Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-12-15-Speech-1-087"
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"en.20031215.7.1-087"2
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".
Mr President, firstly I would like to refer to certain amendments. As I said earlier this evening I cannot accept Amendments Nos 5 or 21 because they introduce the optional arrangements which the Commission rejects.
I also have some difficulties with Amendment No 4 and Amendment No 20, last paragraph, concerning special rights, which mix in an undesirable way special rights provided for in the articles of association of certain companies which could be exempted from the application of Article 11, and special rights provided for in law which, as I said earlier, are not within the scope of this directive in any case.
Much has been said tonight on this subject but only two questions have been addressed to the Commission. The first question is about the inclusion of consultation and codetermination rights for employees and I would like to say in answer to that question that this is not a social directive. It would therefore not be appropriate to introduce through this directive new consultation and codetermination rights.
Following Parliament's request, we have included in our new proposal a new Article 13 which makes it quite clear that all existing information, consultation and, where appropriate, codetermination rights which are part of Community law, also apply here.
It is also stated very clearly that Member States are free to introduce rights that go beyond Community law as long as they respect the rules concerning insider trading. Furthermore, following Parliament's request, we have now stated in Article 8 of the directive that all information concerning the offer should be made available to the representatives of the employees or to the employees of both the offeree company and the offeror.
The second question was addressed to the Commission by Lord Inglewood. He asked whether any more measures may be proposed by the Commission. Of course the Commission will review on a regular basis what is happening in this area, in particular how the market will react to this proposal if it is accepted, but the moment for reviewing the situation and revising the proposal is five years after its adoption. If one takes into account the normal period for adoption that date will then be in 2011.
That is also a reason why the Commission is profoundly unhappy with the proposal as it now seems to be approved by Parliament, because the world is going to change a great deal between now and 2011 and, as I said earlier, this will only be reviewed in 2011. That is a long way off.
The Commission agrees with Lord Inglewood in his assessment of this proposal."@en1
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