Aufsätze Ökonomik

Aufsätze Pädagogik

Aufsätze Sozialethik


Prof. Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.

Abhandlungen über Johann Heinrich Jung-Stilling

Nachtodliche Belehrungen zur Ökonomik

Nachtodliche Belehrungen zu Persönlichkeiten

Nachtodliche Belehrungen zur Philosophie

Nachtodliche Belehrungen zur Theologie

Nachtodliche Belehrungen zu verschiedenen Themen


Letter to shareholders (US. stockholders)

Interim report by the Board of Management sent out by stock corporations to shareholders (and the business press), usually on a quarterly or semi-annual basis. According to critical evaluations (worldwide!The majority of the communications, following critical evaluations (worldwide!) of letters sent out, proceed as follows: – Presentation of adverse circumstances within the reporting period, – Assertion that the changed market conditions are regarded as a challenge, – Presentation of an action program (usual components: organizational adjustment, cost reduction, personnel restructuring, portfolio streamlining, shift of focus to core competencies and similar), – emphasis that the company feels well prepared to compete, – praise of the employees, – thanks to the shareholders, – promise of better results, – request to continue to be patient and to remain loyal to the company, and – concluding assurance that things would soon be looking up. – Up to now, it has proved very difficult to take legal action against recognizably partially true (factoidal) and embellished (beautified) statements in a shareholder letter. This is because the courts regard the letter to shareholders as a non-binding assessment (non-committal estimate) of the business situation by the management board. Therefore, the credibility of a letter to shareholders should not be subject to too strict standards. The same attitude was also taken by supervisory authorities with regard to corresponding action letters from financial service providers. – See shareholder, active, disclosures, inaccurate, disclosures, veiled, information delay, information overload, public disclosure, publicity, situational, salami tactics, sales figures, false, disclosure, immediate, circumstances, valuation, predictions.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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