What significance do registered shares with restricted transferability have for the shareholder?
Allianz SE issues registered shares with restricted transferability. Under German stock corporation law, companies with registered shares consider only those persons as shareholders, who are recorded in the company’s share register. To be recorded in the share register is relevant for taking part in general meetings and making use of voting rights and it also facilitates direct communication with shareholders. This way, for instance, shareholders can be invited personally to attend general meetings. The restriction on share transferability goes right back to the foundation of Allianz in 1890. This practice is widespread in the insurance industry in Germany. In accordance with its statutes, the company will only withhold the approval for a transfer of shares if extraordinary reasons exist and if it is considered to be in the interest of the company. For several decades no such case has occurred. With the standardization of share transfer processes, the restriction on share transferabili
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