The draft textÿamends the draft directive drawn up by the European Commission designed to rationalise the framework for protecting shareholdersÿand make common provision over the conduct of takeover bids.
The main changes proposed would exclude shares of central banks from the scope of the directive, ensure shareholders are offered cash as an alternative to illiquid securities. They also includeÿallowing very limited scope (four years)ÿfor national regulatory authorities to allow derogations concerning the bidding prices offered to minority shareholders.
Other changes includeÿa requirement on companies to report changes in structural matters and defensive mechanisms in annual reports, rather than as they happen, for annual endorsement by shareholders and a three-month period for the exercise of squeeze-out and sell-out rights.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements