New Rules to Increase Shareholders Rights
29th October 2009
The shareholders’ Rights (Directive 2007/36/EC) Regulations 2009 introduces new rights for investors and aims to provide for more timely access to company information.
The new rules promote the use of simplified electronic or internet based means for shareholders to vote at general meetings of publicly listed companies. The Tánaiste said they would assist in increasing shareholders’ “understanding, activism and engagement” with the companies they own.
Shareholders representing at least 5% of the voting shares will be able to call a general meeting. Previously a holding of 10% was required. Shareholders with at least 3% voting rights will have the right to put items on the agenda and table draft resolutions. There will be a minimum notice of 21 days for most general meetings, which can be reduced to 14 days for extraordinary general meetings.
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