It’s been a while already, since the Federal Ministry of justice published a draft bill. The subject of the implementation of the EU Directive on the promotion of long-term involvement of the shareholders. The cross-border exercise of shareholders ‘ rights should be improved. New about the right to a say in the remuneration of the Supervisory Board and management Board and transactions with the company’s related parties are to be governed.

aging can be Improved but also the identification and Information of shareholders and the transparency of institutional investors, asset managers and proxy advisors. The latter, especially, has now created concerns. It was the “death of the bearer share,” writes about the Board member of the analysts ‘ Association DVFA Peter Thilo Hasler on Wednesday in a Blog post. The anonymity of the shareholder belong to this draft thing of the past.

DSGVO undermined

the subject of a new Paragraph (67d), to be inserted into the companies act. In this, the information claim of the company against Intermediaries is to hold the shares. Thereafter, a listed company may request this detailed information to the personal data of shareholders: as such Name and address, but also E-Mail address and date of birth.

the Extent to which the knowledge even of the personal data is up to the birthday will be required in order to inform shareholders, remain the secret of the Ministry. Also unclear is the question of why the information obligation applies only to the owners of listed stock corporations to stay.

on top of that, the privacy will tilted-basic regulation (DSGVO), which is supposed to protect personal data prior to further processing by private companies. Since it is only a regulation, you would be gouged out of a law. “It is clear that the personality rights of a shareholder from the point of view of the Ministry of justice, to protect obviously less value than those of a holder of bonds or a Fund saver,” writes Hasler.

“personality rights of the small shareholder is not in particular need of protection

debt-to-not-worthy” is the EU-Directive. Because according to this, it would be possible to limit the duty to provide information to shareholders of more than 0.5 per cent of the share capital. But, no use. “Instead, the personality rights of the small shareholder by the German legislator as not especially worthy of protection”. Once more the German legislator had therefore positioned at the restrictive end of the possible range.