McCreevy steps back from big push for ‘one-share, one-vote’ / Why ‘one-share, one vote’ is a European pipe dream

The European Commission has published an external study on the question of proportionality between ownership and control in EU listed companies. The study finds that, on the basis of the academic research available, there is no conclusive evidence of a causal link between deviations from the proportionality principle and either the economic performance of listed companies or their governance. However, there is some evidence that investors perceive these mechanisms negatively and consider more transparency would be helpful in making investment decisions. The study was carried out by Institutional Shareholder Services Europe (ISS Europe), the European Corporate Governance Institute (ECGI) and the law firm Shearman & Sterling LLP.

European Commission: Press Release: IP/07/751: Commission publishes external study on proportionality between capital and control in EU listed companies http://europa.eu/rapid/pressReleasesAction.do?reference=IP/07/751&format=HTML&aged=0&language=EN&guiLanguage=en

European Commission: DG Internal Market and Services: Company Law: Modernisation of Company Law and Enhancement of Corporate Governance: Shareholders' rights http://ec.europa.eu/internal_market/company/shareholders/indexb_en.htm

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