Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-22-Speech-3-256"

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"en.20090422.49.3-256"2
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"The Third and Sixth Directives (78/855/EEC and 82/891/EEC) concerning mergers and divisions of public limited liability companies currently contain a list of detailed requirements concerning reporting which must be met by companies which are merging or dividing. This involves significant costs. The means provided for in the directives for sending information to shareholders were laid down 30 years ago, and do not take into account the technological possibilities of today. This generates unnecessary costs which have to be borne by the companies. In this context we should welcome the motion of the Commission on reducing the administrative burden as regards reporting and documentation requirements in the case of mergers and divisions. Special support should be given to efforts aimed at adapting the provisions of both directives to the widest possible extent in the areas of eliminating duplication of requirements for experts’ reports, disclosure of draft terms of mergers, and adaptation of the provisions of the Third and Sixth Directives to those of the Second Directive with respect to creditors’ protection. It would also seem justified to introduce an obligation for companies to publish full information about themselves on their Internet sites and to include a link to these sites on a central electronic platform, which is shortly to be given final confirmation by the Commission. This requirement will undoubtedly contribute to increased transparency, especially with the introduction of an additional obligation to keep the published data up to date. The solutions proposed above are intended to make the everyday functioning of European companies easier. However, a real reduction of administrative burdens will depend on the way in which these solutions are implemented by Member States, companies, and the shareholders themselves."@en1

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