Regulatory AlertsShareholders' General Meetings of Listed Companies
The French Autorité des marchés financiers (AMF) issued Recommendation DOC-2012-05 to regulate the conduct and transparency of shareholders' general meetings for listed companies. The document was updated to incorporate proposals from working groups focused on the European Shareholders' Rights Directive II and digital voting, aiming to enhance the effectiveness and transparency of shareholder votes. Key modifications include new recommendations regarding administrator attendance, potential conflicts of interest, and the disclosure of regulated agreements to shareholders.
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I - Issuers and Financial Information I. 7 - Corporate Governance and General Meetings I. 7.1. General Meetings Doctrine Governance
Shareholders' General Meetings of Listed Companies
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Applicable as of April 29, 2021 Recommendation DOC-2012-05
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As a result of reflections conducted in the context of transposing the European directive known as "Shareholders' Rights" II, a working group created in October 2017 by the Autorité des marchés financiers produced in July 2018 a report titled "Shareholders' Rights and Voting at General Meetings," which contains 7 new proposals aimed at improving the transparency and effectiveness of shareholder voting. The AMF decided to adopt all of these proposals and integrate them into Recommendation DOC-2012-05 on the shareholders' general meetings of listed companies.
Download the doctrine Reference texts
Commercial Code
Monetary and Financial Code
Article 322-49-1 of the AMF General Regulation
Article 570-2 of the AMF General Regulation
Summary of responses to the public consultation on the working group's report on shareholders' general meetings of listed companies
Report on shareholders' general meetings of listed companies
Assessment of the implementation of the proposals from the AMF's 2012 report on shareholders' general meetings
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As a result of reflections conducted in the context of transposing the European directive known as "Shareholders' Rights" II, a working group created in October 2017 by the Autorité des marchés financiers produced in July 2018 a report titled "Shareholders' Rights and Voting at General Meetings," which contains 7 new proposals aimed at improving the transparency and effectiveness of shareholder voting. The AMF decided to adopt all of these proposals and integrate them into Recommendation DOC-2012-05 on the shareholders' general meetings of listed companies.
Download the doctrine Reference texts
Commercial Code
Monetary and Financial Code
Article 322-49-1 of the AMF General Regulation
Article 570-2 of the AMF General Regulation
Summary of responses to the public consultation on the working group's report on shareholders' general meetings of listed companies
Report on shareholders' general meetings of listed companies
Assessment of the implementation of the proposals from the AMF's 2012 report on shareholders' general meetings
Following the publication in March 2017 of the report by the working group of the AMF's "Epargnants" (Savers) advisory commission titled "For transparent and effective voting at general meetings in the digital age," which contains 31 proposals aimed at improving the transparency and effectiveness of shareholder voting, the AMF decided to adopt several proposals from this report and integrate them, in the form of recommendations, into its doctrine. These proposals were thus added, with minor adjustments, to Recommendation DOC-2012-05 concerning the shareholders' general meetings of listed companies.
Download the doctrine Reference texts
Commercial Code
Monetary and Financial Code
Article 322-49-1 of the AMF General Regulation
Article 570-2 of the AMF General Regulation
Summary of responses to the public consultation on the working group's report on shareholders' general meetings of listed companies
Report on shareholders' general meetings of listed companies
Assessment of the implementation of the proposals from the AMF's 2012 report on shareholders' general meetings
Following its assessment, the Autorité des marchés financiers modifies its Recommendation 2012-05 on general meetings by issuing, in particular, new recommendations on the attendance of administrators at general meetings, the issue of potential conflicts of interest, and the information provided to shareholders regarding regulated agreements.
Download the doctrine Reference texts
Commercial Code
Monetary and Financial Code
Article 322-59 of the General Regulation
Article 570-2 of the General Regulation
Summary of responses to the public consultation on the working group's report on shareholders' general meetings of listed companies
Report on shareholders' general meetings of listed companies
Assessment of the implementation of the proposals from the AMF's 2012 report on shareholders' general meetings
Vote with full knowledge of the facts at the general meetings of listed companies
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