Brussels, 28/06/2007 (Agence Europe) - On Wednesday 27 June, the European Commission sent two reasoned opinions to the Portuguese authorities, calling on them to abolish the special rights they hold as shareholders in Energias de Portugal (e.g. the Articles of Association of the company impose also a voting limit of 5% in the general assembly for all shareholders, except for the State) and GALP Energia (e.g. the right of veto on any resolution that could compromise supply of the country's energy products). The Commission says these special rights constitute restrictions to the free movement of capital.
For Poland, same issue and same level of infringement proceedings. Polish Finance Ministers have special rights in 15 companies of special importance for public order or public security. Among these is the right to veto certain key management decisions such as disposal of core assets, dissolution of the company, or the transfer of headquarters abroad. (mb)