgeː||De-AG.ogg}}) is a [[German language|German]] word for a [[corporation]] limited by [[Share (finance)|share]] ownership (i.e., one which is owned by its [[shareholder]]s) whose shares may be traded on a [[stock market]]. The term is used in Germany, Austria, Switzerland (where it is equivalent to a ''[[S.A. (corporation)|société anonyme]]'' or a ''[[società per azioni]]'') and [[South Tyrol]]{{efn|A German-speaking region of [[Italy]].}} for companies incorporated there. In the United Kingdom, the equivalent term is [[public limited company]], and in the United States, while the terms "[[Incorporation (business)|incorporated]]" or "corporation" are typically used, technically the more precise equivalent term is "[[joint-stock company]]".<ref>Google Translate reports "{{lang|de|Aktiengesellschaft}}{{-"}} translates as "joint-stock company".</ref> | '''{{lang|de|Aktiengesellschaft}}''' ({{IPA|de|ˈaktsi̯ənɡəˌzɛlʃaft|-|De-Aktiengesellschaft.ogg}}; abbreviated '''AG''' {{IPA|de|aːˈgeː||De-AG.ogg}}) is a [[German language|German]] word for a [[corporation]] limited by [[Share (finance)|share]] ownership (i.e., one which is owned by its [[shareholder]]s) whose shares may be traded on a [[stock market]]. The term is used in Germany, Austria, Switzerland (where it is equivalent to a ''[[S.A. (corporation)|société anonyme]]'' or a ''[[società per azioni]]'') and [[South Tyrol]]{{efn|A German-speaking region of [[Italy]].}} for companies incorporated there. In the United Kingdom, the equivalent term is [[public limited company]], and in the United States, while the terms "[[Incorporation (business)|incorporated]]" or "corporation" are typically used, technically the more precise equivalent term is "[[joint-stock company]]".<ref>Google Translate reports "{{lang|de|Aktiengesellschaft}}{{-"}} translates as "joint-stock company".</ref> | ||
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[[File:Aktie Dürener.jpg|thumb|Example of an ''Aktie'', with a nominal value of {{Reichsmark|1,000|link=yes}}]] | [[File:Aktie Dürener.jpg|thumb|Example of an ''Aktie'', with a nominal value of {{Reichsmark|1,000|link=yes}}]] | ||
The German word | The German word {{lang|de|Aktiengesellschaft}} is a compound noun made up of two elements: ''Aktien'' meaning an acting part or [[shares|share]], and ''Gesellschaft'', meaning company or society. English translations include ''share company'', or ''company limited by shares'', or [[joint-stock company]]. In German, the use of the term ''Aktien'' for shares is restricted to ''Aktiengesellschaften''. Shares in other types of German companies (e.g., [[GmbH]] or a [[cooperative]]) are called ''Anteile'' (parts-of) rather than ''Aktien''.<ref name="auto">{{Cite web|url=https://www.investopedia.com/terms/a/ag-aktiengesellschaft.asp|title=What Is AG (Aktiengesellschaft)?|website=Investopedia|access-date=2022-04-05|archive-date=2022-04-05|archive-url=https://web.archive.org/web/20220405200543/https://www.investopedia.com/terms/a/ag-aktiengesellschaft.asp|url-status=live}}</ref><ref>{{Cite web|url=https://www.collinsdictionary.com/us/dictionary/german-english/aktiengesellschaft|title=English Translation of "Aktiengesellschaft" | Collins German-English Dictionary|access-date=2022-04-05|archive-date=2023-07-02|archive-url=https://web.archive.org/web/20230702140451/https://www.collinsdictionary.com/us/dictionary/german-english/aktiengesellschaft|url-status=live}}</ref> | ||
==Legal basis== | ==Legal basis== | ||
In Germany and Austria, the legal basis of the AG is the German | In Germany and Austria, the legal basis of the AG is the German {{langr|de|Aktiengesetz}} (abbr. AktG; "shares law") or the Austrian ''Aktiengesetz'' (abbr. AktG). Since the German commercial law (§ 19 {{langr|de|Handelsgesetzbuch}}) requires all corporations to specify their legal form in their name, in order to inform the public of the limits on their [[legal liability|liability]], all German (required by § 4 {{langr|de|Aktiengesetz}}) and Austrian stock corporations include {{lang|de|Aktiengesellschaft}} or {{lang|de|AG}} as part of their name, frequently as a suffix. | ||
In Switzerland, the Company Limited by Shares ( | In Switzerland, the Company Limited by Shares ({{lang|de|Aktiengesellschaft}} in [[German language|German]], {{lang|fr|société anonyme}} in [[French language|French]], {{lang|it|società anonima}} in [[Italian language|Italian]], {{lang|ro|societad anonima}} in [[Romansh language|Romansh]]) is defined in Title Twenty-Six of the [[Swiss Code of Obligations|Code of Obligations]], Article 620. Article 950 specifies that the business name must indicate the legal form.<ref name="auto"/> | ||
==Structure== | ==Structure== | ||
