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Standards & GuidanceShareholder rights directive closer to approval across EU
The EU's shareholder rights directive is due to have its first reading in the European Parliament on 13 March.
The directive is intended to address barriers to the exercise of cross-border voting rights in Europe, and covers such areas as share blocking, the right to appoint a representative and electronic voting. If passed without amendments it will become a directive. However, if amendments are made they will have to be agreed with member state governments.
Meanwhile, the European Policy Forum (EPF) thinktank has sent German chancellor, Angela Merkel, in her role as president-in-office of the European Council, an impact assessment template relating to the EU’s current work on one share one vote.
The template gives a framework of how a proper impact assessment should be carried out. The European Commission has said a recommendation will be proposed in September 2007, but the EPF’s template notes various research work which suggests that legislation or regulation may be inappropriate.
The EPF also stated that Article 10 of the takeover directive introduces an extensive transparency and disclosure regime which has yet to be transposed into member state law, and which may achieve the objects of the proposal without undue additional burdens.
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February, 2007 |
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