Directive sur les droits des actionnaires : cela avance

La directive du Parlement européen et du Conseil modifiant la directive 2007/36/CE en vue de promouvoir l’engagement à long terme des actionnaires fait son chemin. Vous trouverez une synthèse ici écrite par Ed Winter :

On 3rd April 2017, the European Council adopted a revision to the Shareholders’ Right Directive (2007/36/EC) intended to encourage: « transparent and active engagement by shareholders of listed companies ». It affects the more than 8000 listed companies on EU regulated markets, their shareholders and advisers.

The revision reflects the Council’s concern that: (i) shortcomings in corporate governance arrangements for listed companies contributed to the financial crisis and (ii) the pursuit of short-term strategies by investment managers hampers effective shareholder engagement. To address these concerns, the Directives seeks to improve long-termism by shareholders (and their investment advisers), the exercise of shareholders’ rights and the flow of information relating to shareholdings. The Directive, therefore, touches on:

• oversight of directors’ remuneration;
• identification of shareholders;
• easier exercise of shareholders’ rights;
• greater transparency by institutional investors, asset managers and proxy advisors; and
• related party transactions.

Un dossier à suivre…

À la prochaine…

Ivan Tchotourian

Ce contenu a été mis à jour le 22 mai 2017 à 14 h 48 min.