German AGs have a "two-tiered board" structure, consisting of a supervisory board ( | German AGs have a "two-tiered board" structure, consisting of a supervisory board ({{lang|de|Aufsichtsrat}}) and a management board ({{lang|de|Vorstand'}}). The supervisory board is generally controlled by shareholders, although employees may have seats, depending on the size of the company. The management board directly runs the company, but its members may be removed by the supervisory board, which also determines the management board's compensation. Some German AGs have management boards which determine their own remuneration, but that situation is now relatively uncommon. | ||
The general meeting is the supreme governing body of a Swiss company limited by shares. It elects the board of directors ( | The general meeting is the supreme governing body of a Swiss company limited by shares. It elects the board of directors ({{lang|de|Verwaltungsrat}} in [[German language|German]]) and the external auditors. The board of directors may appoint and dismiss persons entrusted with managing and representing the company.<ref>{{Cite web|url=https://www.firma.de/en/company-formation/what-is-a-aktiengesellschaft-stock-company/|title=What is an Aktiengesellschaft (stock company)?|date=September 10, 2018|access-date=April 5, 2022|archive-date=May 19, 2022|archive-url=https://web.archive.org/web/20220519104816/https://www.firma.de/en/company-formation/what-is-a-aktiengesellschaft-stock-company/|url-status=live}}</ref> | ||
==Similar forms== | ==Similar forms== | ||
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* Bulgaria – ''[[Акционерно дружество]]'' (Akcionerno druzhestvo), derived directly from the German AG | * Bulgaria – ''[[Акционерно дружество]]'' (Akcionerno druzhestvo), derived directly from the German AG | ||
* Croatia – ''[[dioničko društvo]]'' (d.d.) | * Croatia – ''[[dioničko društvo]]'' (d.d.) | ||
* Czech Republic – ''[[Akciová společnost]] – (a.s.) | * Czech Republic – ''[[Akciová společnost]]'' – (a.s.) | ||
* Denmark – ''[[Aktieselskab]]'' (A/S) | * Denmark – ''[[Aktieselskab]]'' (A/S) | ||
* Estonia – ''[[Aktsiaselts]]'' (AS) | * Estonia – ''[[Aktsiaselts]]'' (AS) | ||
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* Japan – ''[[Kabushiki gaisha]]'' (K.K.), originally derived directly from the German AG (the term is based on the German) until [[law reform]]s under the [[United States]]–led [[Occupation of Japan]] made the form similar to [[law of Illinois|Illinois corporate law]] | * Japan – ''[[Kabushiki gaisha]]'' (K.K.), originally derived directly from the German AG (the term is based on the German) until [[law reform]]s under the [[United States]]–led [[Occupation of Japan]] made the form similar to [[law of Illinois|Illinois corporate law]] | ||
* Italy – ''[[Società per azioni]]'' (SpA), derived directly from the German AG | * Italy – ''[[Società per azioni]]'' (SpA), derived directly from the German AG | ||
* Latvia - ''[[Akciju sabiedrība]]'' (AS) | |||
* Malaysia – ''[[Berhad]]'' (Bhd) | * Malaysia – ''[[Berhad]]'' (Bhd) | ||
* Norway – ''[[Aksjeselskap]]'' (AS) | * Norway – ''[[Aksjeselskap]]'' (AS) | ||
Latest revision as of 13:50, 13 November 2025
Template:Short description Template:Title language Template:Sidebar with collapsible lists Script error: No such module "Lang". (Script error: No such module "IPA".; abbreviated AG Script error: No such module "IPA".) is a German word for a corporation limited by share ownership (i.e., one which is owned by its shareholders) whose shares may be traded on a stock market. The term is used in Germany, Austria, Switzerland (where it is equivalent to a société anonyme or a società per azioni) and South TyrolTemplate:Efn for companies incorporated there. In the United Kingdom, the equivalent term is public limited company, and in the United States, while the terms "incorporated" or "corporation" are typically used, technically the more precise equivalent term is "joint-stock company".[1]
Meaning of the word
The German word Script error: No such module "Lang". is a compound noun made up of two elements: Aktien meaning an acting part or share, and Gesellschaft, meaning company or society. English translations include share company, or company limited by shares, or joint-stock company. In German, the use of the term Aktien for shares is restricted to Aktiengesellschaften. Shares in other types of German companies (e.g., GmbH or a cooperative) are called Anteile (parts-of) rather than Aktien.[2][3]
Legal basis
In Germany and Austria, the legal basis of the AG is the German Template:Langr (abbr. AktG; "shares law") or the Austrian Aktiengesetz (abbr. AktG). Since the German commercial law (§ 19 Template:Langr) requires all corporations to specify their legal form in their name, in order to inform the public of the limits on their liability, all German (required by § 4 Template:Langr) and Austrian stock corporations include Script error: No such module "Lang". or Script error: No such module "Lang". as part of their name, frequently as a suffix.
