“From the perspective of shareholder representatives, a KGaA structure is a no-go because there is an imbalance between risk and control”
But that is precisely what Ottobock wants to use to go public this year. The background to this is that in a listed KGaA, shareholders and elected board members have practically no say, only the general partner, which in Ottobock’s case is Ottobock SE. But shareholders have no stake in the general partner. The Näder family stays fully in control here. That is reason enough to take a closer look at Ottobock’s corporate governance. How well is the company managed and controlled?
Here is what the experts say:
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Ottobock’s legal form will mean that future shareholders will continue to have no influence on the company and its management. Prof. Näder (and his daughters) will be able to continue to “rule with a firm hand”.
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The composition of the Supervisory Board of Ottobock SE & Co. KGaA, which may be listed on the stock exchange in the future, does not speak for a board that claims to be an independent, constructively critical sparring partner.
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The Board of Directors of Ottobock SE also does not have an unquestionable reputation.
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Frequent changes in managing directors are indicative of a poor management culture within the company. It is clear that Prof. Dr. Näder has the decisive influence on the management of Ottobock KGaA and is able to exert control as long as the majority of the members of the board of directors (which he appoints solely by himself) follow his wishes.
The detailed analysis can be found here: Corporate Governance Analysis of Ottobock, August 2025