The Commission Action Plan on modernising company law and enhancing corporate governance in the European Union set the improvement of the rights of shareholders of companies across the Member States as a priority. After it carried out two public consultations, the Commission, therefore, proposed on 5 January 2006 a directive which was formally adopted in June 2007. The Directive that has to be transposed into Member States' laws by summer 2009 will ensure in particular that shareholders have timely access to the complete information relevant to general meetings and facilitates the exercise of voting rights by proxy. Furthermore, the directive provides for the replacement of share blocking and related practices through a record date system.
In parallel, the Commission is carrying out another public consultation in relation to a possible Commission recommendation planned for end of 2007 which should complement the directive on questions like stock lending, the role of intermediaries in the voting process and the language of documents to be submitted to the meeting .
See full Details.
Posts
