Shareholder Rights Directive: Deutsches Aktieninstitut's position for the trialogues

The positiov of German listed companies for the trialogues on the Shareholder Rights Directive is summarized in two position papers of Deutsches Aktieninstitut.

In a joint position paper with the Bundesverband der Deutschen Industrie (BDI) Deutsches Aktieninstiutt focusses on the provisions on related party transactions, remuneration and the topic of proxy advisors. Both associations stress that for the German industry it is of major importance that in particular the improvements on related party transactions having been achieved by the Parliament and the Council compared to the initial proposal of the Commission need to be kept in place.

In the second position paper Deutsches Aktieninstitut emphasizes in particular its concerns about the Council’s proposal of a minimum threshold for the identification of shareholders. A threshold would jeopardize the objective of the directive to enhance long-term shareholder engagement and would cause a number of practical problems.