Stimmrechtszuordnung beim Nießbrauch an Gesellschaftsanteilen

»Voting Rights for Shares in Usufruct«

Shares and partnership interests in usufruct are an essential building block of succession planning. However, questions remain as to whether a usufructuary is entitled to exercise voting rights. The author analyzes the issue from a comparative perspective. Against the backdrop of French law, German provisions on the »Nießbrauch« clearly point towards awarding voting rights to the usufructuary, a solution in line with the protective framework on voting rights represented by the »Abspaltungsverbot«.