Brussels, 16/09/2004 (Agence Europe) - The European Commission has launched a public consultation in the context of its action plan on modernisation of corporate law. This time, it questions parties concerned on the exercise of basic shareholders' rights in company general meetings and on solving problems in the cross-border exercise of such rights. The Commission discreetly takes up the question of golden shares and other systems that allow shares to be blocked or that give greater power to a public shareholder than to other shareholders.
Questions relate to: 1) shareholders' voting rights, when investors do not live in the state where the company is located; 2) the dissemination of information before the general meeting, mainly to cross-border shareholders; 3) the criteria for participation in general meetings and "the removal of overly cumbersome criteria, such as share blocking requirements"; 4) possible minimum standards for the right to ask questions and table resolutions; 5) possible measures to enable shareholders to vote by post, electronically, or by proxy; and 6) the dissemination of information following the general meeting and the possible need for confirmation that votes have been executed.
Parties have until 16 December 2004 to give their views. The questionnaire is available on http: //europa.eu.int/comm/internal_market//company/shareholders/index_en.htm)