Brussels launches an ultimatum to Spain to adopt all of the regulations on shareholders ‘ rights

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The European Commission has given you this Thursday an ultimatum to Spain and six other EU countries for to move completely to their national laws the directive on the rights of the shareholders or, otherwise, it shall submit the case to the Court of Justice of the European Union, as reported in a press release.

Along with Spain, the community authorities have released this notice to Bulgaria, Greece and Romania , for having translated only partially the provisions of the directive. But also to Cyprus, Portugal and Slovenia that they must still adopt all of the regulations.

The deadline for doing so and communicate this to Brussels, ended 10 June 2019 and the Executive community opened in record to the seven capitals a month later. This Wednesday, the Commission has taken the second step in the infringement procedure and has given three months to the member States concerned to remedy the breach. On the contrary, Brussels has warned that you could raise the case to the court of Luxembourg.

The above directive requires institutional investors and asset managers of companies to publish information about their investment strategies. it Also increases the transparency on the remuneration of directors and gives shareholders the right to opine on these payments.

the same, set conditions of the safeguard clause with respect to the transactions between “related parties” , mainly the company and its director or majority shareholder.