Editing Bertelsmann (section)

== Ownership ==
From 1971 to 2012, Bertelsmann was a [[Joint-stock company|joint stock company]] under German law ({{lang|de|[[Aktiengesellschaft]]}}).<ref>{{cite news|language=de|first=Martin|last=Krause|date=22 August 2012|newspaper=Neue Westfälische|title=Bertelsmann sucht Strategie}}</ref> Subsequently, the company was transformed into a [[partnership limited by shares]] ([[Kommanditgesellschaft auf Aktien]]). The general partner is a European stock corporation ([[Societas Europaea]]).<ref>{{cite news|language=de|date=22 August 2012|newspaper=Börsen-Zeitung|page=11|title=Neue Rechtsform von Bertelsmann jetzt amtlich}}</ref> Bertelsmann's rationale for this move, among others, was the aim of opening up for investors,<ref>{{cite news|language=de|date=29 March 2012|newspaper=[[Kölner Stadt-Anzeiger]]|title=Bertelsmann lockt neue Investoren}}</ref> thus enabling them to participate in the financing of additional growth.<ref>{{cite news|first=Stephan|last=Rechlin|date=30 March 2012|newspaper=Westfalen-Blatt|title=Liz Mohn lässt Fremdkapital zu}}</ref> The media commented the change of the legal structure "the turn of an era",<ref>{{cite news|date=29 March 2012|newspaper=Sächsische Zeitung|language=de|page=24|title=Zeitenwende bei Medienriese Bertelsmann}}</ref> as it essentially also enables the company to go public.<ref>{{cite news|language=de|first=Ileana|last=Grabitz|date=29 March 2012|newspaper=Die Welt|page=12|title=Bertelsmann liebäugelt mit der Börse}}</ref><ref>{{cite news|language=de|date=22 August 2012|newspaper=Frankfurter Rundschau|page=37|title=Bertelsmann öffnet sich für Börsengang}}</ref> This move was not ultimately implemented, however.<ref>{{cite news|language=de|first=Oliver|last=Horst|date=4 September 2012|newspaper=Westfalen-Blatt|title=Bertelsmann bleibt Börse fern}}</ref><ref>{{cite news|language=de|first=Caspar|last=Busse|date=1 February 2013|newspaper=Süddeutsche Zeitung|page=21|title=Bertelsmann sagt Börsengang ab}}</ref> Today, Bertelsmann is a company active in [[capital market]]s, issuing [[Bond (finance)|bonds]], for example.<ref>{{cite news|website=Bloomberg|url=https://www.bloomberg.com/news/articles/2015-04-08/bertelsmann-to-market-hybrid-bonds-as-ecb-qe-spurs-record-demand|title=Bertelsmann to Market Hybrid Bonds as Europe QE Spurs Demand|date=8 April 2015|access-date=22 May 2016}}</ref><ref>{{cite news|language=de|date=16 April 2015|title=Anleihen vierfach überzeichnet: Bertelsmann holt sich bei Investoren Geld|url=http://www.n-tv.de/wirtschaft/Bertelsmann-holt-sich-bei-Investoren-Geld-article14919521.html|website=n-tv|access-date=1 October 2015}}</ref> Since 2001, the company has prepared its financial statements according to [[International Financial Reporting Standards]].<ref>{{cite web|publisher=Bertelsmann|title=Capital Market Orientation|website=Investor Relations|url=http://www.bertelsmann.com/investor-relations/financial-strategy/capital-market-orientation/|access-date=22 May 2016}}</ref>

