Directivă a Parlamentului European şi a Consiliui privind exercitarea drepturilor de vot ale acţionarilor companiilor cu sediul social într-un stat membru şi ale căror acţiuni sunt admise la tranzacţionarea pe o piaţă reglementată şi de modificare a Directivei 2004/109/CE

Directiva Parlamentului European şi a Consiliului privind exercitarea anumitor drepturi ale acţionarilor în cadrul societăţilor cotate la bursă

având în vedere Tratatul de instituire a Comunităţii Europene, în special articolul 95,

având în vedere Tratatul de instituire a Comunităţii Europene, în special articolele 44 şi 95,

(3) Proprietarii de acţiuni cu drept de vot ar trebui să-şi poată exercita drepturile, având în vedere faptul că acestea sunt cuprinse în preţul care trebuie plătit la achiziţionarea acţiunilor. În plus, controlul efectiv exercitat de către acţionari este o cerinţă prealabilă pentru buna guvernanţă a companiei şi ar trebui deci uşurat şi încurajat. Este deci necesar să se adopteze în acest scop măsuri de apropiere între legislaţiile statelor membre. Obstacolele care determină acţionarii să nu voteze, cum ar fi obligaţia ca acţionarul să-şi blocheze acţiunile pentru a putea vota, ar trebui îndepărtate. Totuşi, prezenta directivă nu aduce atingere legislaţie comunitare existente privind părţile emise de organismele de plasament colectiv sau părţile achiziţionate sau tranzacţionate în cadrul acestor organisme.

(3) Proprietarii de acţiuni cu drept de vot ar trebui să-şi poată exercita drepturile, având în vedere faptul că acestea sunt cuprinse în preţul care trebuie plătit la achiziţionarea acţiunilor. În plus, controlul efectiv exercitat de către acţionari este o cerinţă prealabilă pentru buna guvernanţă a companiei şi ar trebui deci uşurat şi încurajat. Este deci necesar să se adopteze în acest scop măsuri de apropiere între legislaţiile statelor membre. Obstacolele care determină acţionarii să nu voteze, cum ar fi obligaţia ca exercitarea dreptului de vot să fie condiţionată de blocarea acţiunilor pe o anumită perioadă de timp înainte de adunare, ar trebui îndepărtate. Totuşi, prezenta directivă nu aduce atingere legislaţie comunitare existente privind părţile emise de organismele de plasament colectiv sau părţile achiziţionate sau tranzacţionate în cadrul acestor organisme.

(4) Legislaţia comunitară în vigoare nu este suficientă pentru atingerea acestui obiectiv. Directiva 2004/109/CE a Parlamentului European şi a Consiliului din 15 decembrie 2004 privind armonizarea obligaţiilor de transparenţă în ceea ce priveşte informaţia referitoare la emitenţii ale căror valori mobiliare sunt admise la tranzacţionare pe o piaţă reglementată şi de modificare a Directivei 2001/34/CE impune emitenţilor să disponibilizeze anumite informaţii şi documente relevante pentru adunarea generală, dar aceste informaţii şi documente sunt disponibilizate doar în statul membru de origine al emitentului. În plus, Directiva 2001/34/CE vizează îndeosebi informaţiile pe care emitenţii trebuie să le divulge pieţei şi deci nu se referă la chestiunile care se referă la procedura de vot a acţionarilor.

(4) Legislaţia comunitară în vigoare nu este suficientă pentru realizarea acestui obiectiv. Directiva 2004/109/CE a Parlamentului European şi a Consiliului din 15 decembrie 2004 privind armonizarea obligaţiilor de transparenţă în ceea ce priveşte informaţia referitoare la emitenţii ale căror valori mobiliare sunt admise la tranzacţionare pe o piaţă reglementată şi de modificare a Directivei 2001/34/CE impune emitenţilor obligaţia de a disponibiliza anumite informaţii şi documente relevante pentru adunarea generală, dar aceste informaţii şi documente sunt disponibilizate doar în statul membru de origine al emitentului. În plus, Directiva 2001/34/CE vizează îndeosebi informaţiile pe care emitenţii trebuie să le divulge pieţei şi deci nu se referă la chestiunile care se referă la procedura de vot a acţionarilor. Astfel, ar trebui introduse anumite norme minime pentru protejarea investitorilor şi promovarea exercitării cu uşurinţă şi eficacitate a drepturilor acţionarilor ataşate acţiunilor cu drept de vot. În ceea ce priveşte celelalte drepturi, altele decât dreptul de vot, statele membre sunt libere să extindă aplicarea acestor norme minime la acţiunile fără drept de vot, în măsura în care acestea din urmă nu sunt deja reglementate de astfel de norme.

(5) O proporţie importantă a acţiunilor societăţilor europene cotate la bursă sunt deţinute de acţionari care nu rezidă în statul membru în care societăţile la care sunt acţionari au sediul social. Acţionarii nerezidenţi ar trebui să-şi poată exercita drepturile privind adunarea generală la fel de uşor ca şi acţionarii care rezidă în statul membru în care societatea îşi are sediul social. Aceasta presupune eliminarea obstacolelor care îngreunează accesul acţionarilor nerezidenţi la informaţiile care prezintă relevanţă pentru adunarea generală şi exercitarea dreptului de vot fără participare fizică la adunarea generală. De îndepărtarea acestor obstacole ar trebui să beneficieze şi acţionarii rezidenţi care nu participă sau nu pot participa la adunarea acţionarilor.

(5) O proporţie importantă a acţiunilor societăţilor cotate la bursă sunt deţinute de acţionari care nu rezidă în statul membru în care societatea îşi are sediul social. Acţionarii nerezidenţi ar trebui să-şi poată exercita drepturile privind adunarea generală la fel de uşor ca şi acţionarii care rezidă în statul membru în care societatea îşi are sediul social. Aceasta presupune eliminarea obstacolelor care îngreunează accesul acţionarilor nerezidenţi la informaţiile care prezintă relevanţă pentru adunarea generală şi exercitarea dreptului de vot fără participare fizică la adunarea generală. De îndepărtarea acestor obstacole ar trebui să beneficieze şi acţionarii rezidenţi care nu participă sau nu pot participa la adunarea generală.

(6) Acţionarii ar trebui să-şi poată exprima voturile în cunoştinţă de cauză, în cadrul adunării acţionarilor sau înainte de aceasta, indiferent de ţara lor de rezidenţă. Toţi acţionarii ar trebui să dispună de timp suficient pentru a analiza documentele care urmează să fie prezentate în cadrul adunării generale şi pentru a decide asupra votului pe care-l vor lua pentru acţiunile pe care le deţin. În acest scop, ar trebui ca adunarea generală să fie anunţată în timp util, iar acţionarilor ar trebui să li se furnizeze la timp toate informaţiile asupra cărora urmează să se voteze în cadrul adunării generale. În principiu, acţionarii ar trebui să aibă de asemenea posibilitatea să adauge puncte pe ordinea de zi, să facă propuneri de hotărâri şi să pună întrebări cu privire la punctele de pe ordinea de zi. Ar trebui exploatate posibilităţile oferite de tehnologiile moderne pentru a pune la dispoziţie informaţii imediat şi sub o formă accesibilă, de asemenea în vederea punerii la dispoziţie, după adunarea generală, a informaţiilor privind rezultatul votului.

(6) Acţionarii ar trebui să-şi poată exprima voturile în cunoştinţă de cauză, în cadrul adunării generale sau înainte de aceasta, indiferent de ţara lor de rezidenţă. Toţi acţionarii ar trebui să dispună de timp suficient pentru a analiza documentele care urmează să fie prezentate în cadrul adunării generale şi pentru a decide asupra votului pe care-l vor lua pentru acţiunile pe care le deţin. În acest scop, ar trebui ca adunarea generală să fie anunţată în timp util, iar acţionarilor ar trebui să li se furnizeze toate informaţiile asupra cărora urmează să se voteze în cadrul adunării generale. Ar trebui exploatate posibilităţile oferite de tehnologiile moderne pentru a oferi acces imediat la informaţii. Prezenta directivă presupune că toate societăţile cotate la bursă au deja un site internet.

(6a)     În principiu, acţionarii ar trebui să aibă posibilitatea să adauge puncte pe ordinea de zi a adunării generale şi să facă propuneri de hotărâri cu privire la punctele de pe ordinea de zi. Fără a aduce atingere diverselor termene şi modalităţi folosite actual în întreaga Comunitate, exercitarea acestor drepturi ar trebui să fie condiţionată de două reguli de bază: eventualele praguri stabilite în vederea exercitării drepturilor respective nu trebui să nu depăşească 5% din capitalul social al societăţii, iar toţi acţionarii ar trebui să obţină, în orice caz, versiunea finală a ordinei de zi cu suficient timp înainte pentru a se putea pregăti pentru discuţii şi pentru votarea fiecărui punct de pe ordinea de zi.

(6b) În principiu, fiecare acţionar ar trebui să aibă posibilitatea de a pune întrebări şi de a obţine răspunsuri legate de punctele de pe ordinea de zi a adunării generale, dar normele privind momentul şi modalitatea în care aceste întrebări sunt puse şi în care se dau răspunsurile corespunzătoare ar trebui lăsate la latitudinea statelor membre.

