natgillin/translations-raw huggingface dataset:
a majority of the members of the governing body that directs the relevant activities are appointed by a vote of the holder of the majority of the voting rights.
večina članov upravnega organa, ki usmerja pomembne dejavnosti, je imenovana na podlagi glasovanja imetnika večine glasovalnih pravic.
Majority of the voting rights but no power
Večina glasovalnih pravic, vendar brez vpliva
B36 For an investor that holds more than half of the voting rights of an investee, to have power over an investee, the investor’s voting rights must be substantive, in accordance with paragraphs B22–B25, and must provide the investor with the current ability to direct the relevant activities, which often will be through determining operating and financing policies.
B36 Da ima naložbenik, ki ima več kot polovico glasovalnih pravic podjetja, v katero naloži, vpliv na to podjetje, morajo biti glasovalne pravice naložbenika materialne v skladu z B22.–B25. členom in morajo naložbeniku omogočati trenutno usmerjanje pomembnih dejavnosti, kar pogosto poteka prek določanja politik poslovanja in financiranja.
If another entity has existing rights that provide that entity with the right to direct the relevant activities and that entity is not an agent of the investor, the investor does not have power over the investee.
Če ima drugo podjetje obstoječe pravice, na podlagi katerih lahko usmerja pomembne dejavnosti, in to podjetje ni zastopnik naložbenika, naložbenik nima vpliva na podjetje, v katero naloži.
B37 An investor does not have power over an investee, even though the investor holds the majority of the voting rights in the investee, when those voting rights are not substantive.
B37 Naložbenik nima vpliva na podjetje, v katero naloži, tudi če ima v tem podjetju večino glasovalnih pravic, kadar te glasovalne pravice niso materialne.
For example, an investor that has more than half of the voting rights in an investee cannot have power if the relevant activities are subject to direction by a government, court, administrator, receiver, liquidator or regulator.
Naložbenik, ki ima več kot polovico glasovalnih pravic v podjetju, v katero naloži, na primer ne more imeti vpliva, če pomembne dejavnosti usmerja vlada, sodišče, skrbnik, stečajni upravitelj, likvidator ali regulator.
Power without a majority of the voting rights
Vpliv brez večine glasovalnih pravic
B38 An investor can have power even if it holds less than a majority of the voting rights of an investee.
B38 Naložbenik ima lahko vpliv, tudi če nima večine glasovalnih pravic v podjetju, v katero naloži.
An investor can have power with less than a majority of the voting rights of an investee, for example, through:
Naložbenik ima lahko vpliv, tudi če nima večine glasovalnih pravic v podjetju, v katero naloži, na primer na podlagi:
a contractual arrangement between the investor and other vote holders (see paragraph B39);
pogodbenega sporazuma med naložbenikom in drugimi imetniki glasovalnih pravic (glej B39. člen);
rights arising from other contractual arrangements (see paragraph B40);
pravic, ki izhajajo iz pogodbenega sporazuma (glej B40. člen);
the investor’s voting rights (see paragraphs B41–B45);
glasovalnih pravic naložbenika (glej B41.–B45. člen);
potential voting rights (see paragraphs B47–B50); or
potencialnih glasovalnih pravic (glej B47.–B50. člen) ali
a combination of (a)–(d).
kombinacije možnosti iz točk (a)–(d).
Contractual arrangement with other vote holders
Pogodbeni sporazum z drugimi imetniki glasovalnih pravic
B39 A contractual arrangement between an investor and other vote holders can give the investor the right to exercise voting rights sufficient to give the investor power, even if the investor does not have voting rights sufficient to give it power without the contractual arrangement.
B39 Naložbenik ima lahko na podlagi pogodbenega sporazuma med naložbenikom in drugimi imetniki glasovalnih pravic pravico do uveljavljanja dovolj glasovalnih pravic, da ima vpliv, tudi če nima dovolj glasovalnih pravic, da bi imel vpliv brez pogodbenega sporazuma.
However, a contractual arrangement might ensure that the investor can direct enough other vote holders on how to vote to enable the investor to make decisions about the relevant activities.
