EU Directive 2007/36/EC on Shareholders’ Rights, which member states were required to implement by the 3rd August 2009, has not yet been enacted in Luxembourg Law.
The Directive was published in the Official Journal of the European Union on the 11th July 2007, and is intended to improve corporate governance by ensuring that shareholders in EU companies with shares traded on a regulated market are able to exercise their voting rights.
The Directive requires, for example, that a company gives twenty-one days’ notice of an extraordinary general meeting, and includes requirements for participation and voting at general meetings.
The Directive has been implemented in some member states, and so will affect Luxembourg shareholders with shareholdings in companies based in those members states.
Added: 3rd August 2009
