Requirements for the protection of shareholders
General information and focus
1. General
The new Art. 367 et seq. PGR serve the implementation of DIRECTIVE (EU) 2017/828 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 17 May 2017 amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement.
The addressees of the Directive are, on the one hand, public companies listed in the EEA and, on the other hand, intermediaries and proxy advisors providing certain services with respect to shares of listed companies, as well as institutional investors and asset managers investing in shares traded on a regulated market.
According to its title, the directive aims to encourage long-term shareholder engagement. This goal is to be achieved in particular by increasing transparency and the influence of shareholders on processes within the company. The directive covers four major topics:
- The identification of shareholders ("know your shareholder");
- the transparency of institutional investors, asset managers and proxy advisors;
- the voting requirement on the remuneration policy and the remuneration report ("say on pay")as well as
- the transparency of related party transactions ("Related party transactions")
The implementation of the directive was carried out by means of partial revision of the company law in the “Law on Persons and Companies” and an adjustment in the Banking Act. In addition, an adjustment was made to the Ordinance on the Law on Persons and Companies.
2. Focal points of the new provisions
The new provisions essentially contain measures in the following four subject areas:
- Right of the company to identify its shareholders and to enable direct communication between the company and its shareholders;
- Increased transparency obligations for institutional investors, asset managers and proxy advisors to enable informed investment decisions;
- Right of shareholders to vote in the general meeting on the remuneration of members of management;
- Transparency of and approval of related party transactions by the general meeting of shareholders;
To ensure that the new regulations or measures are actually applied, violations of these regulations are to be punished with sanctions.
Laws
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Richtlinie (EU) 2017/828 des Europäischen Parlaments und des Rates vom 17. Mai 2017 zur Änderung der Richtlinie 2007/36/EG im Hinblick auf die Förderung der langfristigen Mitwirkung der Aktionäre
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Durchführungsverordnung (EU) 2018/1212 der Kommission vom 3. September 2018 zur Festlegung von Mindestanforderungen zur Umsetzung der Bestimmungen der Richtlinie 2007/36/EG des Europäischen Parlaments und des Rates in Bezug auf die Identifizierung der Aktionäre, die Informationsübermittlung und die Erleichterung der Ausübung der Aktionärsrechte
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Gesetz vom 7. Mai 2021 über die Abänderung des Personen- und Gesellschaftsrechts
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Gesetz vom 7. Mai 2021 über die Abänderung des Bankengesetzes
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Verordnung vom 30. November 2021 über die Abänderung der Verordnung zum Personen- und Gesellschaftsrecht
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