The Commission started a third consultation on shareholders rights to assess the need and appropriateness of further potential measures, to complement the future directive on the exercise of shareholder voting rights.
The Commission had already announced in the explanatory memorandum to the proposal for a directive on shareholders rights that it might adopt a separate non-binding instrument on shareholders' rights supplementing this directive.
The reason for this announcement was that it had emerged from the discussions in preparation of the proposal for a directive that a number of questions may be left to a recommendation, which could be introduced independently from a directive. This conclusion was confirmed by the negotiations on the draft directive. The Services of the Internal Market and Services Directorate General have therefore decided to launch a separate public consultation on these questions. Following the consultation, an impact assessment will be carried out in order to verify the cost-benefit relation of any possible recommendation on the issues in question.
Deadline for comments is 27 July 2007
Consultation paper
© European Commission
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