Vendar lahko naložbenik na podlagi pogodbenega sporazuma dovolj drugih imetnikov glasovalnih pravic usmerja, kako naj glasujejo, da lahko sprejme odločitve o pomembnih dejavnostih.
Rights from other contractual arrangements
Pravice iz drugih pogodbenih sporazumov
B40 Other decision-making rights, in combination with voting rights, can give an investor the current ability to direct the relevant activities.
B40 Naložbenik lahko na podlagi drugih pravic odločanja v kombinaciji z glasovalnimi pravicami trenutno usmerja pomembne dejavnosti.
For example, the rights specified in a contractual arrangement in combination with voting rights may be sufficient to give an investor the current ability to direct the manufacturing processes of an investee or to direct other operating or financing activities of an investee that significantly affect the investee’s returns.
Pravice, določene v pogodbenem sporazumu, v kombinaciji z glasovalnimi pravicami so lahko na primer zadostne, da naložbeniku omogočajo trenutno usmerjanje proizvodnih postopkov podjetja, v katero naloži, ali usmerjanje drugih dejavnosti poslovanja in financiranja podjetja, v katero naloži, ki bistveno vplivajo na donos tega podjetja.
However, in the absence of any other rights, economic dependence of an investee on the investor (such as relations of a supplier with its main customer) does not lead to the investor having power over the investee.
Vendar v primeru, da ni nobenih drugih pravic, ekonomska odvisnost podjetja, v katero se naloži, od naložbenika (kot so povezave dobavitelja z njegovimi glavnimi strankami) ne pomeni, da ima naložbenik vpliv na to podjetje.
The investor’s voting rights
Glasovalne pravice naložbenika
B41 An investor with less than a majority of the voting rights has rights that are sufficient to give it power when the investor has the practical ability to direct the relevant activities unilaterally.
B41 Naložbenik ima dovolj pravic, da ima vpliv, tudi če nima večine glasovalnih pravic, kadar ima dejansko možnost, da enostransko usmerja pomembne dejavnosti.
B42 When assessing whether an investor’s voting rights are sufficient to give it power, an investor considers all facts and circumstances, including:
B42 Naložbenik mora pri ocenjevanju, ali ima dovolj glasovalnih pravic, da ima vpliv, upoštevati vse dejavnike in okoliščine, vključno z:
the size of the investor’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders, noting that:
obsegom glasovalnih pravic naložbenika glede na obseg in razpršitev deležev drugih imetnikov glasovalnih pravic, pri čemer je treba upoštevati, da:
the more voting rights an investor holds, the more likely the investor is to have existing rights that give it the current ability to direct the relevant activities;
več kot ima naložbenik glasovalnih pravic, večja je verjetnost, da ima obstoječe pravice, na podlagi katerih lahko trenutno usmerja pomembne dejavnosti;
the more voting rights an investor holds relative to other vote holders, the more likely the investor is to have existing rights that give it the current ability to direct the relevant activities;
več kot ima naložbenik glasovalnih pravic glede na druge imetnike glasovalnih pravic, večja je verjetnost, da ima obstoječe pravice, na podlagi katerih lahko trenutno usmerja pomembne dejavnosti;
the more parties that would need to act together to outvote the investor, the more likely the investor is to have existing rights that give it the current ability to direct the relevant activities;
več kot je strank, ki morajo delovati skupaj, da imajo več glasovalnih pravic kot naložbenik, večja je verjetnost, da ima naložbenik obstoječe pravice, na podlagi katerih lahko trenutno usmerja pomembne dejavnosti;
potential voting rights held by the investor, other vote holders or other parties (see paragraphs B47–B50);
potencialne glasovalne pravice naložbenika, drugih imetnikov glasovalnih pravic ali drugih strank (glej B47.–B50. člen);
rights arising from other contractual arrangements (see paragraph B40); and
pravice, ki izhajajo iz drugih pogodbenih sporazumov (glej B40. člen), ter
any additional facts and circumstances that indicate the investor has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings.
vsa dodatna dejstva in okoliščine, ki kažejo, da lahko naložbenik trenutno usmerja pomembne dejavnosti ali jih ne more usmerjati, ko je treba sprejeti odločitve, vključno z vzorci glasovanja na predhodnih skupščinah delničarjev.