The new legal entity does not change any of the ownership of Bertelsmann.<ref>{{cite news|language=de|first=Bernhard|last=Hertlein|date=22 August 2012|newspaper=Westfalen-Blatt|title=Bereit zu großen Übernahmen}}</ref> As early as the 1970s and 1980s, the Mohn family built up the [[Bertelsmann Stiftung]],<ref>{{cite news|first=Ralph|last= Gerstenberg|language=de|date=23 August 2010|title=Nur im eigenen Interesse|website=[[Deutschlandfunk]]|access-date=1 October 2015|url=http://www.deutschlandfunk.de/nur-im-eigenen-interesse.1310.de.html?dram:article_id=194162}}</ref> which has owned the majority of shares in Bertelsmann since 1993.<ref>{{cite news|language=de|date=24 September 1993|newspaper=Handelsblatt|page=23|title=Bertelsmann-Gruppe: Rezension bei Printmedien und Fernsehbeteiligungen}}</ref> In addition to social responsibility, tax considerations played a role in this.<ref>{{cite web|url=https://www.bertelsmann-stiftung.de/en/about-us/what-we-represent/our-founders-beliefs|publisher=[[Bertelsmann Stiftung]]|title=Learning from the World: Why Reinhard Mohn Founded the Bertelsmann Stiftung|access-date=4 January 2021}}</ref><ref>{{cite news|language=de|url=http://www.taz.de/!5137745/|title=Die Methode Bertelsmann: Eine Stiftung regiert das Land|website=Die Tageszeitung|first=Thomas|last=Schuler|date=9 August 2010|access-date=1 October 2015}}</ref> Moreover, this strategy was intended to preserve the continuity of the company.<ref>{{cite news|language=de|url=http://www.n-tv.de/wirtschaft/Bertelsmann-bewahrt-Tradition-article534278.html|website=n-tv|title=Bertelsmann bewahrt Tradition|date=5 October 2009|access-date=24 November 2015}}</ref> Today, according to Bertelsmann, the Mohn family holds 19.1% of the shares. The three foundations, Bertelsmann Stiftung, Reinhard Mohn Stiftung and BVG Stiftung, together own 80.9%.<ref>{{cite web|publisher=Bertelsmann|url=http://www.bertelsmann.com/company/shareholder-structure/|title=Shareholder Structure|access-date=1 October 2015}}</ref> The ''Bertelsmann Verwaltungsgesellschaft mbH'' (BVG) has key influence on the whole group: It bundles all the voting rights of the Mohn family and foundations with ownership shares. Together, they own 100 percent in the [[Annual general meeting|general assemblies]] of the group company (Bertelsmann SE & Co. KGaA) and its general partner (Bertelsmann Management SE).

Bertelsmann SE & Co. KGaA is managed by the Bertelsmann Management SE. The chairman of the [[executive board]] of Bertelsmann Management SE is Thomas Rabe.<ref>{{cite news|language=de|url=http://www.abendblatt.de/wirtschaft/article108138107/Spitzenwechsel-Thomas-Rabe-neuer-Bertelsman-Chef.html|title=Spitzenwechsel: Thomas Rabe neuer Bertelsmann-Chef|website=[[Hamburger Abendblatt]]|date=11 October 2011|access-date=1 October 2015}}</ref><ref>{{cite news|magazine=Der Spiegel|language=de|title=Man kann alles verkaufen|date=13 February 2012|access-date=22 May 2016|url=http://www.spiegel.de/spiegel/print/d-83977277.html}}</ref> Other members of the executive board include [[Markus Dohle]], Immanuel Hermreck, Bernd Hirsch and Anke Schäferkordt.<ref>{{cite web|publisher=Bertelsmann|url=http://www.bertelsmann.com/company/management/|title=Management|access-date=20 July 2017}}</ref> In 2012, Bertelsmann created the additional so-called ''Group Management Committee'', in order to advise the executive board in important matters.<ref>{{cite news|language=de|first=Hans-Peter|last=Siebenhaar|date=5 December 2011|newspaper=Handelsblatt|page=54|title=Der neue Machtzirkel}}</ref> Some members of the media noted that a relatively large number of women have been appointed to the Group Management Committee.<ref>{{cite news|language=de|first=Bernhard|last= Hertlein|date=6 December 2011|newspaper=Westfalen-Blatt|title=Bertelsmann wird weiblicher}}</ref><ref>{{cite news|language=de|url=https://www.handelsblatt.com/unternehmen/it-medien/neuordnung-bertelsmann-vorstand-wird-feminisiert/5922194.html|title=Neuordnung: Bertelsmann-Vorstand wird feminisiert|website=Handelsblatt|first=Hans-Peter |last=Siebenhaar|date=5 December 2011|access-date=1 October 2015}}</ref> Bertelsmann SE & Co. KGaA and Bertelsmann Management SE each have a [[supervisory board]] that oversees the management. In 2013, Christoph Mohn assumed the chairmanship of both bodies.<ref>{{cite news|url=https://www.derwesten.de/wirtschaft/christoph-mohn-uebernimmt-aufsichtsratsvorsitz-bei-bertelsmann-id7440019.html|website=Westdeutsche Allgemeine Zeitung|publisher=Funke Mediengruppe|title=Christoph Mohn übernimmt Aufsichtsratsvorsitz bei Bertelsmann|language=de|date=2 January 2013|access-date=1 October 2015}}</ref> From the family, [[Liz Mohn]] and Brigitte Mohn are also members of the supervisory boards of both companies.<ref>{{cite web|publisher=Bertelsmann|url=http://www.bertelsmann.com/company/supervisory-board/|title=Supervisory Board|access-date=1 October 2015}}</ref>