(1) A transaction entered into by the listed company with related parties, the economic value of which, taken either by itself or together with the transactions entered into with the same party in the course of the ongoing financial year prior to conclusion of the transaction in question, exceeds 1.5 per cent of the sum total of the fixed assets and current assets of the company pursuant to section 266 (2) (A) and (B) of the Commercial Code, as these have been itemised in the financial statements most recently adopted, requires the prior consent of the supervisory board or of a committee appointed in accordance with section 107 (3) sentences 4 to 6.
(2) When the supervisory board adopts the resolution provided for by subsection (1), those members of the supervisory board may not exercise their voting rights who are involved in the transaction as related parties or regarding whom there are concerns regarding a conflict of interest due to their relationship with the related party.
(3) Where the company is a parent undertaking (section 290 (1) and (2) of the Commercial Code) and has not been released, in accordance with section 290 (5) or sections 291 to 293 of the Commercial Code, from the duty to draw up consolidated financial statements and a consolidated management report, the sum total of the fixed assets and current assets of the corporate group will take the stead of the sum total of the fixed assets and current assets of the company as stipulated by section 298 (1) read in conjunction with section 266 (2) (A) and (B) of the Commercial Code, as these have been itemised in the consolidated financial statements most recently adopted or, in the cases governed by section 315e of the Commercial Code, the sum total of the corresponding assets itemised in the consolidated financial statements in accordance with international accounting standards will take the stead of the sum total of the fixed assets and current assets of the company.
(4) Where the supervisory board refuses to grant its consent, the management board may demand that the general meeting adopt a resolution regarding such consent. The related parties involved in the transaction may not exercise their voting rights for themselves or for some other party when the general meeting adopts such resolution.