B43 When the direction of relevant activities is determined by majority vote and an investor holds significantly more voting rights than any other vote holder or organised group of vote holders, and the other shareholdings are widely dispersed, it may be clear, after considering the factors listed in paragraph 42(a)–(c) alone, that the investor has power over the investee.
B43 Kadar je usmerjanje pomembnih dejavnosti določeno z glasovanjem z večino in ima naložbenik bistveno več glasovalnih pravic kot kateri koli drug imetnik glasovalnih pravic ali organizirana skupina imetnikov glasovalnih pravic, drugi deleži pa so zelo razpršeni, je lahko že samo na podlagi upoštevanja dejavnikov iz 42.(a)–(c) člena jasno, da ima naložbenik vpliv na podjetje, v katero naloži.
Example 4
Primer 4
An investor acquires 48 per cent of the voting rights of an investee.
Naložbenik ima 48 % glasovalnih pravic podjetja, v katero naloži.
The remaining voting rights are held by thousands of shareholders, none individually holding more than 1 per cent of the voting rights.
Preostale glasovalne pravice ima več tisoč delničarjev, pri čemer noben posamezni delničar nima več kot 1 % glasovalnih pravic.
None of the shareholders has any arrangements to consult any of the others or make collective decisions.
Nobeden od delničarjev nima sklenjenih dogovorov, ki bi predvidevali posvetovanje s katerim koli drugim delničarjem ali kolektivno sprejemanje odločitev.
When assessing the proportion of voting rights to acquire, on the basis of the relative size of the other shareholdings, the investor determined that a 48 per cent interest would be sufficient to give it control.
Naložbenik je pri ocenjevanju deleža glasovalnih pravic, ki jih je treba pridobiti glede na relativno velikost drugih deležev, določil, da je 48-odstotni delež dovolj, da ima zagotovljen vpliv.
In this case, on the basis of the absolute size of its holding and the relative size of the other shareholdings, the investor concludes that it has a sufficiently dominant voting interest to meet the power criterion without the need to consider any other evidence of power.
V tem primeru naložbenik na podlagi absolutne velikosti svojega deleža in relativne velikosti drugih deležev ugotovi, da je njegov delež glasovalnih pravic dovolj prevladujoč, da je izpolnjeno merilo vpliva, ne da bi moral upoštevati kakršne koli druge dokaze vpliva.
Example 5
Primer 5
Investor A holds 40 per cent of the voting rights of an investee and twelve other investors each hold 5 per cent of the voting rights of the investee.
Naložbenik A ima 40 % glasovalnih pravic podjetja, v katero naloži, 12 drugih naložbenikov pa ima vsak po 5 % glasovalnih pravic podjetja, v katero naložijo.
A shareholder agreement grants investor A the right to appoint, remove and set the remuneration of management responsible for directing the relevant activities.
Na podlagi delničarskega sporazuma ima naložbenik A pravico, da imenuje in odstavi poslovodno osebje, ki je odgovorno za usmerjanje pomembnih dejavnosti, ter določi njihovo plačilo.
To change the agreement, a two-thirds majority vote of the shareholders is required.
Za spremembo sporazuma je potrebna dvotretjinska večina glasov delničarjev.
In this case, investor A concludes that the absolute size of the investor’s holding and the relative size of the other shareholdings alone are not conclusive in determining whether the investor has rights sufficient to give it power.
V tem primeru naložbenik A ugotovi, da samo na podlagi absolutne velikosti deleža naložbenika in relativne velikosti drugih deležev ni mogoče določiti, ali ima naložbenik dovolj pravic, da ima vpliv.
However, investor A determines that its contractual right to appoint, remove and set the remuneration of management is sufficient to conclude that it has power over the investee.
Vendar naložbenik A določi, da njegova pogodbena pravica do imenovanja in odstavitve poslovodnega osebja ter določanja njihovega plačila zadostuje za določitev, da ima vpliva na podjetje, v katero naloži.
