We are of the opinion that every shareholder should be entitled to a dividend payment once a year as a matter of principle. In particular, we demand dividend payments in weak market environments characterised by falling stock prices, so as to ensure a minimum return on the capital employed.

In special cases requiring large volumes of liquidity, such as restructurings and mergers & acquisitions, close cooperation between the management and shareholders is necessary. As a matter of principle, we do not vote in favour of dividend payments or specific dividend amounts if the distribution would endanger the company’s liquidity position.

We reject dividends that are inappropriate in a sector comparison, dividends that are inappropriate given the financial result, and dividend payments taken from capital for which there is no adequate explanation.