EU Shareholder Rights Directive –  BERR consults on amendments to the Companies Act 2006 to take effect in August 2009

BERR has published a consultation paper on the UK implementation of the EU Shareholder Rights Directive. The Directive aims to improve shareholder information and participation rights in relation to company meetings. Separately, BERR is also proposing some amendments to clarify the provisions in the Companies Act 2006 on voting by proxies and corporate representatives which have caused problems since their introduction in October 2007.

BERR proposes to implement the Directive by making regulations (The Companies (Shareholders' Rights) Regulations 2009) to amend the provisions on company meetings in the Companies Act 2006. Most of the changes will only affect listed companies (and not AIM companies or private companies). However some changes will affect all companies.

It is proposed that the new requirements will apply to meetings where notice is given on or after 3 August 2009.

click here for more details