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British Institute of International and Comparative Law Workshop on Shareholder Rights,6 July 2005 Introduction by Professor Jonathan Rickford, Director, Company Law Centre. Agenda: 1. Introduction, background and recent history 2. Main Components: Company/Shareholder: ID, comms., actions

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British Institute of International and Comparative LawWorkshop on Shareholder Rights,6 July 2005Introduction by Professor Jonathan Rickford,Director, Company Law Centre

Agenda:

1. Introduction, background and recent history

2. Main Components:

  • Company/Shareholder: ID, comms., actions
  • Stock-lending
  • Depositary receipts
  • GM information
  • GM participation - share blocking; “questions”; requisitions; and voting
  • Voting and intermediaries
  • GM Feedback

3. Summary/Conclusion

BIICL Workshop Shareholder Rights jbkr 6-05

2 background history etc
2. Background, History etc
  • UK: CLR - general orientation
  • EU:Winter - Takeovers (silent dog?)
  • Commission Action Plan
  • Commission Consultations
  • Expectations
  • Preliminary: Scope = Listed Cos

BIICL Workshop Shareholder Rights jbkr 6-05

3 company shareholder id comms actions
3. Company/“Shareholder”: ID, Comms, Actions
  • UK - CLR, section 360 and DTI WP
  • EU - Winter Group and EC (1) “ultimate investor”
  • Current EC position
  • Merits?

BIICL Workshop Shareholder Rights jbkr 6-05

4 stock lending
4. Stock Lending
  • Legal Character in UK
  • Merits
  • Risks? Locusts?
  • Commission proposals

BIICL Workshop Shareholder Rights jbkr 6-05

5 depositary receipts
5. Depositary receipts
  • Legal Nature and risks
  • Commission Proposal
  • Merits?

BIICL Workshop Shareholder Rights jbkr 6-05

6 general meeting information
6. General Meeting: Information
  • UK CLR Proposals: ?AGM; mode, timing, content
  • UK DTI WP
  • EC proposals notice timing;notice content;supplementary information;dissemination, language etc;web use

BIICL Workshop Shareholder Rights jbkr 6-05

7 gm participation
7. GM Participation
  • Share-blocking, record dates, electronic presenceUK law/practice; EC proposals
  • “Questions”
  • Requisitions - DTI, EC, proposals;
  • Remote voting and proxies

BIICL Workshop Shareholder Rights jbkr 6-05

8 intermediaries and voting
8. Intermediaries and Voting
  • EC proposals: defining Intermediaries registering “nominees” “powers of attorney” “voting on instructions”

BIICL Workshop Shareholder Rights jbkr 6-05

9 gm feedback
9. GM Feedback
  • UK proposals CLR, DTI publicity audit
  • EC proposals website publicity

BIICL Workshop Shareholder Rights jbkr 6-05

10 summary conclusion
10. Summary/Conclusion

Key Issues for UK players?

  • Ultimate Investor
  • Stock-lending
  • Questions
  • Intermediaries

BIICL Workshop Shareholder Rights jbkr 6-05