The fact that investor A might not have exercised this right or the likelihood of investor A exercising its right to select, appoint or remove management shall not be considered when assessing whether investor A has power.
Dejstvo, da naložbenik A morda ni uveljavljal te pravice, ali verjetnost, da bo uveljavljal svojo pravico do izbire, imenovanja in odstavitve poslovodnega osebja ter določanja njegovega plačila, se pri ocenjevanju, ali ima vpliv, ne upošteva.
B44 In other situations, it may be clear after considering the factors listed in paragraph B42(a)–(c) alone that an investor does not have power.
B44 V drugih primerih je lahko že samo na podlagi preučitve dejavnikov iz B42.(a)–(c) člena jasno, da naložbenik nima vpliva na podjetje, v katero naloži.
Application example
Primer uporabe
Example 6
Primer 6
Investor A holds 45 per cent of the voting rights of an investee.
Naložbenik A ima 45 % glasovalnih pravic podjetja, v katero naloži.
Two other investors each hold 26 per cent of the voting rights of the investee.
Dva druga naložbenika imata po 26 % glasovalnih pravic podjetja, v katero naložita.
The remaining voting rights are held by three other shareholders, each holding 1 per cent.
Preostale glasovalne pravice imajo trije drugi delničarji, pri čemer ima vsak po 1 % glasovalnih pravic.
There are no other arrangements that affect decision-making.
Drugih dogovorov, ki bi vplivali na odločanje, ni.
In this case, the size of investor A’s voting interest and its size relative to the other shareholdings are sufficient to conclude that investor A does not have power.
V tem primeru sta velikost deleža glasovalnih pravic naložbenika A in velikost njegovega deleža glede na druge deleže dovolj, da se lahko ugotovi, da naložbenik A nima vpliva.
Only two other investors would need to co-operate to be able to prevent investor A from directing the relevant activities of the investee.
Le dva druga naložbenika bi morala sodelovati, da se naložbeniku A prepreči usmerjanje pomembnih dejavnosti podjetja, v katero naloži.
B45 However, the factors listed in paragraph B42(a)–(c) alone may not be conclusive.
B45 Kljub temu dejavniki iz B42.(a)–(c) člena sami niso vedno odločilni.
If an investor, having considered those factors, is unclear whether it has power, it shall consider additional facts and circumstances, such as whether other shareholders are passive in nature as demonstrated by voting patterns at previous shareholders’ meetings.
Če naložbenik po preučitvi navedenih dejavnikov ni prepričan, ali ima vpliv, mora preučiti dodatna dejstva in okoliščine, na primer ali so drugi delničarji pasivni, kot kažejo vzorci glasovanja na predhodnih skupščinah delničarjev.
This includes the assessment of the factors set out in paragraph B18 and the indicators in paragraphs B19 and B20.
To vključuje oceno dejavnikov iz B18. člena ter kazalnikov iz B19. in B20. člena.
The fewer voting rights the investor holds, and the fewer parties that would need to act together to outvote the investor, the more reliance would be placed on the additional facts and circumstances to assess whether the investor’s rights are sufficient to give it power.
Manj kot ima naložbenik glasovalnih pravic in manj kot je strank, ki morajo delovati skupaj, da imajo več glasovalnih pravic kot naložbenik, večji je pomen dodatnih dejstev in okoliščin pri oceni, ali ima naložbenik dovolj pravic za vpliv.
When the facts and circumstances in paragraphs B18–B20 are considered together with the investor’s rights, greater weight shall be given to the evidence of power in paragraph B18 than to the indicators of power in paragraphs B19 and B20.
Če so dejstva in okoliščine iz B18.–B20. člena obravnavani skupaj s pravicami naložbenika, ima dokaz o vplivu iz B18. člena večji pomen kot kazalniki vpliva iz B19. in B20. člena.
Example 7
Primer 7
An investor holds 45 per cent of the voting rights of an investee.
Naložbenik ima 45 % glasovalnih pravic podjetja, v katero naloži.
Eleven other shareholders each hold 5 per cent of the voting rights of the investee.
Enajst drugih delničarjev ima po 5 % glasovalnih pravic podjetja, v katero naložijo.
