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[No. 25] UK Banks and Dutch Royal Imtech NV: Two Reports about Governance Issues
Yesterday and today two important reports were published: Firstly, the UK Parliamentary Commission on Banking Standards, published its final report titled 'Changing banking for good'. The report makes recommendations for better standards across the banking industry. The report is very... Continue reading
Posted 13 hours ago at www.TheDefiningTension.com
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[No. 24] Guidelines on remuneration policies and practices (MiFID)
This week, ESMA published its final report about Guidelines on remuneration policies and practices (MiFID). See here. Continue reading
Posted 6 days ago at www.TheDefiningTension.com
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[No. 23] Comparison of Liability Regimes in Member States in relation to the Prospectus Directive
Recently, ESMA published a report about a comparison of liability regimes in EU Member States in relation to the Prospectus Directive. The report includes many interesting facts. I mention one here which is about class actions: "ESMA understands a class... Continue reading
Posted 7 days ago at www.TheDefiningTension.com
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[No. 22] EU Consultation on Single-member Limited Liability Companies
The EU has published a consultation document on Single-member Limited Liability Companies. The goal is to get more in-depth information on whether the harmonisation of national laws with regard to single-member limited liability companies would provide companies, and in particular... Continue reading
Posted Jun 8, 2013 at www.TheDefiningTension.com
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[No. 21] EU: Revision of the Transparency Directive
Last week, The EU Parliament and the Council reached agreement on the revision of the Transparancy Directive. The Commission proposed to revise this Directive since some of the transparency requirements might create considerable administrative burdens. This is especially the case... Continue reading
Posted Jun 3, 2013 at www.TheDefiningTension.com
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[No. 20] EU: Governance and Transparency of Occupational Pension Funds
Michel Barnier, the internal market commissioner, also published a memo mentioning that a proposal for a directive to improve the governance and transparency of occupational pension funds would be published later this year. Continue reading
Posted May 28, 2013 at www.TheDefiningTension.com
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[No. 19] EU: Sustainability and Reporting: Europe at the Forefront.
Last week, Michel Barnier, the internal market commissioner, gave an interesting speech titled: Sustainability and reporting: Europe at the forefront. In his speech he mentioned that he believes the new reporting requirements will set a benchmark for other jurisdictions in... Continue reading
Posted May 28, 2013 at www.TheDefiningTension.com
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[No. 18] The European Corporate Governance Codes Network
The European Corporate Governance Codes Network, an informal network that exists primarily to share privately views, experiences and good practice on issues relating to the corporate governance of listed companies, has launched a new website. The Network shares also factual... Continue reading
Posted May 14, 2013 at www.TheDefiningTension.com
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[No. 17] A new Dutch New King!
Today Crown Prince Willem-Alexander became King Willem-Alexander. The former queen became Princess Beatrix and her son is the first Dutch king since Willem III died in 1890. Having said that, I saw today some very interesting presentations from a recent... Continue reading
Posted Apr 30, 2013 at www.TheDefiningTension.com
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[No. 16] EU: Proposals to improve Non-Financial Reporting by Companies
This week, the European Commission published proposals to increase the disclosure provided by certain large companies in respect of environmental, social and employee matters. This draft also contains rules regarding respect for human rights, anti-corruption and bribery and disclosure rules... Continue reading
Posted Apr 18, 2013 at www.TheDefiningTension.com
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[No. 15] UK: Report on the Failure of HBOS
Yesterday, the UK Parliamentary Commission on Banking Standards published a "shocking" report and annexes titled ‘An accident waiting to happen’: The failure of HBOS. The report is extremely critical, as witnessed by the title of the concluding chapter, which is... Continue reading
Posted Apr 6, 2013 at www.TheDefiningTension.com
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[No. 14] Important Supreme Court Decision about who may ask for an Inquiry
Recently, the Supreme Court issued an important decision about who may ask for an inquiry as meant in title 2.8 of the Dutch Civil Code. Early 2012 the Enterprise Chamber had issued its decision in this case, which is now... Continue reading
Posted Apr 6, 2013 at www.TheDefiningTension.com
