The Shareholder Rights Directive (Die Aktionaersrechte-Richtlinie)

Abstract

This paper in German language discusses the European Directive on ShareholdersRights and its impact on the structure and concept of shareholder meetings. It holds that the Directive is a compromise that brings together 25 different laws. From this point of view, the mandatory deregulation of proxy voting systems is the most significant aspect that the Directive brings about. For Germany, the Directive does not require significant amendments to the German corporate law due to the previous reforms since 2001 that made the German Aktiengesetz fit for the use of new technologies.

Note: Downloadable document is in German.

Keywords: shareholder, shareholder rights, shareholder meeting, general meeting, voting rights, voting, corporate governance, Aktiengesellschaft, Aktionär, Aktionärsrechte, Hauptversammlung

JEL Classification: G10, G20, G12, G32, G24, G38, E44, G18