Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-12-12-Speech-2-300"
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"en.20001212.14.2-300"2
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"Mr President, I ought to declare that I am a director of the CN Group. My friend Mr Lehne has given the position of the EPP Group. I am going to give the position of the British Conservative delegation and a number of other Members. However, it is not necessarily a full and accurate description of the EPP Group's position, which he has given.
When a public company is listed, the management and owners are telling the world that investors are free to buy and sell stock in it without the shadow of management or the state rigging the market against them. The European single market is a pan-European market place but within which the market in shares must be treated like other markets so that national boundaries, even if they delineate different jurisdictions, do not interfere with the essential equivalence of the rules across the market place.
Within the single market investors, be they private, corporate or pension funds, should be able to exercise the rights of ownership to the benefit of the companies in which they invest and for those investors in them.
In my country, we have real reservations about the common position, but in the spirit of good will have been prepared to accept it. Unfortunately, we believe that some of the proposed amendments do not improve it. On the contrary, some will fatally damage the project of a single pan-European take-over regime. To be effective, useful and in the public interest, such a directive must: first, avoid direct involvement of the courts, but rather have a regulator with wide powers of discretion under the rule of law; secondly, clarify and have workable rules on jurisdiction; thirdly, clarify definitions of equitable price and set proper thresholds; fourthly, ensure management cannot improperly frustrate shareholders taking their legitimate decisions about the future of the company in which they own a stake.
If we fail to get this directive right, it will tell the world that Europe will not face the realities of the global market. That will not mean that it will not have to do so in due course; rather it will merely mean that adjustment will be more prolonged and painful and the victims will be European jobs and European prosperity."@en1
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