(7) Acţionarii ar trebui să poată alege între câteva posibilităţi simple de votare fără participare fizică la adunarea acţionarilor. Votul fără prezenţa fizică la adunarea generală ar trebui să nu fie supus altor constrângeri decât cele necesare pentru verificarea identităţii şi a siguranţei comunicaţiilor. Ar trebui eliminate şi limitările şi constrângerile administrative existente care complică sau fac prea oneros votul la distanţă sau prin procură.

(7) Societăţile ar trebui să nu întâmpine piedici juridice pentru a propune acţionarilor proprii o modalitate de participare electronică la adunarea generală. Votul fără prezenţa fizică la adunarea generală, prin corespondenţă sau folosind mijloace electronice, ar trebui să nu fie supus altor constrângeri decât cele necesare pentru verificarea identităţii şi a siguranţei comunicaţiilor. Totuşi, acest lucru ar trebui să nu împiedice statele membre să adopte norme care s vizeze garantarea faptului că rezultatele votului reflectă în toate cazurile intenţiile acţionarilor, inclusiv norme care să reglementeze situaţiile în care intervin elemente noi, sau în care acestea devin cunoscute după ce acţionarul şi-a exprimat votul prin corespondenţă sau prin mijloace electronice.

(7a) Buna guvernanţă antreprenorială implică o procedură de vot prin procură suplă şi eficace. Limitele şi constrângerile existente care îngreunează votul prin procură şi care îl fac costisitor ar trebui deci îndepărtate. Totuşi, buna guvernanţă antreprenorială implică de asemenea instituirea unor mecanisme de salvgardare adecvate împotriva posibilelor abuzuri ale votului prin procură. Mandatarul ar trebui deci obligat să respecte toate eventualele instrucţiuni primite de la acţionar, iar statele membre ar trebui să poată institui măsuri adecvate în vederea garantării faptului că mandatarul nu urmăreşte alte interese decât cele ale acţionarului, indiferent de motivul care a dus la un conflict de interese. Măsurile luate împotriva eventualelor abuzuri pot consta în special din regimuri adoptate de statele membre pentru a reglementa activitatea persoanelor care se ocupă activ cu colectarea de procuri sau care au colectat în fapt un număr semnificativ de procuri, în special pentru a garanta un grad adecvat de fiabilitate şi de transparenţă. În conformitate cu prezenta directivă, acţionarii dispun fără restricţii de dreptul de a mandata asemenea persoane să participe şi să voteze în numele lor în cadrul adunării generale. Totuşi, prezenta directivă nu aduce atingere niciunei norme sau sancţiuni pe care statele membre pot să le impună acestor persoane în caz de vot prin folosirea frauduloasă a procurilor colectate. În plus, prezenta directivă nu impune societăţilor nici o obligaţie de a verifica dacă mandatarii votează în conformitate cu instrucţiunile acţionarilor mandanţi.

(7b)     În cazul în care sunt implicaţi intermediari financiari, eficienţa procesului de votare în conformitate cu instrucţiunile primite se bazează, într-o mare măsură, pe eficienţa acestui lanţ de intermediari, deoarece de multe ori investitorii nu pot să-şi exercite drepturile de vot asociate acţiunilor pe care le deţin fără cooperarea fiecărui intermediar din lanţul de intermediere, care s-ar putea să nu aibă un interes economic în acţiuni. Astfel, pentru a permite investitorului să-şi exercite drepturile de vot la nivel transfrontalier, este important ca intermediarii să uşureze exercitarea drepturilor de vot.

Comisia ar trebui să analizeze mai amănunţit această situaţie în cadrul unei recomandări, pentru a asigura că investitorii au acces la servicii de vot eficiente şi că drepturile de vot sunt exercitate în conformitate cu instrucţiunile primite de la investitorii respectivi.

(7c) Deşi stabilirea momentului în care corpul administrativ, de gestiune sau de supraveghere şi publicul sunt înştiinţaţi cu privire la voturile exprimate înainte de adunarea generală prin mijloace electronice sau prin corespondenţă este o chestiune importantă pentru guvernanţa antreprenorială, aceasta poate fi efectuată de statele membre.

(7c) Rezultatele votului ar trebui stabilite folosind metode care să reflecte intenţiile de vot exprimate de acţionari; acestea ar trebui publicate după adunarea generală, cel puţin prin intermediul site-ului internet al societăţii.

(9) Pentru a evita replicarea unor dispoziţii referitoare la acelaşi subiect, Directiva 2004/109/CE ar trebui modificată,

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(9a) În conformitate cu alineatul (34) din Acordul interinstituţional pentru o mai bună legiferare1, statele membre sunt încurajate să întocmească, pentru ele însele şi în interesul Comunităţii, propriile tabele, care să ilustreze, pe cât posibil, corelaţia dintre prezenta directivă şi măsurile de transpunere şi să le facă publice.

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1 JO C 321, 31.12.2003, p. 1.

1. Prezenta directivă stabileşte cerinţe privind exercitarea dreptului de vot în cadrul adunărilor generale ale emitenţilor care au sediul social într-un stat membru şi ale căror acţiuni sunt admise la tranzacţionare pe o piaţă reglementată.

(1) Prezenta directivă stabileşte cerinţe privind exercitarea anumitor drepturi ale acţionarilor ataşate de acţiunile cu drept de vot în cadrul adunărilor generale ale societăţilor care au sediul social într-un stat membru şi ale căror acţiuni sunt admise la tranzacţionare pe o piaţă reglementată care funcţionează sau este operată în cadrul unui stat membru.

(1a) Statul membru competent să reglementeze chestiunile menţionate în prezenta directivă este statul membru în care societatea îşi are sediul social, iar referinţele la „legea aplicabilă” se interpretează ca referinţe la legea statului membru respectiv.

2. Statele membre acorda derogări de la aplicarea prezentei directive emitenţilor care sunt:

2. Statele membre pot acorda derogări de la aplicarea prezentei directive următoarelor tipuri de societăţi:

(i) organisme de plasament colectiv de tip societate în sensul articolului 1 alineatul (2) din Directiva 85/611/CEE şi

(i) organismelor de plasament colectiv în sensul articolului 1 alineatul (2) din Directiva 85/611/CEE;

(ii) organisme ale căror obiectiv unic este plasarea colectivă de capitaluri furnizate de public, care funcţionează pe baza principiului repartizării riscurilor şi care nu încearcă să preia de la vreun emitent controlul juridic sau efectiv asupra investiţiilor subiacente, cu condiţia ca aceste organisme de plasament colectiv să fie autorizate şi supuse supravegherii autorităţilor competente şi să dispună de un depozitar care să exercite funcţii similare celor prevăzute în acest sens de Directiva 85/611/CEE.

(ii) organismelor ale căror obiectiv unic este plasarea colectivă de capitaluri furnizate de public, care funcţionează pe baza principiului repartizării riscurilor şi care nu încearcă să preia de la vreun emitent controlul juridic sau efectiv asupra investiţiilor subiacente, cu condiţia ca aceste organisme de plasament colectiv să fie autorizate şi supuse supravegherii autorităţilor competente şi să dispună de un depozitar care să exercite funcţii similare celor prevăzute în acest sens de Directiva 85/611/CEE;

(iia) societăţilor în regim de cooperativă.

(a) „emitent” înseamnă o persoană juridică de drept public sau de drept privat, inclusiv un stat, ale cărei acţiuni sunt admise la tranzacţionarea pe o piaţă reglementată;

eliminat

Justificare

The notion ‘issuer’ is replaced by ‘company’.

(c) „acţionar” înseamnă orice persoană fizică sau juridică de drept public sau privat care deţine:

(c) „acţionar” înseamnă persoana fizică sau juridică a cărei calitate de acţionar este recunoscută de legislaţia aplicabilă;

(i) acţiuni ale emitentului, în nume propriu şi în contul său;

(ii) acţiuni ale emitentului în nume propriu, dar în contul unei alte persoane fizice sau juridice;

Justificare

The definition of the shareholder varies extremely between Member States. The proposed modification allows Member States to maintain their system of share ownership and does not impose any new requirement which could affect the national definition of shareholder.

(d) „instituţie de credit” înseamnă o instituţie în sensul definiţiei de la articolul 1 alineatul (1) litera (a) din Directiva 2000/12/CE a Parlamentului European şi a Consiliului;

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(e) „procură” înseamnă împuternicirea de către un acţionar a unei persoane fizice sau juridice în vederea exercitării în numele şi în contul acţionarului respectiv a unora sau a totalităţii drepturilor pe care le deţine în adunarea generală;

(e) „procură” înseamnă împuternicirea de către un acţionar a unei persoane fizice sau juridice în vederea exercitării în numele acţionarului respectiv a unora sau a totalităţii drepturilor pe care le deţine în adunarea generală;

(f) „cont colectiv” înseamnă un cont de titluri în care titlurile pot fi deţinute în contul mai multor persoane fizice sau juridice.

eliminat

Obligaţii mai stricte la nivel naţional

Statele membre pot supune emitenţii care au sediul social pe teritoriul lor unor obligaţii mai stricte decât cele prevăzute de prezenta directivă.

