Brussels, 30/10/2014 (Agence Europe) - The European federation of financial services users, Better Finance, is not very keen on the legislative proposal revising the directives on shareholders' rights. It hopes that the European Parliament will bring improvements to the proposal.
It is unhappy that some shareholders will still not be able to exercise their voting rights across borders in the EU (that is, if their place of residence is in a country other than that of the company concerned) or will have to pay to be able to vote (see EUROPE 11057). Better Finance takes the view that cross-border voting should be cost-free and that all shareholders should receive their voting material sufficiently far in advance.
It is also very unhappy that the unit responsible for shareholders' rights will no longer be part of the European Commission's Internal Market Directorate but will be transferred to DG Justice in the Juncker Commission which takes office at the start of November. Better Finance believes that this transfer raises serious concerns about the reality of the proclaimed focus on long-term investment, on which there is a legislative package, part of which relates to the review of shareholders' rights. (MD)