Brussels, 02/05/2005 (Agence Europe) - The European Commission has announced the setting up of an experts' group. Most members will be from the private sectors but there will also be academics and trade unionists. Their task will be to prepare new measures for corporate governance and rights. The twenty members of this group were selected following a call for a proposal from the Commission in January. Over a three year period they will advise the Commission on technical aspects of its work to complement the more strategic work of the European Forum for Corporate Governance (EUROPE 8874).
Concluded in December 2004, a public consultation enabled the different parties to give their points of view on an appropriate system on shareholder rights. The consultation document focused on the exercise of these rights in a cross-border context. Published in April 2005, the Commission document on results from this consultation indicated that according to a majority of 146 responses received, “although the Commission is planning to propose a directive, such a text should only focus on high level principles and on imposing minimum standards, rather than on harmonising detailed aspects of market legislation”.
The May 2003 action plan devised several initiatives for the modernisation of company law and strengthening the confidence of the financial markets (EUROPE 8467). A directive could reinforce shareholder's rights when posing questions, presenting resolutions or voting electronically without attending the general assembly.