Măsuri suplimentare la nivel naţional

Prezenta directivă nu opreşte statele membre să impună societăţilor obligaţii suplimentare sau să ia măsuri suplimentare în vederea uşurării exercitării drepturilor de vot ale acţionarilor menţionate în prezenta directivă.

Emitentul asigură egalitatea de tratament a tuturor acţionarilor care se găsesc într-o situaţie identică în ceea ce priveşte participarea şi votul în cadrul adunării generale.

Societatea asigură egalitatea de tratament a tuturor acţionarilor care se găsesc într-o situaţie identică în ceea ce priveşte participarea şi exercitarea drepturilor de vot în cadrul adunării generale.

Convocarea la adunarea generală

1. Fără a aduce atingere articolului 9 alineatul (4) din Directiva 2004/25/CE a Parlamentului European şi a Consiliului, primul aviz de convocare la adunarea generală trebuie trimis de emitent cu cel puţin 30 de zile calendaristice înainte de data adunării generale;

Informaţii disponibile înainte de adunarea generală

1. Fără a aduce atingere articolului 9 alineatul (4) şi articolului 11 alineatul (4) din Directiva 2004/25/CE a Parlamentului European şi a Consiliului, statele membre iau măsuri ca societatea să convoace adunarea generală folosind una dintre modalităţile prevăzute la alineatul (1a), cel târziu în a douăzeci şi cincea zi înainte de data adunării generale

Statele membre pot dispune ca, în cazul în care societatea oferă acţionarilor posibilitatea de a vota prin mijloace electronice accesibile acţionarilor, adunarea generală a acţionarilor poate decide să convoace adunarea generală, alta decât adunarea generală anuală, folosind cu una dintre modalităţile menţionate la alineatul (1a), cel târziu în a patrusprezecea zi înainte de data adunării generale. Această decizie se ia cu o majoritate de cel puţin două treimi dintre voturile ataşate de titlurile sau capitalul subscris reprezentate şi pentru o perioadă care să cuprindă cel mult următoarea adunare generală anuală.

Nu este necesar ca statele membre să aplice perioadele minime menţionate pentru o a doua convocare sau pentru o convocare succesivă a adunării generale determinată de lipsa cvorumului în cazul primei convocări, sub rezerva faptului ca prezentul articol să fi fost respectat cu ocazia primei convocări iar pe ordinea de zi să nu se fi adăugat nici un punct nou; de asemenea, trebuie să treacă cel puţin 10 zile între convocarea finală şi data adunării generale.

(1a) Fără a aduce atingere cerinţelor suplimentare privind notificarea sau publicare stabilite de statele membre competente în sensul articolului 1 alineatul (1a)m societatea este obligată să efectueze convocarea menţionată la alineatul (1) de o asemenea manieră încât să garanteze accesul rapid la aceasta într-un mod nediscriminatoriu. Statul membru impune societăţii să folosească mijloace care să asigure, în mod rezonabil, difuzarea eficientă către public în întreaga Comunitate. Statul membru nu poate impune obligaţia de a folosi doar mijloace ale căror operatori sunt stabiliţi pe teritoriul său.

Aplicarea primului paragraf de către statele membre nu este necesară în cazul societăţilor care pot indica numele şi adresa acţionarilor lor pe baza unui registru curent al acţionarilor, în cazul în care societatea este obligată să transmită actul de convocare fiecăruia dintre acţionarii săi înregistraţi.

În orice caz, societatea nu poate solicita acoperirea unor costuri specifice pentru emiterea actului de convocare folosind modalitatea prescrisă.

2. Avizul menţionat la alineatul (1) conţine cel puţin următoarele informaţii:

(a) indicaţii precise privind locul, orarul şi ordinea de zi provizorie a adunării;

2. Convocarea menţionată la alineatul (1) respectă cel puţin următoarele cerinţe:

(a) indică precis când şi unde va avea loc adunarea generală, precum şi ordinea de zi propusă;

(b) o descriere clară şi precisă a procedurilor care trebuie respectate de acţionari pentru a putea participa şi vota în cadrul adunării generale, inclusiv data de înregistrare aplicabilă;

(b) conţine o descriere clară şi precisă a procedurilor care trebuie respectate de acţionari pentru a putea participa şi vota în cadrul adunării generale; Aceasta include informaţii privind:

(i) drepturile de care dispun acţionarii în virtutea articolului 6, în măsura în care drepturile respective pot fi exercitate după convocare, şi în virtutea articolului 9, precum şi termenele în care drepturile respective pot fi exercitate; convocarea poate să menţioneze doar termenele în care aceste drepturi pot fi exercitate, cu condiţia de a include o trimitere la site-ul internet al societăţii în vederea obţinerii unor informaţii mai detaliate privind drepturile respective;

(ii) procedura de vot prin procură, în special formularele care trebuie folosite pentru acest tip de vot şi mijloacele prin care societatea poate primi înştiinţări electronice cu privire la acordarea procurii; şi

(iii) dacă este cazul, procedurile pentru exprimarea votului prin corespondenţă sau prin mijloace electronice;

(c) o descriere clară şi precisă a mijloacelor disponibile prin care acţionarii pot participa şi vota în cadrul adunării generale. Ca alternativă, poate indica unde se pot obţine aceste informaţii;

(c) dacă este cazul, menţionează data înregistrării menţionate la articolul 7 alineatul (2) şi explică faptul că doar persoanele care sunt acţionari la data respectivă au dreptul de a participa şi de a vota în cadrul adunării generale;

(d) o menţiune privind adresa de contactat şi procedura care trebuie urmată pentru a obţine textul complet şi neprescurtat al hotărârilor şi al documentelor care urmează să fie supuse aprobării adunării generale;

(d) menţionează adresa de contactat şi procedura care trebuie urmată pentru a obţine textul complet şi neprescurtat al documentelor şi al proiectelor de hotărâre menţionate la alineatul (3) literele (c) şi (ca);

(e) o menţiune privind adresa site-ului internet pe care urmează să se publice informaţiile prevăzute la alineatul (3).

(e) menţionează adresa site-ului internet pe care urmează să se publice informaţiile prevăzute la alineatul (3).

3. În termenul prevăzut la alineatul (1), emitenţii publică pe site-urile lor internet cel puţin următoarele informaţii:

3. Statele membre iau măsuri ca, pe o perioadă continuă care începe cel târziu într-a douăzeci şi una zi înainte de data adunării generale, inclusiv aceasta, societatea pune la dispoziţia acţionarilor săi pe site-ul său internet cel puţin următoarele informaţii:

(a) avizul de convocare menţionat la alineatul (1);

(a) convocarea menţionată la alineatul (1a);

(b) numărul total de acţiuni şi drepturile de vot;

(b) numărul total de acţiuni şi drepturile de vot la data convocării (inclusiv totale separate pentru fiecare categorie de acţiuni în cazul care capitalul societăţii este împărţit în două sau mai multe categorii de acţiuni);

(c) textele hotărârilor şi documentele prevăzute la alineatul (2) litera (d);

(c) documentele care urmează să fie furnizate adunării generale;

(ca) un proiect de hotărâre sau, în cazul în care nu se propune luarea unei hotărâri, un comentariu al unui organ competent al societăţii, care este numit de legislaţia aplicabilă, pentru fiecare punct al propunerii de ordine de zi a adunării generale; în plus, propunerile de hotărâre înaintate de acţionari sunt adăugate de îndată ce este posibil după primirea lor de către societate;

(d) formularele care urmează să fie folosite pentru votul prin corespondenţă şi prin procură;

Ca alternativă la formularele prevăzute la litera (d), pe site se poate indica adresa şi modalitatea de obţinere a formularelor.

(d) dacă este cazul, formularele care urmează să fie folosite pentru votul prin procură şi pentru votul prin corespondenţă, cu excepţia cazului în care formularele respective sunt trimise direct fiecărui acţionar.

În cazul în care formularele menţionate la litera (d) nu pot fi publicate pe internet din motive tehnice, societatea indică pe stie-ul său procedura de urmat pentru a le obţine pe suport hârtie. În acest caz, societatea este obligată să transmită formularele gratuit, prin poştă, fiecăruia dintre acţionarii care îşi exprimă interesul în acest sens.

În cazul în care, în virtutea articolului 9 alineatului (4) sau a articolului 11 alineatul (4) din Directiva 2004/25/CE, sau în virtutea prezentului articol alineatul 1 primul paragraf, convocarea la adunarea generală este făcută după cea de-a douăzeci şi una zi dinaintea adunării generale, perioada specificată în prezentul alineat se modifică în consecinţă.

Dreptul de a adăuga puncte pe ordinea de zi a adunării generale şi de a prezenta proiecte de hotărâre

Dreptul de a introduce puncte în ordinea de zi a adunării generale şi de a prezenta proiecte de hotărâre

1. Acţionarii, acţionând individual sau colectiv, au dreptul de a adăuga puncte pe ordinea de zi a adunărilor generale şi de a prezinte proiecte de hotărâre în cadrul adunărilor generale.

