| Tittel: | Implementation of the SRD II Provisions : ECLE | | Ansvar: | Paul Davies, Susan Emmenegger, Guido Ferrarini m. fl. | | Forfatter: | Davies, Paul  / Emmenegger, Susan / Ferrarini, Guido | | Materialtype: | Artikkel - elektronisk | | Signatur: | Nordisk tidsskrift for Selskabsret | | Utgitt: | København : DJØF Forlag, 2020 | | Omfang: | S. 1-34 | | Serie: | Nordisk tidsskrift for Selskabsret ; 4/2020 | | Emneord: | Aksjer / Aksjonærer / Selskapsrett | | Stikkord: | Direktiv (EU) 2017/828 - Aksjonærrettighetsdirektivet / Direktiv (EU) 2017/828 - Artikkel 9 - Aksjonærrettighetsdirektivet | | Note: | Bidragsytere er:
Paul Davies, Susan Emmenegger, Guido Ferrarini, Klaus Hopt, Adam Opalski, Alain Pietrancosta, Andrés Recalde, Markus Roth, Michael Schouten, Rolf Skog, Martin Winner, Eddy Wymeersch. | | Innhold: | In 2017 the European Union adopted amendments to the Shareholder Rights Directive enacted a decade earlier. Among the changes was a new Article 9c dealing with the topic of related party transactions (RPT). This paper analyses how that new provision has been implemented in a range of Member States and assesses its impact on the prior laws of those states.
Compared with the initial proposals of the European Commission, Article 9c as adopted was considerably watered down. Allegedly inspired by the related party provisions of the UK Listing Rules, those proposals mandated disclosure at the 1% level of significance (measured typically by the value of the company’s assets), accompanied by a fairness opinion, and approval by the independent shareholders (majority-of-the-minority (MOM)) at the 5% level). As enacted, MSS were given a choice of MOM or board approval and freedom to set the criterion for triggering the approval requirement. The same freedom as to trigger was accorded to the MSS in relation to disclosure and the requirement for a fairness opinion was dropped.
Keywords: related party, approval, majorityof-the-minority, disclosure, materiality, Shareholder Rights Directive, harmonisation | | Del av verk: | Nordisk tidsskrift for Selskabsret 4/2020 |
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