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[No. 13] EU: Green Paper Long-Term Financing of the European Economy
Recently, the European Commission published a Green Paper about long-term financing of the European economy. The purpose of this Green Paper is to initiate a broad debate about how to foster the supply of long-term financing and how to improve... Continue reading
Posted Mar 31, 2013 at www.TheDefiningTension.com
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[No. 12] UK Proposal for Employee Shareholder
The Growth and Infrastructure Bill includes an innovative proposal. Clause 27 of the Bill provides for the introduction of 'employee shareholders'. An employee shareholder means a person who receives shares in exchange for giving up certain employment rights. Having said... Continue reading
Posted Mar 22, 2013 at www.TheDefiningTension.com
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[No. 11] De Facto Inquiry Proceeding regarding a Foundation
On March 6th, 2013, the district court in Rotterdam delivered an innovative decision by allowing a de facto inquiry proceeding regarding a foundation. Continue reading
Posted Mar 17, 2013 at www.TheDefiningTension.com
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[No. 10] Responses to EU consultation on on a possible framework for the recovery and resolution of financial institutions other than banks
The Commission has published an interesting summary of responses as well as individual replies to the consultation on a possible framework for the recovery and resolution of financial institutions other than banks. Continue reading
Posted Mar 17, 2013 at www.TheDefiningTension.com
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[No. 9] More Details about SNS Nationalisation
Just to let you know, today the Department of Finance published 45 documents about the nationalisation of SNS. Continue reading
Posted Feb 28, 2013 at www.TheDefiningTension.com
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[No. 8] Shareblocking and Voting by Foreign Shareholders in Germany
There seems to be some problems with voting in Germany by foreign shareholders. See here for the whole story. Continue reading
Posted Feb 25, 2013 at www.TheDefiningTension.com
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[No. 7] ESMA Final Report on Proxy Advisors
The European Securities and Markets Authority published its final report on the proxy advisory industry. After analysis of the inputs received, ESMA concludes that it has not been provided with clear evidence of market failure in relation to how proxy... Continue reading
Posted Feb 25, 2013 at www.TheDefiningTension.com
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[No. 6] Council of State approves SNS Nationalisation
The Council of State approved today the SNS Nationalisation. The council, which is the Netherlands' highest administrative court, said the Dutch Finance minister had acted within the law in nationalising SNS Reaal. However, the council decided that investors can try... Continue reading
Posted Feb 25, 2013 at www.TheDefiningTension.com
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[No. 5] EFTA Court: No Breach by Iceland under Deposit Guarantee Directive
Yesterday, the EFTA Court delivered its opinion in EFTA Surveillance Authority v Iceland. The court concluded: "229 Accordingly, the Court holds that, by failing to ensure payment of the minimum amount of compensation to Icesave depositors in the Netherlands and... Continue reading
Posted Jan 29, 2013 at www.TheDefiningTension.com
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[No. 4] Brussels aims to reward Investor Loyalty
Recently, in the Financial Times, it was reported that Michel Barnier, the EU single market commissioner, is preparing to field views on potentially revising the “one-share one-vote” principle applied by the bulk of EU companies. According to the FT "The... Continue reading
Posted Jan 29, 2013 at www.TheDefiningTension.com
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[No. 2] EU Commission: Consultation on Cross-Border Transfer of Registered Office of Companies
Here is the first 2013 development: The European Commission published a questionnaire seeking views on the costs faced by companies transferring their registered office. Due to the complexity of the issues involved the Commission has not taken any decision yet... Continue reading
Posted Jan 15, 2013 at www.TheDefiningTension.com
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[No. 1] Best Wishes
Now that 2012 is behind us, let's move into 2013 with new perspectives about corporate law and related matters. On behalf of my fellow bloggers at TDT: thanks for visiting us in 2012, see you again this year! Continue reading
Posted Jan 15, 2013 at www.TheDefiningTension.com
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[No. 60] The Dutch Corporate Governance Act
The Corporate Governance Act was approved by the Dutch Senate in November 2012. It will probably take effect from 1 July 2013. Amongst others the act will lead to the following changes: - the threshold for the right of shareholders... Continue reading
Posted Dec 28, 2012 at www.TheDefiningTension.com
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