1. Statele membre iau măsuri pentru ca acţionarii, acţionând individual sau colectiv,

(a) au dreptul de a adăuga puncte pe ordinea de zi a adunării generale, cu condiţia ca fiecare punct să fie însoţit de o justificare sau de un proiect de hotărâre propus spre adoptare de adunarea generală; şi

(b) au dreptul de a prezenta proiecte de hotărâre pentru punctele incluse sau propuse spre a fi adăugate pe ordinea de zi a adunării generale.

Statele membre pot dispune ca dreptul menţionat la litera (a) să poată fi exercitat doar în legătură cu adunarea generală anuală, cu condiţia ca acţionarii, acţionând individual sau colectiv, să aibă dreptul de a convoca, sau de a solicita societăţii să convoace, o adunare generală alta decât adunarea generală anuală, a cărei ordine de zi să cuprindă cel puţin punctele solicitate de acţionarii respectivi.

Statele membre pot dispune ca aceste drepturi să fie exercitate în scris (transmise prin poştă sau prin mijloace electronice).

2. În cazul în care dreptul de a adăuga puncte pe ordinea de zi a adunărilor generale şi de a prezenta hotărâri în cadrul acestora este condiţionat de faptul ca acţionarul respectiv să deţină o participaţie minimă din acţiunile emitentului, această participaţie minimă nu depăşeşte 5% din acţiunile emitentului sau o valoare nominală de 10 milioane EUR, reţinându-se valoarea cea mai mică.

2. În cazul în care oricare dintre drepturile menţionate la alineatul (1) este condiţionat de faptul ca acţionarul respectiv să deţină o participaţie minimă din societate, această participaţie minimă nu depăşeşte 5% din acţiunile emitentului

3. Drepturile prevăzute la alineatul (1) sunt exercitate la o dată anterioară datei adunării generale, suficient de îndepărtată pentru a permite celorlalţi acţionari să primească sau să aibă acces înainte de adunarea generală la ordinea de zi revizuită sau la hotărârile propuse.

3. Fiecare stat membru stabileşte un termen limită unic, exprimat în numărul exact de zile înainte de adunarea generală sau de convocare, până la care acţionarii îşi pot exercita drepturile menţionate la alineatul (1) litera (a). În mod asemănător, fiecare stat membru poate stabili un termen limită pentru exercitarea dreptului menţionat la alineatul (1) litera (b).

(3a) Statele membre iau măsuri pentru ca, în cazurile în care exercitarea dreptului prevăzut la alineatul (1) litera (a) atrage modificarea ordinii de zi comunicate deja acţionarilor, societatea furnizează o ordine de zi revizuită folosind aceeaşi procedură ca şi cea utilizată pentru ordinea de zi anterioară, înainte de data de înregistrare aplicabilă sau, în caz că nu se aplică vreo dată de înregistrare, într-un termen anterior adunării generale suficient de devansat pentru a permite celorlalţi acţionari să numească un mandatar sau, dacă este cazul, să voteze prin corespondenţă.

Articolul 15

Informaţii furnizate după adunarea generală

1. Într-un termen care nu depăşeşte 15 zile calendaristice după adunarea generală, emitentul publică pe site-ul său internet rezultatele voturilor exprimate cu privire la fiecare hotărâre supusă adunării generale.

2. Pentru fiecare hotărâre, rezultatele votului includ cel puţin numărul de acţiuni în contul cărora s-au exprimat voturile, precum şi procentajul de voturi exprimate pentru şi respectiv împotrivă.

eliminat

1. Statele membre asigură intrarea în vigoare a legilor, regulamentelor şi a prevederilor administrative necesare pentru a se conforma prezentei directive cel târziu până la [31 decembrie 2007]. Ele comunică de îndată Comisiei textul respectivelor prevederi şi un tabel de corespondenţă dintre acestea şi prezenta directivă.

Statele membre asigură intrarea în vigoare a legilor, regulamentelor şi a prevederilor administrative necesare pentru a se conforma prezentei directive cel târziu până la […]. Ele comunică de îndată Comisiei textul respectivelor prevederi.

Abstracţie făcând de primul paragraf, statele membre în care, la 1 iulie 2006, erau în vigoare prevederi naţionale ce restrângeau sau interziceau desemnarea mandatarilor în situaţiile prevăzute la articolul 10 alineatul (1b) al doilea paragraf punctul (ii), instituie legile, regulamentele şi prevederile administrative necesare pentru a se conforma articolului 10 alineatul (1b) în ceea ce priveşte respectivele restricţii sau interdicţii cel mai târziu până la […]2.

Atunci când statele membre adoptă aceste dispoziţii, ele conţin o trimitere la prezenta directivă sau sunt însoţite de o asemenea trimitere la data publicării lor oficiale. Statele membre stabilesc modalitatea de efectuare a acestei trimiteri.

Statele membre comunică fără întârziere Comisiei numărul de zile specificat la articolul 6 alineatul (3) şi articolul 7 alineatul (3), precum şi orice modificare ulterioară a acestuia, iar Comisia publică respectivele informaţii în Jurnalul Oficial al Uniunii Europene.

Atunci când statele membre adoptă aceste dispoziţii, ele conţin o trimitere la prezenta directivă sau sunt însoţite de o asemenea trimitere la data publicării lor oficiale. Statele membre stabilesc modalitatea de efectuare a acestei trimiteri.

2. Comisiei îi sunt comunicate de către statele membre textele principalelor dispoziţii de drept intern pe care le adoptă în domeniul reglementat de prezenta directivă.

1 Douăzeci şi patru de luni de la intrarea în vigoare a prezentei Directive.

2Cinci ani de la intrarea în vigoare a prezentei Directive.

Articolul 17

eliminat

Modificări

Începând cu data menţionată la articolul 16 alineatul (1), articolul 17 din Directiva 2004/109/CE se modifică după cum urmează:

1. Alineatul (2) se înlocuieşte cu următorul text:

“2. Emitentul de acţiuni se asigură că toate mijloacele şi toate informaţiile necesare pentru a permite deţinătorilor de acţiuni să îşi exercite drepturile să fie disponibile în statul membru de origine, iar integritatea datelor să fie păstrată. În special,

(i) emitentul desemnează o unitate financiară ca mandatar pe lângă care deţinătorii de acţiuni îşi pot exercita drepturile financiare; şi

(ii) publică avize sau difuzează circulare privind atribuirea şi plata dividendelor şi emiterea de noi acţiuni, inclusiv informaţii privind orice norme de atribuire, subscriere, anulare sau conversie.”

2. La alineatul (4), cuvintele „alineatul (2) litera (c)” se înlocuiesc cu „alineatul (2) punctul (i)”.

European Parliament and Council directive on the exercise of voting rights by shareholders of companies having their registered office in a Member State and whose shares are admitted to trading on a regulated market and amending Directive 2004/109/EC

Directive of the European Parliament and of the Council on the exercise of certain rights of shareholders in listed companies

(3) Holders of shares carrying voting rights should be able to exercise these rights given that they are reflected in the price that has to be paid at the acquisition of the shares. Furthermore, effective shareholder control is a pre-requisite to sound corporate governance and should, therefore, be facilitated and encouraged. It is therefore necessary to adopt measures to approximate the laws of the Member States to this end. Obstacles which deter shareholders from voting, such as making the exercise of voting rights subject to the blocking of shares by the shareholder, should be removed. However, this directive does not affect existing Community legislation on units issued by collective investment undertakings or on units acquired of disposed of in such undertakings.

(3) Holders of shares carrying voting rights should be able to exercise these rights given that they are reflected in the price that has to be paid at the acquisition of the shares. Furthermore, effective shareholder control is a pre-requisite to sound corporate governance and should, therefore, be facilitated and encouraged. It is therefore necessary to adopt measures to approximate the laws of the Member States to this end. Obstacles which deter shareholders from voting, such as making the exercise of voting rights subject to the blocking of shares during a certain period before the meeting, should be removed. However, this directive does not affect existing Community legislation on units issued by collective investment undertakings or on units acquired or disposed of in such undertakings.

(4) The currently existing community legislation is not sufficient to achieve this objective. Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC imposes on issuers to make available certain information and documents relevant to general meetings but such information and documents are to be made available in the issuer’s home Member State. Moreover Directive 2001/34/EC focuses on the information which issuers have to disclose to the market and accordingly does not deal with the shareholder voting process itself.

(4) The existing Community legislation is not sufficient to facilitate the exercise of shareholders' rights in relation to general meetings in a cross-border context. Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC imposes an obligation on issuers to make available certain information and documents relevant to general meetings but such information and documents are to be made available in the issuer’s home Member State. Moreover Directive 2001/34/EC focuses on the information that issuers have to disclose to the market and accordingly does not deal with the shareholder voting process itself.

