Study on Minority Shareholders Protection

Study on Minority Shareholders Protection (2018), Publications Office of the European Union; ISBN 978-92-79-85669-3

7358 Pages Posted: 20 Aug 2018

See all articles by Gintautas Bartkus

Gintautas Bartkus

Vilnius University - Law Faculty; European Corporate Governance Institute (ECGI)

Daina Belicka

Central and Southern Europe Centre of Excellence

Mindaugas Civilka

TGS Baltic

Pierre-Henri Conac

University of Luxembourg; European Corporate Governance Institute (ECGI)

Christoph Teichmann

University of Wuerzburg

Christoph Teichmann

University of Würzburg

Tineke Lambooy

Utrecht University School of Law

Brenda Hannigan

University of Southampton - School of Law

Date Written: May 29, 2018

Abstract

English Abstract: The Study on Minority Shareholders Protection was prepared by experts of law firm TGS Baltic under the Service Contract No JUST/2016/MARK/PR/CIVI/0036, dated January 2018. The purpose of the Study is to assist the European Commission in assessing the EU policy on minority shareholder protection. The Study includes comprehensive analysis and assessment of every Member State’s legal framework and it focuses on all principal categories of minority shareholder rights, namely economic, control, information, litigation, and equal treatment rights. The Study strives to enable policymakers to obtain a clearer picture of Member States’ hard laws, soft as well as case-law. National legal experts as well as national stakeholders in 28 Member States were involved in the preparation of the Study to identify both practical and theoretical problems. The Study shows that despite similarities in legal framework for shareholders rights across the Member States, there still exist numerous differences in both regulation and enforcement. In some areas the EU law has a moderate contribution towards the proper functioning of the internal market as well as a limited impact on legal certainty and foreseeability. The authors of the Study did not identify direct correlation between differences in minority shareholder protection regimes and difficulties for Cross-border investments.
French Abstract: L’étude sur la protection des actionnaires minoritaires a été préparée par les experts du cabinet juridique TGS Baltic dans le cadre du contrat de services n° JUST/2016/MARK/PR/CIVI/0036, daté de janvier 2018.    L’objectif de l’étude est d’aider la Commission européenne à évaluer la politique de l’UE en matière de protection des actionnaires minoritaires. L’étude inclut une analyse complète et une évaluation du cadre juridique de chaque État membre, et elle porte sur toutes les principales catégories de droits des actionnaires minoritaires, notamment les droits économiques, de contrôle, d’information, de recours et d’égalité de traitement. L’étude cherche à permettre aux décideurs politiques d’obtenir une image plus claire du droit contraignants et non contraignants et de la jurisprudence des États membres. Des experts juridiques nationaux ainsi que les parties prenantes nationales des 28 États membres ont participé à la préparation de l’étude pour identifier les problèmes tant pratiques que théoriques.    L’étude montre que malgré des similitudes du cadre juridique des droits des actionnaires dans les États membres, il existe encore de nombreuses différences dans la réglementation et l’application. Dans certains domaines, la législation européenne contribue modérément au bon fonctionnement du marché intérieur et a un impact limité sur la sécurité et la prévisibilité juridiques.    Les auteurs de l’étude n’ont pas identifié de corrélation directe entre les différences dans les régimes de protection des actionnaires minoritaires et les difficultés pour les investissements transfrontaliers.   

Keywords: business policy, case-law, company law, company structure, EU law - national law, EU Member State, merger, merger control, protection of shareholders, shareholder, shareholding, takeover bid, European Commission, company law, European Company law, shareholders, shareholders rights

JEL Classification: K22, K33, F53, L20, L50

Suggested Citation

Bartkus, Gintautas and Belicka, Daina and Civilka, Mindaugas and Conac, Pierre-Henri and Teichmann, Christoph and Teichmann, Christoph and Lambooy, Tineke and Hannigan, Brenda, Study on Minority Shareholders Protection (May 29, 2018). Study on Minority Shareholders Protection (2018), Publications Office of the European Union; ISBN 978-92-79-85669-3 . Available at SSRN: https://ssrn.com/abstract=3225130 or http://dx.doi.org/10.2139/ssrn.3225130

Gintautas Bartkus (Contact Author)

Vilnius University - Law Faculty ( email )

Saulėtekio ave. 9, building I
Vilnius, LT-10222
Lithuania

HOME PAGE: http://www.tf.vu.lt

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

HOME PAGE: http://www.ecgi.org

Daina Belicka

Central and Southern Europe Centre of Excellence ( email )

Elizabetes 22-30
Riga, LA
Lithuania

Mindaugas Civilka

TGS Baltic ( email )

Konstitucijos ave. 21a
Vilnius
Lithuania

Pierre-Henri Conac

University of Luxembourg ( email )

162a, avenue de la Faïencerie
Luxembourg-Limpertsberg, L-1511
Luxembourg
00352 46 66 44 68 20 (Phone)
00352 46 66 44 68 11 (Fax)

HOME PAGE: http://wwwen.uni.lu/

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

HOME PAGE: http://http:/www.ecgi.org

Christoph Teichmann

University of Wuerzburg ( email )

Law Faculty
Domerschulstraße 16
Würzburg, DE Bavaria D-97070
Germany

Christoph Teichmann

University of Würzburg ( email )

Sanderring 2
Würzburg, DE 97070
Germany

Tineke Lambooy

Utrecht University School of Law ( email )

3508 TC Utrecht
Utrecht
Netherlands

Brenda Hannigan

University of Southampton - School of Law ( email )

Southampton SO17 1BJ
United Kingdom

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