Aktionärsrechte-Richtlinie: Vorschlag des European Corporate Governance Forums

Das offiziöse European Corporate Governance Forum schlägt vor, die Aktionärsrechte-RL (s. dazu auch hier) um eine Regelung spezifischer Probleme der grenzüberschreitenden Stimmrechtsausübung zu erweitern. Festgelegt werden soll, dass Intermediäre (Banken etc) verpflichtet sind, den Investor bei der Stimmrechtsausübung aktiv zu unterstützen. Das Forum beschreibt die gegenwärtige Situation, die durch die Einschaltung diverser Intermediäre zwischen Gesellschaft und Investor gekennzeichnet ist (zum Dreieck Emittent - Intermediär - Anleger s. auch hier):

"In the current environment in which investors hold their shares through securities accounts with securities intermediaries, this requires, in the view of the Forum, that securities intermediaries are required to facilitate the exercise of voting rights by their clients. In cross-border situations, in which a chain of securities intermediaries exists between the company and the shareholder, all securities intermediaries in the chain will need to contribute to the exercise of voting rights by a shareholder, by passing on voting instructions or voting on the instructions of their clients, or by facilitating the granting of a proxy to vote to their clients.

Daraus folgt der von Jaap Winter verfasste Regelungsvorschlag zu Art. 13, den sich das Forum zu eigen macht:

"Professional intermediaries shall be required to facilitate the exercise of voting rights attached to the securities held by such professional intermediary by or on behalf of the natural person or legal entity for the account of whom the securities are held by either of the two methods set out in paragraph 4. and 5."

Der Intermediär ist danach gehalten

"(1) exercise the voting rights attached to these securities in accordance with the instructions received from such natural person or legal entity,

(2) instruct another professional intermediary with whom securitie…