Certain minimum standards should therefore be introduced with a view to protecting investors and promoting the smooth and effective exercise of shareholders' rights attaching to voting shares. As regards rights other than the right to vote, Member States are free to extend the application of these minimum standards to non-voting shares to the extent that this is not already the case.

Member States shall establish efficient, transparent, simple and affordable procedures to ensure that shareholders are able to exercise the rights conferred on them by this Directive and that companies comply with their obligations, .

(5) Significant proportions of shares in listed European companies are held by shareholders who do not reside in the Member State in which the companies of which they are shareholder have their registered office. Non-resident shareholders should be able to exercise their rights in relation to the general meeting as easily as shareholders who reside in the Member State in which the company has its registered office. This requires that existing obstacles which hinder the access of non-resident shareholders to the information relevant to the general meeting and the exercise of voting rights without physically attending the general meeting be removed. The removal of these obstacles should also benefit resident shareholders who do not or cannot attend the shareholders meeting.

(5) Significant proportions of shares in listed companies are held by shareholders who do not reside in the Member State in which the company has its registered office. Non-resident shareholders should be able to exercise their rights in relation to the general meeting as easily as shareholders who reside in the Member State in which the company has its registered office. This requires that existing obstacles which hinder the access of non-resident shareholders to the information relevant to the general meeting and the exercise of voting rights without physically attending the general meeting be removed. The removal of these obstacles should also benefit resident shareholders who do not or cannot attend the general meeting.

(6) Shareholders should be able to cast informed votes at, or in advance of, the shareholders meeting, no matter where they reside. All shareholders should have sufficient time to consider the documents intended to be submitted to the general meeting and determine how they will vote their shares. To this end, sufficient notice of the general meeting should be given and shareholders should be provided timely with the complete information intended to be submitted to the general meeting for approval. Shareholders should, in principle, also have the possibility to add items to the meeting agenda, to table resolutions and to ask questions related to items on the agenda. The possibilities which modern technologies offer to make information instantly available and accessible should be exploited, also with a view to making information on the results of the vote available after the general meeting.

(6) Shareholders should be able to cast informed votes at, or in advance of, the general meeting, no matter where they reside. All shareholders should have sufficient time to consider the documents intended to be submitted to the general meeting and determine how they will vote their shares. To this end, timely notice of the general meeting should be given and shareholders should be provided with the complete information to be submitted to the general meeting. Shareholders should, in principle, also have the possibility to add items to the meeting agenda and to table resolutions on items on that agenda, without prejudice to any rules concerning restricting the distribution of illegal and defamatory material and companies' ability to refuse to circulate such material. Modern technologies allow information to be instantly available before and after a general meeting as well as active participation in the general meeting without the need for physical presence. Such technologies should be exploited. This Directive presupposes that all listed companies already have an Internet site.

(6a) To increase shareholder participation in general meetings and enable shareholders to take informed decisions, they should be able to understand the convocation and the texts submitted to the general meeting. The Commission should therefore make recommendations concerning the languages used whilst at the same time avoiding burdens for smaller listed companies or companies that neither have a wide foreign shareholder base nor are actively seeking foreign investment. The Commission should consult the European Parliament on this issue and present its results in a recommendation within six months after the adoption of this Directive.

(6b) A company’s annual general meeting is the principal opportunity for the board of directors to account to shareholders for its performance in managing the company’s affairs. This should be reflected in the nature and conduct of the meeting, which should provide shareholders with an opportunity to raise issues relating to the company’s governance. There should be no such opportunity at other general meetings called by the company, which are usually required to obtain necessary shareholders’ consent for aspects of a specific transaction or financing exercise and at which a wider review of shareholders’ concerns is unlikely to be appropriate. A minority of shareholders should, however, be able to requisition a general meeting if such wider review of shareholders' concerns is thought to be merited between annual general meetings.

Justification

To clarify the important distinction between companies’ annual general meetings and other general meetings (extraordinary general meetings) and the difference in purpose of the two types of meeting.

(6c) In order to ensure genuine shareholder voting and prevent the misuse of voting rights linked to shares that are lent out by institutional investors for financial purposes, the Commission should assess the practices of securities lending and its effects on corporate governance, consult the European Parliament on this issue, and present a recommendation within six months after the adoption of this Directive, in the spirit of the International Corporate Governance Network Stock Lending Code of Best Practice of October 2005.

(6d) Every shareholder should, in principle, have the opportunity to ask questions related to items on the agenda of a general meeting and to have them answered.

(7) Shareholders should have a choice of simple means to cast their votes without attending the shareholders meeting. Voting without attending the general meeting in person should not be subject to constraints other than those necessary for the verification of identity and the security of communications. Existing limitations and administrative constraints which make distance voting or proxy voting cumbersome and costly should be removed.

(7) Companies should face no legal obstacles in offering to their shareholders any means of electronic participation in a general meeting. Voting without attending the general meeting in person, whether by correspondence or by electronic means, should not be subject to constraints other than those necessary for the verification of identity and the security of communications.

(7a) Good corporate governance requires a smooth and effective process of proxy voting. Existing limitations and constraints which make proxy voting cumbersome and costly should therefore be removed. But good corporate governance also requires adequate safeguards against a possible abuse of proxy voting. The proxy holder, should therefore be bound to observe any instructions he may have received from the shareholder and Member States should have the opportunity to introduce appropriate measures ensuring that the proxy holder does not pursue any interest other than that of the shareholder, irrespective of the reason that has given rise to the conflict of interests. Measures against possible abuse may, in particular, consist of regimes which Member States may adopt in order to regulate the activity of persons who actively engage in the collection of proxies or who have in fact collected more than a certain significant number of proxies, notably to ensure an adequate degree of reliability and transparency. Shareholders have an unfettered right under this Directive to appoint such persons as proxy holders to attend and vote at general meetings on their behalf. This Directive, however, does not affect any rules or sanctions that Member States may impose on such persons where votes have been cast by making fraudulent use of proxies collected. Moreover, this Directive does not impose any obligation on companies to verify that proxy holders cast votes in accordance with the voting instructions of the appointing shareholders.

(7b) Voting results should be established through methods that reflect as closely as possible all voting intentions expressed by shareholders, and they should be published following the general meeting, at least on the company’s Internet site.

Justification

Credibility requires that shareholders can expect their wishes and intentions as expressed in their voting are truly reflected in the results and these results should be transparently publicised.

1. This Directive establishes requirements in relation to the exercise of voting rights in general meetings of issuers that have their registered office in a Member State and whose shares are admitted to trading on a regulated market.

1. This Directive establishes requirements in relation to the exercise of certain shareholders' rights attaching to voting shares in relation to general meetings of companies which have their registered office in a Member State and whose shares are admitted to trading on a regulated market situated or operating within a Member State.

1a.      The Member State competent to regulate matters covered in this Directive shall be the Member State in which the company has its registered office, and references to the ‘applicable law’ are references to the law of that Member State.

2. Member States may exempt from this Directive issuers which are

2. Member States may exempt from the scope of this Directive the following types of companies:

(i) collective investment undertakings of the corporate type within the meaning of Article 1 (2) of Directive 85/611/EEC and

(i) collective investment undertakings within the meaning of Article 1(2) of Directive 85/611/EEC;

(ii) undertakings, the sole object of which is the collective investment of capital provided by the public, which operate on the principle of risk spreading and which do not seek to take legal or management control over any of the issuers of their underlying investments, provided that these collective investment undertakings are authorised and subject to the supervision of competent authorities and that they have a depositary exercising functions equivalent to those under Directive 85/611/EEC.

(ii) undertakings, the sole object of which is the collective investment of capital provided by the public, which operate on the principle of risk spreading and which do not seek to take legal or management control over any of the issuers of their underlying investments, provided that these collective investment undertakings are authorised and subject to the supervision of competent authorities and that they have a depositary exercising functions equivalent to those under Directive 85/611/EEC; and

(iii) cooperative societies.

(a) ‘issuer’ means a legal entity governed by public or private law, including a state, whose shares are admitted to trading on a regulated market;

deleted

Justification

The term ‘issuer’ is replaced by ‘company’ throughout the whole Directive in order to underline its company law character in contrast to the capital market law character of Directive 2004/109/EC (Transparency Directive). Moreover, states cannot be listed on the stock so that the reference to a state is to be deleted.

(c) ‘shareholder’ means any natural person or legal entity governed by private or public law that holds:

(c) 'shareholder' means a natural or legal person who is recognised as a shareholder under the applicable law;

(i) shares of the issuer in its own name and on its own account;

(ii) shares of the issuer in its own name, but on behalf of another natural person or legal entity;

Justification

The definition of the shareholder varies extremely between Member States. The proposed modification allows Member States to maintain their system of share ownership and does not impose any new requirement which could affect the national definition of shareholder.

(ca) 'resident shareholder' means a shareholder who is ordinarily resident, has its registered office or has another place of business in the Member State in which the company has its registered office;

Shareholders not fulfilling one of these criteria are deemed to be 'non-resident shareholders'.

Justification

Article 4 provides for equal treatment of resident and non-resident shareholders.