In Switzerland, the Company Limited by Shares (Script error: No such module "Lang". in German, Script error: No such module "Lang". in French, Script error: No such module "Lang". in Italian, Script error: No such module "Lang". in Romansh) is defined in Title Twenty-Six of the Code of Obligations, Article 620. Article 950 specifies that the business name must indicate the legal form.[2]
Structure
German AGs have a "two-tiered board" structure, consisting of a supervisory board (Script error: No such module "Lang".) and a management board (Script error: No such module "Lang".). The supervisory board is generally controlled by shareholders, although employees may have seats, depending on the size of the company. The management board directly runs the company, but its members may be removed by the supervisory board, which also determines the management board's compensation. Some German AGs have management boards which determine their own remuneration, but that situation is now relatively uncommon.
The general meeting is the supreme governing body of a Swiss company limited by shares. It elects the board of directors (Script error: No such module "Lang". in German) and the external auditors. The board of directors may appoint and dismiss persons entrusted with managing and representing the company.[4]
Similar forms
The equivalent terms in other countries include the following, which mostly mean literally either "share company/society" or "anonymous company/society".
- Argentina, Bolivia, Costa Rica, Peru, Spain, and other Spanish-speaking countries – Sociedad Anónima (S.A.)
- Belgium (Dutch language), Netherlands – Naamloze Vennootschap (N.V.)
- Belgium (French language), France – Société Anonyme (S.A.)
- Brazil – Sociedade Anônima (S.A. or S/A or SA)
- Bulgaria – Акционерно дружество (Akcionerno druzhestvo), derived directly from the German AG
- Croatia – dioničko društvo (d.d.)
- Czech Republic – Akciová společnost – (a.s.)
- Denmark – Aktieselskab (A/S)
- Estonia – Aktsiaselts (AS)
- Finland – Osakeyhtiö (Oy)
- Greece – Ανώνυμος Εταιρεία (Anonymos Etaireia) (A.E., but often translated as S.A.)
- Hungary – Részvénytársaság (Rt)
- Indonesia – Perseroan Terbatas (PT)
- Japan – Kabushiki gaisha (K.K.), originally derived directly from the German AG (the term is based on the German) until law reforms under the United States–led Occupation of Japan made the form similar to Illinois corporate law
- Italy – Società per azioni (SpA), derived directly from the German AG
- Latvia - Akciju sabiedrība (AS)
- Malaysia – Berhad (Bhd)
- Norway – Aksjeselskap (AS)
- Romania – Societate pe acțiuni or "Societate anonimă" (S.A.)
- Russia – Публичное акционерное общество (Publichnoe akcionernoe obschestvo) (ПАО)
- Serbia – deoničarsko društvo (d.d.) and akcionarsko društvo (a.d.)
- Slovakia – Akciová spoločnosť (a.s.)
- Slovenia – Delniška družba (d.d.)
- Sweden – Aktiebolag (AB)
- Turkey – Anonim Şirket (A.Ş.)
- Poland – Spółka akcyjna (SA)
- Portugal – Sociedade Anónima (S.A.)
- United Kingdom and Ireland (English) – Public limited company (Plc)
- United Kingdom (Welsh) – cymdeithas cyhoeddus cyfyngedig (ccc)
See also
Explanatory notes
References
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Further reading
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- McGaughey, E. (2016), "The Codetermination Bargains: The History of German Corporate and Labour Law". Columbia Journal of European Law 23(1) 135.
- German Stock Corporations Act 1965 translation