Database on German and European Economic Law

 Directive 2007/36/EC

I. Description

From empirical evidence and the responses to the public consultations, it appears that the main obstacles to cross-border voting for investors are the following, in order of importance: the requirement to block shares before a general meeting (even where it does not affect the trading of the shares during this period), difficult and late access to information that is relevant to the general meeting and the complexity of crossborder voting, in particular proxy voting. Share blocking and the complexity of proxy voting also have a considerable impact on the costs of cross-border voting.
Abolishing existing constraints which hamper the voting process requires amendments to the relevant national legislations. A directive seeking to remove the key obstacles to the cross-border voting process and focusing on selected rights of shareholders in the general meeting seems the most appropriate type of instrument, if effective simplification of the cross-border voting process is to be achieved and the disparities between Member States reduced. Other topics covered in the public consultations, which are indirectly related to the exercise of voting rights, such as stock lending, depositary receipts or the rules governing languages, could form part of a Commission recommendation.

II. General Information

Title

Directive 2007/36/EC of the European Parliament and of the Council of 11 July 2007 on the exercise of certain rights of shareholders in listed companies

Status
Existing
Directive
2007/36/EC
Source
O.J. EC No L (Legislation), Edition 184, Year 2007, p.17 - 24
Adoption
07/11/2007
Promulgation
07/14/2007
Character
Regular Act
Legal Basis
Art. 44 und 95 EC
Legislative Procedure
Codecision procedure
Background

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text :
Directive 2007/36/EC of the European Parliament and of the Council of 11 July 2007 on the exercise of certain rights of shareholders in listed companies

  2007/36/EC

Beschluss:
07/11/2007 (A)
Verkuendung:
07/14/2007 (P)
(A) Adoption | (P) Promulgation

2. Reformvorhaben

3. Legislative History

Datum
Typ / Titel
Textfassungen
Report of the European Parliament - 1st reading
ABL C E/2007/287/ 486
Opinion of the European Economic and Social Committee
ABL C/2006/318/ 42
01/05/2006
Proposal
COM(2005) 685 final

IV. Umsetzung in den Mitgliedstaaten

1. Implementation in Germany

07/30/2009 (A)

08/04/2009 (P)

(A) Adoption | (P) Promulgation

Legend

Legislative Act Status

Documents

This page is available in other languages.

Admin Navigation

Diese Seite durchsuchen

Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Reformvorhaben
3. Legislative History
IV. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany