»The Hidden Transfer of the Exercise of Shareholder Rights in the Area of Conflict between Legitimate Shareholder Interests and Transparency of Shareholdings«: The hidden transfer of the exercise of shareholder rights which the recipient then exercises in his own name, is a legal hybrid between proxy and trustee. It allows the share owner to remain anonymous not only in the annual general meeting, but also in the share register of stock corporations with registered stocks. The conflict with the legislative efforts for an increase in the transparency of shareholdings is obvious, but there are also some legitimate reasons to choose this construction.