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EU Shareholder Rights Directive II moves closer to adoption

EU Shareholder Rights Directi e

The revised EU’s Shareholder Rights Directive was approved by the European Parliament (EP) earlier this week and will be formally adopted by the European Council, made up of the member states, shortly. Once adopted member states have two years to put the directive into effect in their own countries.… Read the rest

EU: Shareholder Rights Directive Mk II

Flag of European Union

The EU’s council of permanent representatives has endorsed an agreement between the Slovakia, which holds the presidency of the European Council,  and the European Parliament that agrees revisions to the second Shareholder Rights Directive.

EU institutions agree on need for more shareholder engagement

Lucia Žitňanská, Minister for Justice of Slovakia said: “The financial crisis revealed that in many cases shareholders supported excessive short-term risk-taking by managers.Read the rest

IORPII approval gives welcome boost to ESG

EU Shareholder Rights Directi e

The European Parliament has backed the introduction of the Institutions for Occupational Retirement Provision Directive (IORPII). One of the requirements of the new directive is for European occupational pensions to consider environmental, social and governance (ESG) issues.

Responsible investment group ShareAction has welcomed the EP’s support for the directive which was passed last week following an agreement in the summer with the other EU institutions – the European Union and the European Council – on a number of amendments to the Commission’s original 2014 draft.… Read the rest

Sustainable finance key to EU's recovery say investor groups

US Paris Climate Change Agreement

A coalition of sustainability and investment groups including Share Action and led by the think tank E3G have published a Sustainable Finance Plan for the European Union. The group argues that arguing that to more investment in the EU could be achieved if there is a focus on responding to Europe’s social and environmental problems.… Read the rest

EU needs to be more joined-up on corporate governance to make the Capital Markets Union work CFA says

EU capital market union is being hampered by a  silo-ed approach to corporate governance policy, according to a report, Governance Policy in the European Union: Through an Investor’s Lens, published by the CFA Institute.

The report, the result of engagement with more than 30 investment practitioners, governance experts, and other stakeholders from across Europe, suggests that a joined-up approach to governance policy, encompassing the Capital Markets Union initiative, is now necessary to achieve meaningful reforms.… Read the rest

Slovenian investors say ECJ ruling backs their claim

Kristjan Verbic of VZMD

Kristjan Verbic of VZMD

The Slovenian Shareholders Association (VZMD)  says that a European Court of Justice (ECJ) ruling backs their claim for a settlement from the Slovenian government after it restructured its banking sector, including nationalising six banks, during 2013 and 2014.… Read the rest

MEPs back new lead for Capital Markets Union

The European Parliament’s Committee on Economic and Monetary Affairs has backed the decision by European Commission President Jean-Claude Juncker to transfer the EU’s financial stability, financial services and capital markets union portfolio to the Commission’s Vice-President Valdis Dombrovskis. This follows the resignation of the British Commissioner Jonathan Hill after the UK’s referendum result which was in favour of leaving the EU.… Read the rest

Manifest reacts to Brexit and future of Shareholder Rights Directive

Uncertainty now surrounds the status of the Shareholder Rights Directive following the UK’s Brexit referendum result. The Directive is currently stalled at the trialogue stage involving negotiations between the Commission, Parliament and country representatives. The UK has been a vocal advocate on promoting better governance and sustainability reporting in recent years. … Read the rest

French issuer control of governance queried by AMF report

French regulator AMF has found that France is the only country where governance codes are drawn up by bodies representing issuers and where code amendment to its code are not subject to a prior public consultation on the website of the entity responsible for drafting the code.… Read the rest

UK's FRC consults on new audit enforcement regime

With the EU’s audit regulation and audit directive coming into force in June the UK’s Financial Reporting Council (FRC) is consulting on its new audit enforcement procedure for audits of Public Interest Entities (PIE) – which include listed companies, credit institutions and insurance undertakings.… Read the rest

UK consults on EU Non-Financial Reporting Directive

The UK government is consulting on how to incorporate the EU’s Non-Financial Reporting Directive into UK law and into the UK’s current company reporting framework. This amends an earlier directive and requires companies, with more than 500 employees, to disclose specific non-financial information as part of the company reporting. … Read the rest

Vote suspension rules of Transparency Directive amendments come into force

The amended Transparency Directive (TD), which entered into force on 26 November 2015 across the EU brings major new powers to the FCA. One of the key changes is that the FCA can apply to court for a voting rights suspension order against a “vote holder” of shares in a company which are admitted to trading on a regulated market where that vote holder has breached the significant shareholder notification regime.… Read the rest