(cd) 'electronic means' are means of electronic equipment for the processing (including digital compression), storage and transmission of data, employing wires, radio, optical technologies, or any other electromagnetic means;

Justification

The definition of "electronic means" is taken from Directive 2004/109/EC (Transparency Directive).

(e) ‘proxy’ means the empowerment of a natural person or legal entity by a shareholder to exercise some or all rights of that shareholder in the general meeting in his or her name and on his or her behalf;

(e) ‘proxy’ means the empowerment of a natural or legal person by a shareholder to exercise some or all the rights of the shareholder in a general meeting in his name;

(f) “omnibus account” means a securities account in which securities may be held on behalf of different natural persons or legal entities.

deleted

(fa) ‘in writing’ means in any technical text format which ensures that the information contained in a message remains permanently fixed;

Justification

A definition of the term "in writing" is necessary because in some Member States "in writing" is equivalent to "signed by hand". For this Directive, this would mean that the appointment of a proxy and its notification to the company for instance, which is to be done in writing, could not be made through the use of a secured internet platform or by fax which is not the intention.

More stringent national requirements

More stringent or additional national requirements

Member States may make issuers which have their registered office on their territory subject to requirements more stringent than those laid down in this Directive.

Member States may provide more stringent or additional requirements than those laid down in this Directive so long as such requirements have the effect of facilitating rather than restricting the exercise of shareholders’ rights.

Justification

The proposed Directive is based on a minimum harmonisation approach and seeks to facilitate the exercise of shareholders' rights. Not only more stringent, but also additional national requirements may be introduced to serve this purpose. Any additional requirements must add to shareholders’ ability to exercise their rights rather than be more restrictive.

The issuer shall ensure equal treatment for all shareholders who are in the same position with regard to participation and voting in its general meetings.

Companies shall ensure equal treatment of resident and non-resident shareholders holding the same class of shares with regard to their participation in and voting at general meetings without prejudice to any sanction or other measure that may lawfully be applied in relation to the shareholder by the company.

1. Without prejudice to Article 9(4) of Directive 2004/25/EC of the European Parliament and of the Council, any notice convening a general meeting on a first call shall be sent out by the issuer not less than 30 calendar days before the meeting.

1. Without prejudice to Articles 9(4) and 11(4) of Directive 2004/25/EC of the European Parliament and of the Council1 , Member States shall ensure that the company issues the convocation of the general meeting not later than on the twenty-first day before the day of the meeting.

Member States need not apply the minimum period referred to in the first subparagraph for the second or subsequent convocation of a general meeting issued for want of a quorum required upon the first convocation, provided that the first subparagraph has been complied with for the first convocation, no new item is put on the agenda and at least 10 days elapse between the final convocation and the date of the general meeting.

1 OJ L 142, 30.4.2004, p. 12

1a.      Without prejudice to further requirements for notification or publication laid down by the competent Member State, defined in Article 1(1a), the company shall be required to issue the convocation referred to in paragraph 1 in a manner ensuring fast access to it on a non-discriminatory basis. The Member State shall require the company to use such media as may reasonably be relied upon for the effective dissemination of information to the public throughout the Community. The Member State may not impose an obligation to use only media whose operators are established on its territory.

If a company is able to identify the names and addresses of their shareholders from a current register of shareholders, it shall send convocations to each of its registered shareholders. Companies that give shareholders the opportunity to register their e-mail addresses may send convocations by electronic mail without any obligation to resend the document by post.

In either case, the company may not charge any specific cost for issuing the convocation in the prescribed manner.

2. The notice referred to in paragraph 1 shall at least contain the following:

2. The convocation referred to in paragraph 1 shall at least:

(a) a precise indication of the place, time and draft agenda of the meeting;

(a) indicate precisely when and where the general meeting is to take place, and the proposed agenda for the general meeting;

(b) a clear and precise description of the procedures that shareholders must comply with in order to be able to participate and to cast their vote in the general meeting, including the applicable record date;

(b) contain a clear and precise description of the procedures that shareholders must comply with in order to be able to participate and to cast their vote in the general meeting. This includes information about:

(i) the rights available to shareholders under Article 6, to the extent that these can be exercised after issuing the convocation, and under Article 9 and the time-limits within which such rights may be exercised; the convocation may be limited to stating only the time-limits within which these rights may be exercised, provided that it contains a reference to more detailed information about such rights being made available on the Internet site of the company;

(ii) the procedure for voting by proxy, notably the forms to be used and the means by which the company is prepared to accept electronic notifications of proxy appointments; and

(iii) where applicable, the procedures for casting votes by correspondence or electronic means.

(c) a clear and precise description of the available means by which shareholders can participate in the general meeting and cast their vote. Alternatively, it may indicate where such information may be obtained;

(c) where applicable, state the record date referred to in Article 7(2), and explain that only persons who are shareholders on that date shall have the rights to participate in and vote at the general meeting;

(d) an indication where and how the full, unabridged text of the resolutions and the documents intended to be submitted to the general meeting for approval may be obtained

(d) indicate where and how the full, unabridged text of the documents and draft resolutions referred to in points (c) and (ca) of paragraph 3 can be obtained;

(e) an indication of the address of the Internet site on which the information referred to in paragraph 3 will be posted.

(e) indicate the address of the Internet site on which the information referred to in paragraph 3 will be made available.

3. Within the deadline provided for in paragraph 1, issuers shall post on their Internet sites at least the following information:

3. Member States shall ensure that for a continuous period beginning no later than on the twenty-first day before the day of the general meeting and including the day of the meeting, the company shall make available to its shareholders on its Internet site at least the following information:

(a) the meeting notice referred to in paragraph 1;

(a) the convocation referred to in paragraph 1a;

(b) the total number of shares and voting rights;

(b) the total number of shares and voting rights at the date of the convocation (including separate totals for each class of shares where the company’s capital is divided into two or more classes of shares);

(c) the texts of the resolutions and the documents referred to in point (d) of paragraph 2;

(c) the documents to be submitted to the general meeting;

(ca) a draft resolution or, where no resolution is proposed to be adopted, a comment from a competent body within the company, designated by the applicable law, for each item on the proposed agenda of the general meeting; moreover, any draft resolution tabled by shareholders shall be added as soon as practicable after the company has received them;

(d) the forms to be used to vote by correspondence and by proxy.

(d) where applicable, the forms to be used to vote by proxy and to vote by correspondence, unless these forms are sent directly to each shareholder.

Alternatively to the forms provided for in point (d) it shall be indicated on the site where and how the forms can be obtained.

Where the forms referred to in point (d) cannot be made available on the Internet for technical reasons, the company shall indicate on its site how the forms can be obtained on paper. In this case, the company shall be required to send the forms by post and free of charge to every shareholder who so requests.

Where, by virtue of Articles 9(4) or 11(4) of Directive 2004/25/EC of the European Parliament and of the Council1 , the convocation of the general meeting is issued later than on the twenty-first day before the meeting, the period specified in this paragraph shall be shortened accordingly.

1 OJ L 142, 30.4.2004, p. 12

1. Shareholders, acting individually or collectively, shall have the right to add items on the agenda of general meetings and table draft resolutions at general meetings.

1. Member States shall ensure that shareholders, acting individually or collectively,

(a) have the right to put items on the agenda of the general meeting provided that every such item is accompanied by a justification or a draft resolution for adoption at the meeting; and

(b) have the right to table draft resolutions for items included or to be included on the agenda of a general meeting.

Member States may provide that the right in point (a) may be exercised only in relation to the annual general meeting, provided that shareholders, acting individually or collectively, have the right to call, or to require the company to call, a general meeting which is not an annual general meeting with an agenda including at least all the items requested by these shareholders.

Member States may provide that such rights are exercised in writing (submitted by post or electronic means).

2. Where the right to add items on the agenda of general meetings and table draft resolutions at general meetings is subject to the condition that the relevant shareholder or shareholders hold a minimum stake in the share capital of the issuer, such minimum stake shall not exceed 5% of the share capital of the issuer or a nominal value of EUR 10 million, whichever is the lower.

2. Where any of the rights specified in paragraph 1 is subject to the condition that the relevant shareholder or shareholders hold a minimum stake in the company, such minimum stake shall not exceed 2,5 % of the share capital.

3. The rights referred to in paragraph 1 shall be exercised sufficiently in advance of the date of the general meeting, to enable other shareholders to receive or have access to the revised agenda or the proposed resolutions ahead of the general meeting.

3. Each Member State shall set a single date, with reference to a specified number of days prior to the general meeting or the convocation, by which shareholders may exercise the right in paragraph 1(a). In the same manner, each Member State may set a date by which shareholders may exercise the right in paragraph 1(b).

3a. Member States shall ensure that where the exercise of the right in paragraph 1(a) entails a modification of the agenda for the general meeting already communicated to shareholders, the company shall publish a revised agenda in advance of the applicable record date or, if no record date applies, sufficiently in advance of the date of the general meeting so as to enable other shareholders to appoint a proxy or, where applicable, vote by correspondence.

2. The right to participate and vote in a general meeting of any issuer may be made subject to the condition that a natural person or legal entity qualifies as shareholder of the relevant issuer on a certain date prior to the relevant general meeting.

