Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-02-15-Speech-4-052"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2007-02-15"^^xsd:date2
dcterms:Is Part Of	lp_eu:Shareholders' voting rights (debate)2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20070215.5.4-052"2
lpv:hasSubsequent	lp_eu:2007-02-15-Speech-4-0532
lpv:speaker	lp:Wolf Klinz2
lpv:spokenAs	member; Delegation to the EU-Mexico Joint Parliamentary Committee (2004-09-15--2009-07-13)3,3 substitute; IMCO (2007-02-05--2009-07-13)3,3 member; ECON (2007-01-31--2009-07-13)3,3 substitute; Delegation for relations with Switzerland, Iceland and Norway and to the European Economic Area (EEA) Joint Parliamentary Committee (2004-09-15--2009-07-13)3,3 unknown; Freie Demokratische Partei - Die Liberalen (2004-07-20--2009-07-13)3,3 member; Committee of Inquiry into the crisis of the Equitable Life Assurance Society (2006-01-19--2007-06-19)3,3 substitute; Delegation for relations with the Palestinian Legislative Council (2004-09-15--2007-03-13)3,3 member; ALDE (2004-07-20--2009-07-13)3,3
lpv:translated text	". Madam President, ladies and gentlemen, cross-border share ownership is on the increase, but attendance at general meetings across borders remains unsatisfactory. That is what this Directive sets out to change and improve. The objective is welcomed and shared by all parties, and so I had reckoned with relatively simple, short negotiations as rapporteur for the Committee on Economic and Monetary Affairs – but reality taught me otherwise. Thanks to the peculiarities of the bodies of company and civil law of the 27 Member States, and also cultural differences – some of them major – the negotiations between the Commission, Parliament and the Council were protracted and difficult and ultimately produced only minimum harmonisation. Nevertheless, there has been some very tangible progress, as Mr Lehne has already said. Share blocking is to be abolished, cross-border proxy voting liberalised and electronic means permitted. These measures will undoubtedly make it easier in future for those with cross-border share ownership to cast their vote at general meetings. Agreement has yet to be reached on a solution to some key problems, however, which the Commissioner has also mentioned. I particularly regret the removal from the Directive of the definition of the shareholder and the role of intermediaries in cross-border depository chains. The issues of stock lending, the language to be used and the special position of investment funds have also been left out. These are fields where minimum harmonisation is particularly necessary if we are to really establish a genuine European share culture. Nevertheless, I am pleased that the Commission intends to address and take up this subject specifically in the form of a recommendation. The provisions agreed give the Member States broad scope for action, and so we shall probably have to live with different rules – some of them substantially so – in the individual Member States for many years to come. I hope that the approach of minimum harmonisation that has been chosen does not risk diluting the whole project. Only experience over the next few years will show whether attendance at general meetings actually increases perceptibly and thus the main objective of the Directive can be achieved. That would certainly be of great benefit in terms of corporate governance."@en1

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