Binding Capital to Free Purpose: Steward Ownership in Germany
In: European company and financial law review: ECFR, Band 19, Heft 4, S. 622-653
ISSN: 1613-2556
Abstract
622This paper discusses steward ownership, a concept of business ownership aiming at long-term and purpose-oriented entrepreneurship developed in Germany. Steward ownership can be seen in the context of the current worldwide discussion of corporate purpose and legal innovations like the US-American benefit corporation and the French société a mission has developed a unique approach. The concept is currently put into practice using German company law and the law of foundations. However, in the coalition agreement of the current German government, a new legal form is envisaged to facilitate the founding of steward-owned businesses. The paper presents the concepts and discusses a draft law developed as food for thought for the legislature.