2. Member States shall provide that the rights of a shareholder to participate in a general meeting and to vote in respect of his shares shall be determined with respect to the shares held by that shareholder on a specified date prior to the general meeting (the ‘record date’).

The proof of the qualification as shareholder may be made subject only to such requirements as are necessary to ensure the identification of shareholders and to the extent that they are proportionate to ensure the identification.

Member States need not apply the preceding subparagraph to companies that are able to identify the names and addresses of their shareholders from a current register of shareholders on the day of the general meeting.

3. The date referred to in the first subparagraph of paragraph 2 shall be fixed by each Member State for the general meetings of issuers having their registered office in that Member State.

3. Each Member State shall ensure that a single record date applies to all companies; a Member State may, however, set one record date for companies that have issued bearer shares and another for companies that have issued registered shares, provided that a single record date applies to each company that has issued both types of shares.

However, this date shall not be earlier than 30 calendar days before the general meeting.

The record date shall not lie more than 10 days before the date of the general meeting to which it applies. In implementing this paragraph and Article 5(1), each Member State shall ensure that at least 10 days elapse between the latest permissible date for the convocation of the general meeting and the record date, and in calculating that number of days these two dates shall not be included.

Each Member State shall communicate the date so fixed to the Commission which shall publish these dates in the Official Journal of the European Union.

3a. The proof of the qualification as shareholder may be made subject only to such requirements as are necessary to ensure the identification of shareholders and only to the extent that such requirements are proportionate to achieving that objective.

Companies shall ensure equal treatment at general meetings between shareholders who are physically present and those participating by electronic means.

Member States shall not prohibit the participation of shareholders in the general meeting by electronic means.

Member States shall permit companies to offer to their shareholders any form of participation in the general meeting by electronic means, notably any or all of the following forms of participation:

(a) a real-time transmission of the general meeting;

(b) a real-time two-way communication allowing shareholders to address the general meeting from a remote location;

(c) a mechanism for casting votes, whether before or during the general meeting, without the need to appoint a proxy holder who is physically present at the meeting.

Member States shall provide that companies disclose the results of the votes cast neither to the company's management nor to the public before the vote at the general meeting has taken place. Member States may provide, however, that information about the level of participation in the vote may be disclosed in advance.

Requirements and constraints that act or would act as a barrier to the participation of shareholders in the general meeting by electronic means shall be prohibited, except in so far as they are necessary to ensure the identification of shareholders and the security of the electronic communication and are proportionate to ensure the identification.

The use of electronic means for the purpose of enabling shareholders to participate in the general meeting may be made subject only to such requirements and constraints as are necessary to ensure the identification of shareholders and the security of the electronic communication and only to the extent that they are proportionate to achieving those objectives. Companies shall decide whether and how they use such electronic means.

1. Shareholders shall have the right to ask questions orally at the general meeting and/or in written or electronic form ahead of the general meeting.

1. Every shareholder shall have the right to ask questions related to items on the agenda of the general meeting. Companies shall respond to such questions.

2. Issuers shall respond to the questions put to them by shareholders, subject to the measures which Member States may take, or allow issuers to take, to ensure the good order of general meetings and their preparation and the protection of confidentiality and business interests of issuers. A response shall be deemed to be given if the relevant information is available on the Internet site of the issuer in the form of “frequently asked questions”.

2. The right to ask questions and the obligation to answer are subject to the measures which Member States may take, or allow companies to take, to ensure the identification of shareholders, the good order of general meetings and their preparation and the protection of confidentiality and business interests of companies. Member States may allow companies to provide an overall answer to questions with the same content.

Member States may provide that a response is deemed to be given if the relevant information is available on the company's Internet site in question-and-answer form and if the company explains in its response where precisely that information can be found.

3. Responses to shareholder questions referred to in paragraph 1 shall be made available to all shareholders through the Internet site of the issuer.

deleted

Justification

Paragraph 3 would lead to the costly obligation to produce certified minutes of the entire general meeting. The publication of the answers could lead to time-consuming and costly disputes and legal proceedings about the correct rendition of what has been said and about the adequacy of the answers. The provision should therefore be deleted.

1. Every shareholder shall have the right to appoint any other natural person or legal entity as a proxy holder to attend and vote at a general meeting on his behalf. There shall be no restrictions as to the person who can be granted a proxy other than the requirement that the person possesses legal capacity.

1. Every shareholder shall have the right to appoint any other natural or legal person as a proxy holder to attend and vote at a general meeting in his name. The proxy holder shall enjoy the same rights to vote, speak and ask questions at the general meeting as those to which the shareholder thus represented would be entitled.

Apart from the requirement that the proxy holder possesses legal capacity, Member States shall abolish any rule of law that restricts, or allows companies to restrict, the eligibility of persons to be appointed as proxy holders without prejudice to the provisions of this Directive.

However, Member States may restrict the right of proxy holders to exercise the voting rights at their discretion in cases where:

(a) they have a business, family or other relationship with the issuer,

(b) they are a controlling shareholder of the issuer,

(c) they belong to the management of the issuer or of one of its controlling shareholders.

A shareholder may only appoint one person to act for him as a proxy holder in relation to any one general meeting.

1a. Member States may limit the appointment of a proxy holder to a single meeting, or to such meetings as may be held during a specified period.

Without prejudice to Article 13(5), Member States may limit the number of persons whom a shareholder may appoint as proxy holders in relation to a particular general meeting. Such limitation shall not, however, reduce the number to fewer than one proxy holder for shares held in the same securities account.

1b. Apart from the limitations expressly permitted in the preceding paragraph, Member States may not restrict or allow companies to restrict the exercise of shareholders' rights through proxy holders for any purpose other than to address potential conflicts of interest between the proxy holder and the shareholder, in whose interest the proxy holder is bound to act and in doing so, Member States may not impose any requirements other than the following:

(a) Member States may prescribe that the proxy holders discloses certain specified facts that may be relevant to the shareholders in assessing any risk that the proxy holder might pursue any interest other than that of the shareholder;.

(b) Member States may restrict or exclude the exercise of shareholders' rights through proxy holders without specific voting instructions for each resolution in respect of which the proxy holder is to vote on behalf of the shareholder;

(c) Member States may restrict or exclude the transfer of the proxy to another person, but this shall not prevent a proxy holder who is a legal person from exercising the powers conferred on it by any member of its administration or management body or by any of its employees. However, if such transfer has been approved by the appointing shareholder, Member States shall not prohibit a proxy holder from transferring a proxy to another natural or legal person.

A conflict of interests within the meaning of this paragraph can arise in particular where the proxy holder:

(i) is a controlling shareholder of the company, or is another entity controlled by such shareholder;

(ii) is a member of the administrative, management or supervisory body or an employee or an auditor of the company, or of a controlling shareholder or controlled entity referred to in point (i);

(iii) has a family relationship with a natural person referred to in point (ii).

1c. The proxy holder shall cast votes in accordance with the voting instructions issued by the appointing shareholder.

Member States shall require proxy holders to keep a record of such voting instructions for a defined minimum period and to confirm, on request, that the voting instructions have been carried out.

Without prejudice to any national rules allowing proxy holders or voting results to be challenged on the ground that the voting instructions of the appointing shareholder were not carried out, proxy holders' votes shall not be deemed invalid because they do not reflect the voting instructions of the appointing shareholders.

2. A person acting as a proxy holder may hold a proxy from more than one shareholder without limitation as to the number of shareholders so represented. Where a proxy holder holds a proxy from several shareholders, he may cast concurrent votes for and against any resolution and/or abstain from voting on such resolution in accordance with the voting instructions of the shareholders the proxy holder represents.

2. A person acting as a proxy holder may hold a proxy from more than one shareholder without limitation as to the number of shareholders so represented. Where a proxy holder holds proxies from several shareholders, the applicable law shall enable him to cast votes for a certain shareholder differently from votes cast for another shareholder.

3. A proxy holder shall enjoy the same rights to speak and ask questions in general meetings as those to which the shareholder it represents would be entitled, unless instructed otherwise by the shareholder.

3. Companies shall not be required to verify that proxy holders act in accordance with their voting instructions at general meetings.

Appointment of proxy holders

Formalities of proxy appointment and notification

1. Member States shall permit shareholders to appoint a proxy holder by electronic means. Moreover, Member States shall permit companies to accept the notification of the appointment by electronic means, and they shall ensure that every company offers to its shareholders at least one effective method of notification by electronic means.

1. The appointment of a proxy holder and the issue of voting instructions by the shareholder to the proxy holder shall not be subject to any formal requirements, other than such requirements as may be strictly necessary for the identification of the shareholder and of the proxy holder.

2. Member States shall ensure that proxy holders may be appointed, and that such appointment be notified to the company, only in writing. Beyond this basic formal requirement, the appointment of a proxy holder, the notification of the appointment to the company and the issuance of voting instructions, if any, to the proxy holder may be made subject only to such formal requirements as are necessary to ensure the identification of the shareholder and of the proxy holder, or to ensure the possibility to verify the content of voting instructions, respectively, and only to the extent that they are proportionate to achieving those objectives.

