EU Shareholders’ Rights Directive – Public consultation
The European Commission opened a public consultation for its new draft proposal of minimum requirements implementing the provisions of the Shareholders’ Right Directive (Directive 2007/36/EC).
The proposal will not change the content of the directive, but it will establish the operational reporting procedure, among other things, for request to disclose information regarding shareholder identity and response to a request to disclose information regarding shareholder identity.
You can read the draft proposal and the related annex, and leave your feedback on the Commission’s draft proposal here. The deadline to submit your feedback is Wednesday 9 May 2018.
Last year, the European Union reviewed the Shareholders’ Rights Directive (2007/36/EC) to strengthen shareholders' engagement in big European companies.
The revised Directive establishes specific requirements which applies to:
- remuneration of directors
- identification of shareholders
- facilitation of exercise of shareholders rights
- transmission of information
- transparency for institutional investors, asset managers and proxy advisors
- related party transactions
The clock has started ticking on individual member countries’ translation of the revised directive. The first tranche of measures, as adopted by the European Council, are set to be implemented into national law by member states by June 2019.