In this brief official commission speaking turn, Lederer distinguishes preferred shares’ financial rights from voting power:
Die Vorzugsaktien sind nicht stimmberechtigt.
English translation: The preferred shares carry no voting rights.
He then interprets their economic function through a qualified analogy with bond debt:
Die Vorzugsaktien haben eigentlich die Rolle einer Obligationenschuld mit dem Unterschied, daß eine Verzinsung nur erfolgt, wenn sie aus den Erträgnissen heraus möglich ist, daß anderseits aber auch über die 4 % hinaus noch Dividende erzielt werden kann.
English translation: The preferred shares effectively play the role of bond debt, with the difference that interest is paid only if earnings permit it, but that, on the other hand, a dividend exceeding 4% can also be obtained.
His central distinction concerns contingent remuneration: investors lack voting rights, while earnings determine payment and allow returns above 4%. The intervention thus clarifies a financing instrument’s relationship to corporate control without developing a broader programme for the potash industry.
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