Shareholder Rights Directive II

Edited by Hanne S. Birkmose, Dean, Faculty of Business and Social Sciences, University of Southern Denmark, Denmark and Konstantinos Sergakis, Professor, School of Law, University of Glasgow, UK

• Contents:PART I INTRODUCTION1. SRD II: Political ambitions and regulatory rationales 2Hanne S. Birkmose and Konstantinos Sergakis2. Articles 1 and 2: Scope and definitions 18Marina B. MadsenPART II IDENTIFICATION OF SHAREHOLDERS, TRANSMISSION OFINFORMATION AND FACILITATION OF EXERCISE OFSHAREHOLDER RIGHTS3. Article 3a: Identification of shareholders 42Matteo Gargantini4. Article 3b: Transmission of information 74Corrado Malberti5. Article 3c–3f: Facilitation of the exercise of shareholder rights 104Alessio BartolacelliPART III TRANSPARENCY OF INSTITUTIONAL INVESTORS, ASSETMANAGERS AND PROXY ADVISORS6. Article 3g: Engagement policy 143Hanne S. Birkmose7. Article 3h: Investment strategy of institutional investors and arrangements withasset managers 164Hanne S. Birkmose8. Article 3i: Transparency of asset managers 187Suren Gomtsian9. Article 3j: Transparency of proxy advisors 219Julia Anna Mayer and Ulrich Torggler10. Article 3k: Review 246Hanne S. BirkmosePART IV REMUNERATION OF DIRECTORS11. Article 9a and 9b: Say on pay 250Anne Lafarre and Christoph Van der ElstPART V TRANSPARENCY AND APPROVAL OF RELATED PARTYTRANSACTIONS12. Article 9c: Transparency and approval of related party transactions 286Marcello Bianchi and Mateja MilicˇPART VI PENALTIES13. Article 14a and 14b: Enforcement of SRD II provisions 320Alessio Bartolacelli, Marcello Bianchi, Hanne S. Birkmose, Matteo Gargantini,Suren Gomtsian, Anne Lafarre, Corrado Malberti, Julia Anna Mayer, Mateja Milic,Konstantinos Sergakis, Ulrich Torggler and Christoph Van der ElstIndex 351

'The Shareholder Rights Directive II has Europeanised important aspects of corporate governance, including reporting requirements of institutional investors, executive compensation, and related-party transactions. This book provides the most comprehensive and detailed analysis of the Directive to date. It will serve well anyone interested in the policies underlying the Directive, its interpretation, and its historical genesis.'