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Speaking before the EP’s JURI Committee Commissioner Charlie McCreevy sees no need for action at EU level on the issue of the “one share - one vote” principle. He also announced that he will not proceed on the 14th Company Law directive.
"Existing EU legislation the takeover bids directive, the 2006 amendments of the accounting directives, the transparency directive and the recently adopted shareholders' rights directive already contain ample provisions on transparency”, he said. "My conclusion is that there is no need for action at EU level on this issue...I do not intend to propose any action."
Referring to the Commission study published in May he argued that there is no economic evidence of a causal link between deviations from the so-called "proportionality principle" and the economic performance of companies.
However, the Commission will come forward with a proposal for a European Private Company which should be ready in the first half of 2008. Currently, the public consultation will continue until the end of October. Its results will then be analysed and incorporated into the impact assessment, which will take a couple of months.
Communication on a simplified business environment for companies in the areas of company law, accounting and auditing he outlined that an impact assessments will be prepared, possibly by the end of the year. Subject to the results of these documents and the outcome of the public consultation, legislative proposals are to be presented in the first quarter of 2008
“To summarise”, he said, “on the issue of one-share, one vote, there will be no action. Yes for a European Private Company, No to a 14th Company Law Directive, and Yes to ongoing work on the question of a European Foundation Statute."