2. Proxy holders may be appointed by electronic means subject to such requirements, other than that of an electronic signature, as may be strictly necessary for the authentication of the appointer and the identification of the proxy holder.

3. Requirements imposed by Member States under paragraphs 1 and 2 shall be proportionate to their objectives.

3. The provisions of this Article shall apply mutatis mutandis for the revocation of the appointment of a proxy holder.

Voting in absentia

Voting by correspondence

1. Any shareholder of a listed company shall have the possibility to vote by post in advance of the general meeting, subject to such requirements as may be necessary to ensure the identification of shareholders and are proportionate to this objective.

1. Member States shall permit companies to offer their shareholders the possibility to vote by correspondence in advance of the general meeting. Companies shall decide whether and how they make use of voting by correspondence. Voting by correspondence may be made subject only to such requirements and constraints as are necessary to ensure the identification of shareholders and only to the extent that they are proportionate to achieving that objective.

Member States shall provide that companies disclose the results of the votes cast neither to the company's management board nor to the public before the vote at the general meeting has taken place. Member States may, however, provide information about the level of participation in the vote in advance.

Voting upon instructions

Removal of certain impediments to the effective exercise of voting rights

1. Member States shall ensure that any natural person or legal entity that under their laws is allowed to hold securities in the course of a business for the account of another natural person or legal entity may hold such securities in either individual or omnibus accounts.

1. This Article applies where a natural or legal person, who is recognised as a shareholder in the applicable law, acts in the course of a business on behalf of another natural or legal person (the ‘client’). Management companies, the regular business of which is the management of collective investment schemes, shall be deemed to be 'clients' for the purposes of this Article when holding shares on behalf of such collective investment schemes.

2. Where the shares are held in omnibus accounts, it shall not be permitted to require that they be temporarily registered in individual accounts, in order to be able to exercise voting rights attaching to these shares at a general meeting.

2. Where the applicable law imposes disclosure requirements as a prerequisite for the exercise of voting rights by a shareholder referred to in paragraph 1, such requirements shall not go beyond a list disclosing to the company the identity of each client and the number of shares voted on his behalf.

3. Persons referred to in paragraph 1 shall not be prevented from casting votes attaching to the shares which they hold for the account of another natural person or legal entity, provided they have been instructed to do so by such other person or entity The person or entity referred to in paragraph 1 shall keep a record of the instructions for a minimum period of one year.

3. Where the applicable law imposes formal requirements on the authorisation of a shareholder referred to in paragraph 1 to exercise voting rights, or on voting instructions, such formal requirements shall not go beyond what is necessary for the identification of the client, or for the possibility to verify the content of voting instructions, respectively, and shall be proportionate to achieving those objectives.

4. Where a person or entity referred to in paragraph 1 holds shares of the same issuer in an omnibus account, it shall be permitted to cast votes attaching to some of the shares differently from votes attaching to the other shares.

4. A shareholder referred to in paragraph 1 shall be permitted to cast votes attaching to some of the shares differently from votes attaching to the other shares.

5. By derogation from Article 10(1), third subparagraph, a person or entity referred to in paragraph 1 that holds securities in an omnibus account shall have the right to issue a proxy to every person on whose behalf it holds shares in such account or to any third party designated by that person.

5. Where the applicable law limits the number of persons whom a shareholder may appoint as proxy holders in accordance with Article 10(1a), such limitation must not prevent a shareholder referred to in paragraph 1 from granting a proxy to every one of his clients or to any third party designated by a client.

Article 13a

Exercise of voting rights through intermediaries

Justification

The new Article 13 a (new) concerns intermediaries and is to be seen as a supplement to Article 10. Shareholders normally hold their shares through a chain of intermediaries in different jurisdictions. To avoid that intermediaries, which are not legal shareholders, play own politics, it should be mentioned explicitly that they only exercise voting rights when they have been authorised to do so.

1. This Article applies to a natural or legal person permitted, as part of a regular activity and in the course of a business, to maintain securities accounts on behalf of other natural or legal persons and who is not a shareholder within the meaning of Article 13(1) (the 'intermediary').

Justification

Definition of the intermediary - scope of the Article.

2. Intermediaries shall exercise voting rights only on the basis of the general contractual framework between the intermediary and the client or upon specific instructions received from the client for a particular vote.

Justification

Shareholders normally hold their shares through a chain of intermediaries in different jurisdictions. To avoid that intermediaries, which are not legal shareholders, play own politics, it should be mentioned explicitly that they only exercise voting rights when they have been authorised to do so.

3. Intermediaries shall either cast votes attached to shares in accordance with their clients' voting instructions or transfer the voting instructions to another intermediary that holds the shares.

Justification

This paragraph provides for an obligation on the intermediary to either cast votes (if he is the last intermediary in the chain) or to pass on the voting instructions to the next intermediary in the chain.

4. Member States may require intermediaries to keep a record of their instructions for a defined minimum period and to confirm, on request, that the voting instructions have been carried out.

Justification

Member States might wish to address the situation when the intermediary has not voted according to the instructions. Therefore, Member States may require to keep a record of the instructions and to confirm on request that the vote has been carried out.

Article 14

deleted

Counting of votes

For the purpose of counting votes, all votes cast in relation to any resolution submitted to the approval of a general meeting shall be taken into account.

Justification

Article 15 deals with post-general meeting information and in particular with the publication of voting results. It clearly defines which figures have to be disclosed. Consequently, Article 14 on the counting of votes is not necessary.

Post-general meeting information

Voting results

1. Within a period of time which shall not exceed 15 calendar days following the general meeting, the issuer shall publish on its Internet site the results of the votes on each resolution tabled at the general meeting.

1. Votes are taken by poll. Member States may, however, provide or allow companies to provide that if no shareholder requests a full account of the voting, it is sufficient to establish the voting results only to the extent needed to ensure that the required majority is reached for each resolution.

When the vote is taken by poll, companies shall establish for each resolution at least the number of shares for which votes have been validly cast, the proportion of the share capital represented by those votes, the total number of votes validly cast as well as the number of votes in favour of and against each resolution and, where applicable, the number of abstentions, the number of proxy votes and the number of votes that have been cast in advance.

2. The results of the voting shall include for each resolution at least the number of shares in respect of which voting has taken place and the percentages of votes in favour of and against each resolution.

2. Within a period of time to be determined by national law, which shall not exceed 15 days after the general meeting, the company shall publish on its Internet site the complete voting results established in accordance with paragraph 1.

3. This Article is without prejudice to any legal rules that Member States have adopted or may adopt concerning the formalities required for a resolution to become valid or the possibility of a subsequent legal challenge to the voting result.

1. Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by [31 December 2007] at the latest. They shall forthwith communicate to the Commission the text of those provisions and a correlation table between those provisions and this Directive.

1. Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by [...]¹ at the latest. They shall forthwith communicate to the Commission the text of those provisions and a correlation table between those provisions and this Directive.

Member States shall communicate to the Commission the time-limits they set in accordance with Articles 5(1), 6(3) and 7(3), and any subsequent changes thereto and the Commission shall publish this information in the Official Journal of the European Union.

When Member States adopt those provisions, they shall contain a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. Member States shall determine how such reference is to be made.

When Member States adopt those provisions, they shall contain a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. Member States shall determine how such reference is to be made.

¹ Within 18 months after the date of entry into force of this Directive.

Justification

It is not yet predictable when the Directive will be adopted and entry into force. Hence, it is not appropriate to set a concrete date yet.

Article 16a

Effective redress for the violation of shareholders' rights

1. In order to guarantee the exercise of the rights conferred on shareholders by this Directive, Member States shall establish efficient, transparent, simple and affordable procedures to ensure that the management and supervisory boards fully comply with shareholders’ rights.

2. Member States shall establish appropriate sanctions to be applied in the event of a violation of shareholders' rights, which shall be effective, proportionate and deterrent in their effect. In order to avoid abusive actions by shareholders, Member States may establish thresholds for the access to the legal protection mechanism provided that such thresholds do not impair its deterrent effect.

3. Member States shall ensure that access to and the use of the legal protection mechanism are subject to the principle of non-discrimination.

Justification

A provision obliging Member States to put in place appropriate regulatory mechanisms to allow shareholders the enforcement of their rights is an essential element required by the rule of law. This is in line with the OECD Principles of Corporate Governance.

Article 17

deleted

Amendments

With effect from the date specified in Article 16(1), Article 17 of Directive 2004/109/EC is amended as follows

1. Paragraph 2 is replaced by the following:

“2. The issuer shall ensure that all the facilities and information necessary to enable holders of shares to exercise their rights are available in the home Member State and that the integrity of data is preserved. In particular,

(i) the issuer shall designate as its agent a financial institution through which

(ii) he shall publish notices or distribute circulars concerning the allocation and payment of dividends and the issue of new shares, including information on any arrangements for allotment, subscription, cancellation or conversion.”

2. In paragraph 4, the words “paragraph 2(c)” are replaced by “paragraph 2, point (i)”.