Brussels, 23/01/2003 (Agence Europe) - Professors Barbara Dauner-Lieb and Marco Lamandini presented a report to the EP's Legal Affairs Committee on Wednesday on the draft directive on public takeover bids that they drafted at the request of Parliament's rapporteur on the issue, Klaus-Heiner Lehne (see EUROPE of 15 January, p.12). In particular, contrary to what is provided for in the European Commission's new proposal, the two experts call for the directive to comprise no exemption for Golden shares, by which essentially companies controlled by families in France and Sweden defend themselves against takeovers. To take account of the Commission's observations, by which the abolition of this type of share would have effects on ownership, the experts suggest a compensation equal to 10-20% of the value of the share for each supplementary vote that would be abolished. Mr. Lehne comments: "the aim of European legislation should not be to protect the privileges of certain families who have, for a long time now, largely sold their property and only hold controlling rights. It's the shareholder … that must have the ultimate say at the time of a takeover bid, and not the management, be it a family of an outside manager.