Comunicación de la Comisión sobre la futura labor en Derecho de sociedades: su Plan de Acción

Es un lugar común reiterar la importancia que en el Derecho de sociedades tiene el impulso europeo. En un  porcentaje abrumador, nuestro régimen societario está inspirado por las disposiciones de la Unión Europea. Esto hace que cualquier anuncio sobre la orientación de la labor futura de las instituciones europeas con respecto al Derecho de sociedades tenga que ser analizada con especial atención, como el preámbulo de futuros cambios normativos en nuestra legislación societaria, sometida periódicamente a las correspondientes actualizaciones.

Tal y como era previsible a la vista de los procesos de consulta que se han desarrollado a lo largo del presente año, la Comisión Europea presento hace unos días un Plan de Acción que afecta al Derecho de sociedades y al gobierno corporativo europeo para los próximos años. Es un documentode obligada lectura para quienes estudian el Derecho de  sociedades y me limitaré a transcribir los anuncios concretos de actuaciones que en el documento realiza la Comisión Europea:

  • “In order to encourage companies to enhance board diversity and give greater consideration to non-financial risks, the Commission will make in 2013 a proposal to strengthen disclosure requirements with regard to their board  diversity policy and risk management through amendment of the accounting Directive.

  • The Commission will take in 2013 an initiative, possibly in the form of a Recommendation, to improve the quality of corporate governance reports, and in particular the quality of explanations to be provided by companies that depart from the corporate governance codes.

  • The Commission will propose, in 2013, an initiative to improve the visibility of shareholdings in Europe as part of its legislative work programme in the field of securities law.

  • The Commission will in 2013 come with an initiative, possibly through modification of the shareholders rights Directive, on the disclosure of voting and engagement policies as well as voting records by institutional investors.

  • The Commission will propose in 2013 an initiative, possibly through a modification of the shareholders’ rights Directive, to improve transparency on remuneration policies and individual remuneration of directors, as well as to grant shareholders the right to vote on remuneration policy and the remuneration report.

  • The Commission will propose in 2013 an initiative aimed at improving shareholders’ control over related party transactions, possibly through an amendment to the shareholders’ rights Directive.

  • The Commission will consider an initiative in 2013, possibly in the context of the revision of the shareholders’ rights Directive, with a view to improving the transparency and conflict of interest frameworks applicable to proxy advisors.

  • During 2013, the Commission will work closely with the competent national authorities and ESMA with a view to developing guidance to increase legal certainty on the relationship between investor cooperation on corporate governance issues and the rules on acting in concert.

  • The Commission will identify and investigate potential obstacles to trans-national employee share ownership schemes, and will subsequently take appropriate action to encourage employee share ownership throughout Europe.

  • Throughout 2013, the Commission will conduct public and targeted consultations to update its impact assessment on a possible initiative on cross-border transfer of registered office. Subsequently, the Commission will consider the appropriateness of a legislative initiative.

  • In 2013 the Commission aims to report on the outcome of the study and subsequently it will consider the appropriateness of amendments to the Directive on cross-border mergers.

  • In 2013, following the results of the study  on the application  of the Directive on cross-border mergers, the Commission will  consider an initiative to provide a framework for cross-border divisions, possibly though an amendment of the crossborder mergers Directive, as the latter is well known to stakeholders and it provides a tested framework for cross-border restructurings.

  • The Commission will continue to work on the follow-up to the SPE proposal with a view to enhancing cross-border opportunities for SMEs.

  • The Commission will, in 2013, launch an information campaign to increase awareness of the European Company (SE) Statute through a comprehensive website bringing together practical advice and relevant documents on the Statute and will examine how a similar action can be undertaken for the promotion of the European Cooperative (SCE) Statute.

  • The Commission will, in 2014, come with an initiative to improve both the information available on groups and recognition of the concept of ‘group interest’.

  • The Commission plans to adopt, in 2013, a proposal codifying and merging major company law Directives.

Como se ve, no va a faltar materia que estudiar y analizar.

Madrid, 20 de diciembre de 2012