The Limited Power for Shareholders to Appoint and Dismiss Management Board Members in Dutch Listed Companies

Abstract

Dutch listed companies make frequent and varied use of oligarchic clauses for the appointment and dismissal of management board members. As a result, shareholders in Dutch listed companies are often not free to nominate and appoint their own candidates for the management board. This contribution analyses the use and trends of these so-called oligarchic clauses by listed companies incorporated under Dutch law. Oligarchic clauses, appointment and dismissal of management board members, listed companies