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Eight EU Members Fail on Shareholder Rights

Global Glimpses | June 25, 2010

The European Commission has started legal action against eight of its 27 member states – including France and Spain – for failing to implement a directive aimed at protecting shareholder rights.

The countries have all missed an August 2009 deadline to transfer the European Shareholders’ Rights Directive into their national laws.

The directive says shareholders in listed companies must have timely access to information ahead of general meetings and simple ways of voting at a distance. It also gives them rights to ask questions, put items on the general meeting agenda and table resolutions.

The countries’ failure to implement the directive means that “shareholders in those member states do not enjoy the same rights as elsewhere...

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