Contrary to what the inclusion of a suggestion in the “DCGK” regarding investor dialogue by the chairman of the supervisory board and its widespread use in practice would suggest, the legal framework for capital market communication by the supervisory board has not yet been clarified. The author therefore examines the admissibility and limits of capital market communication by the supervisory board by analysing German stock corporation and capital market law. In particular, it is shown that topic-specific communication competences result from the dualistic competence structure as annex competences and that narrowing the communication responsibilities to the chairman contradicts the nature of the supervisory board as a collegial body.
The paper is devoted to the role of the global financial market in the development of Russian big business. It proves that terms and standards posed by this market as well as opportunities it offers determine major changes in Russian big business in the last three years. The article examines why Russian companies go abroad to attract capital and provides data, which indicate the scope of this phenomenon. It stresses the effects of Russian big business’s interaction with the world capital market, including the modification of the principal subject of Russian big business from integrated business groups to companies and the changes in companies’ behavior: they gradually move away from the so-called Russian specifics and adopt global standards.
Acording to the author's opinion, institutional investors (from many participants of the capital market) play the main role, especially investment funds. They supply to small-sized investors special investment services, which allow them to participate in the investment process. However excessive institutialization and increasing number of hedge-funds may lead to financial crisis.
