Friday, September 23, 2005
France - Greater Shareholders' Role at Meetings Sought
Earlier this month, France's financial markets regulator, l'Autorite des marches financieres (AMF), issued a report on obstacles to shareholder participation at corporate annual meetings. The report, prepared by an AMF task force, includes 24 recommendations to enhance the ability of shareholders to exercise voting rights and obtain more timely access to information before meetings.
The recommendations also seek to ensure that meetings run smoothly, to streamline the voting process and to establish shareholder rights and responsibilities. The report failed to recommend the elimination of double-voting rights, but AMF did call for better disclosure to shareholders about their impact on voting power at the meeting.
The report, issued Sept. 6, also notes that shareholder participation at annual meetings is improving and last year reached an average of 47 percent among the companies listed on France's CAC 40 index. This participation compares with 57 percent for the FTSE 250 companies in the U.K. and 47 percent for Germany's DAX index. The comparable figures for the U.S. and Japan are 80 and 83 percent, respectively, the report says.
The recommendations also seek to ensure that meetings run smoothly, to streamline the voting process and to establish shareholder rights and responsibilities. The report failed to recommend the elimination of double-voting rights, but AMF did call for better disclosure to shareholders about their impact on voting power at the meeting.
The report, issued Sept. 6, also notes that shareholder participation at annual meetings is improving and last year reached an average of 47 percent among the companies listed on France's CAC 40 index. This participation compares with 57 percent for the FTSE 250 companies in the U.K. and 47 percent for Germany's DAX index. The comparable figures for the U.S. and Japan are 80 and 83 percent, respectively, the report says.
