1 BGH, Decision of 21 December 2005 3 StR 470/04 Neue Juristische Wochenschrift (NJW) 522 (2006); Kolla, The Mannesmann Trial and the Role of the Courts, 5 German Law Journal No. 7 (1 July 2004); see for the decision of the regional court (Landgericht Düsseldorf) in the first judgement Landgericht Düsseldorf, Decision of 22 July 2004 – 28 Js 159/00 the note of Rolshoven, The Last Word? – The July 22, 2004 Acquittals in the Mannesmann Trial, 5 German Law Journal No. 8 (1 August 2004).Google Scholar

2 Brauer, /Dreier, , Der Fall Mannesmann in der nächsten Runde - Zur Geltendmachung von Ersatzansprüchen gegen die ehemaligen Organmitglieder, in: Neue Zeitschrift für Gesellschaftsrecht (NZG) 27 (2005).Google Scholar

3 Thüsing, , Auf der Suche Nach Dem Iustum Pretium der Vorstandstätigkeit, Zeitschrift für Gesellschaftsrecht (ZGR) 457, 458 (2003).Google Scholar

4 See, the bill about the disclosure of executive compensations, (Vorstandsvergütungs-Offenlegungsgesetz), available at http://www.bmj.bund.de/offenlegung.Google Scholar

5 See, Schünemann, Die “gravierende Pflichtverletzung” bei der Untreue: dogmatischer Zauberhut oder taube Nuss?, in: Neue Zeitschrift für Strafrecht (NSTZ) 473 (2005), 473; Rönnau/Hohn, Die Festsetzung (zu) hoher Vorstandsvergütungen durch den Aufsichtsrat – ein Fall für den Staatsanwalt?, NSTZ 113, 2004.Google Scholar

6 Rönnau, /Hohn, , supra, note 5.Google Scholar

7 Id. Google Scholar

8 See, for the question of the appropriateness of executive compensation, supra, note 3.Google Scholar

9 See, 4.2.2. to 4.2.4. of the German Corporate Governance Kodex, available at: http://www.corporate-governance-code.de/ger/kodex/indesx.html.Google Scholar

10 The question, if the compensation was appropriate, is still without a judgement.Google Scholar

11 See, supra note 1 at 3.Google Scholar

12 Kort, , Das Mannesmann-Urteil im Lichte von para. 87 AktG, NJW 333 (2005); Liebers/Hoefs, Anerkennungs- und Abfindungszahlungen an ausscheidende Vorstandsmitglieder, ZIP 97 (2004).Google Scholar

13 Hüffer, Mannesmann/Vodafone: Präsidiumsbescchlüsse des Aufsichtsrats für die Gewährung von “Appreciation Awards” an Vorstandsmitglieder, Sonderbeilage 7 zu Betriebsberater (BB) 2003, 20.Google Scholar

14 Liebers, /Hoefs, , supra, note 12.Google Scholar

15 Rönnau, /Hohn, , (note 5), 113 and 120; BGH,(note 1).Google Scholar

16 See, the Decision of the Bundesgerichtshof (Federal Court of Justice), (BGHZ) 135, 244 (Decision of 21 April 1997 II ZR 175/95).Google Scholar

17 BGH, supra, note 1.Google Scholar

18 Maier, , Der neue Vorschlag der europäischen Kommission für eine Übernahmerichtlinie, Forum Neues Wirtschaftrecht (NWIR) 1 (2003), available at www.nwir.de.Google Scholar

19 See, for a brillant overview on stock options, Hueffer, Aktienbezugsrechte als Bestandteil der Vergütung von Vorstandsmitgliedern und Mitarbeitern – gesellschaftsrechtliche Analyse, 161 Zeitschrift für das Handelsrecht und Wirtschaftsrecht (ZHR) 214 (1997). See also Section 33 (III) WpÜG.Google Scholar

20 Section 266 StGB reads as: Google Scholar

Section 266 Breach of Trust Google Scholar

(1) Whoever abuses the power accorded him by statute, by commission of a public authority or legal transaction to dispose of assets of another or to obligate another, or violates the duty to safeguard the property interests of another incumbent upon him by reason of statute, commission of a public authority, legal transaction or fiduciary relationship, and thereby causes detriment to the person, whose property interests he was responsible for, shall be punished with imprisonment for not more than five years or a fine.Google Scholar

(2) Sections 243 subsection (2), 247, 248a and 263 subsection (3), shall apply accordingly.Google Scholar

21 See, Tröndle/Fischer, StGB, Section 266 margin number 5 (53^rd ed. 2006) Article 103 (II) GG reads as:Google Scholar

(1) In the courts every person shall be entitled to a hearing in accordance with law.Google Scholar

(2) An act may be punished only if it was defined by a law as a criminal offense before the act was committed.Google Scholar

(3) No person may be punished for the same act more than once under the general criminal laws.Google Scholar

22 Schünemann, , NStZ 473 (2005); Tröndle/Fischer, supra, note 20 at para. 266.Google Scholar

23 Rönnau, /Hohn, , (note 5), 113, 114.Google Scholar

24 Id.; Lenckner/Perron, in StGB, Section 266 MN (Schönke/Schröder, 27th. ed. 2006), 23ff.Google Scholar

25 Decisions of the Federal Court of Justice (note 15), 244, 253,; Lenckner/Perron, supra note 23.Google Scholar

26 Decisions of the Federal Court of Justice (note 15).Google Scholar

27 Rönnau, /Hohn, , NStZ 2004, 113, 117, (supra note 5).Google Scholar

28 This results from § 93 AktG in connection with § 116 AktG.Google Scholar

29 Lenckner/Perron(note 23), 35a, 36 .Google Scholar

30 This was also the opinion of the regional court (Landgericht Düsseldorf) in the first judgement. Landgericht Düsseldorf, Decision of 22 July 2004 – 28 Js 159/00. See the note by Rolshoven, supra, note 1.Google Scholar

31 See Decisions of the Federal Court of Justice in Criminal Matters, 47 BGHSt 148 (Decision of 15 November 2001 – 1 StR 185/01) and 47 BGHSt 187 (Decision of 6 December 2001 – 1 StR 215/01).Google Scholar

32 47 BGHSt, 148, supra, note 30.Google Scholar

33 47 BGHSt 187, supra, note 30.Google Scholar

34 Section17 StGB reads as:Google Scholar

Section 17 Mistake of Law Google Scholar

If upon commission of the act the perpetrator lacks the appreciation that he is doing something wrong, he acts without guilt if he was unable to avoid this mistake. If the perpetrator could have avoided the mistake, the punishment may be mitigated pursuant to Section 49 subsection (1).Google Scholar

35 Tröndle/Fischer (note 20), para. 17 MN 1; Cramer/Sternberg-Lieben, Section 17 MN 5, in: (Schönke/Schröder, 27th. ed., 2006).Google Scholar

36 BGH (supra, note 1).Google Scholar

37 Tröndle/Fischer, (note 20) Section 17 margin number 6.Google Scholar

38 Kort, (note 12), 333; Liebers/Hoefs (note 12), 97.Google Scholar