Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-03-Speech-2-047"
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"en.20010703.2.2-047"2
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"Mr President, I would like to thank Mr Provan and Mr Lehne. I will take as my starting point the position which was adopted at the second reading of the European Parliament on 13 December 2000 with 399 votes for the motion. An amendment adopted at this time radically changed Article 9 of the common position, enabling an administrative board to take defensive measures without consulting the shareholders once the bid has been made public. The defensive measures could have been subject to prior authorisation of the supervisory authority by the administrative board or in response to a request from shareholders holding at least 1% of the voting rights.
Then we had conciliation. Conciliation was a lengthy operation on an extremely difficult subject. In view of the Council's downright refusal to take this amendment into account, amongst other things, we presented a substantial series of compromise solutions which ranged from the possibility of shareholders holding 20% of the voting rights requesting that a meeting be convened to discuss defensive measures to the introduction of a clause linking the entry into force of the directive on takeover bids to the entry into force of a directive creating a sort of level playing field, that is common rules of play under European company law. Nothing was achieved and the Council continued to refuse any form of compromise we proposed.
I recall, amongst other things – and I am reminding myself more than anyone – that a proposal for a directive whose objective is to create a level playing field does exist: the fifth directive on company law, concerning the obligations of shareholders and third parties in respect of the structure of public limited companies and the powers and obligations of their social organs. This proposal was adopted by the Commission in 1972 and then lay untouched in the Council's drawers for over 10 years pending the common position, after which the European Parliament expressed its opinion on it on several occasions. The five years necessary to transpose ...."@en1
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