The shareholder's rights directive is an important piece of the Capital Markets Union. BusinessEurope was supportive of the objectives behind the revised directive (now in force). Shareholder identification and increased transparency are important contributions to ensure shareholders are more engaged in the achievement of companies' long-term goals.
Good implementation of this directive is essential to achieve its objectives. It is important to avoid that the new rules lead to blurring the roles and competences between the board and the shareholders. It should not be forgotten that corporate governance codes complete these rules and continue to play a role in achieving effective corporate governance.