None of the shareholders has contractual arrangements to consult any of the others or make collective decisions.
Nobeden od delničarjev nima sklenjenih pogodbenih sporazumov, ki bi predvidevali posvetovanje s katerim koli drugim delničarjem ali kolektivno sprejemanje odločitev.
In this case, the absolute size of the investor’s holding and the relative size of the other shareholdings alone are not conclusive in determining whether the investor has rights sufficient to give it power over the investee.
V tem primeru samo na podlagi absolutne velikosti deleža naložbenika in relativne velikosti drugih deležev ni mogoče določiti, ali ima naložbenik dovolj pravic, da ima vpliv na podjetje, v katero naloži.
Additional facts and circumstances that may provide evidence that the investor has, or does not have, power shall be considered.
Preučiti je treba dodatna dejstva in okoliščine, ki lahko pomenijo dokaze, da naložbenik ima vpliv ali da ga nima.
Example 8
Primer 8
An investor holds 35 per cent of the voting rights of an investee.
Naložbenik ima 35 % glasovalnih pravic podjetja, v katero naloži.
Three other shareholders each hold 5 per cent of the voting rights of the investee.
Trije drugi delničarji imajo po 5 % glasovalnih pravic podjetja, v katero naložijo.
The remaining voting rights are held by numerous other shareholders, none individually holding more than 1 per cent of the voting rights.
Preostale glasovalne pravice ima več drugih delničarjev, pri čemer noben od njih nima več kot 1 % glasovalnih pravic.
None of the shareholders has arrangements to consult any of the others or make collective decisions.
Nobeden od delničarjev nima sklenjenih dogovorov, ki bi predvidevali posvetovanje s katerim koli drugim delničarjem ali kolektivno sprejemanje odločitev.
Decisions about the relevant activities of the investee require the approval of a majority of votes cast at relevant shareholders’ meetings—75 per cent of the voting rights of the investee have been cast at recent relevant shareholders’ meetings.
Za odločitve o pomembnih dejavnostih podjetja, v katero se naloži, je potrebno soglasje, in sicer večina oddanih glasov, na skupščinah zadevnih delničarjev; na nedavni skupščini zadevnih delničarjev je bilo oddanih 75 % glasov v okviru glasovalnih pravic podjetja, v katero se naloži.
In this case, the active participation of the other shareholders at recent shareholders’ meetings indicates that the investor would not have the practical ability to direct the relevant activities unilaterally, regardless of whether the investor has directed the relevant activities because a sufficient number of other shareholders voted in the same way as the investor.
V tem primeru dejavno sodelovanje drugih delničarjev na nedavnih skupščinah delničarjev pomeni, da naložbenik ne bi imel dejanske možnosti enostranskega usmerjanja pomembnih dejavnosti, ne glede na to, ali je naložbenik usmerjal pomembne dejavnosti, ker je zadostno število drugih delničarjev glasovalo enako kot on.
B46 If it is not clear, having considered the factors listed in paragraph B42(a)–(d), that the investor has power, the investor does not control the investee.
B46 Če po preučitvi dejavnikov iz B42.(a)–(d) člena ni jasno, ali ima naložbenik vpliv, naložbenik ne obvladuje podjetja, v katero naloži.
Potential voting rights
Potencialne glasovalne pravice
B47 When assessing control, an investor considers its potential voting rights as well as potential voting rights held by other parties, to determine whether it has power.
B47 Naložbenik pri oceni obvladovanja upošteva svoje potencialne glasovalne pravice ter potencialne glasovalne pravice drugih strank, da določi, ali ima vpliv.
Potential voting rights are rights to obtain voting rights of an investee, such as those arising from convertible instruments or options, including forward contracts.
Potencialne glasovalne pravice so pravice do pridobitve glasovalnih pravic podjetja, v katero se naloži, kot so pravice, ki izhajajo iz zamenljivih instrumentov ali opcij, vključno s terminskimi pogodbami.
Those potential voting rights are considered only if the rights are substantive (see paragraphs B22–B25).
Te potencialne glasovalne pravice se upoštevajo le, če so pravice materialne (glej B22.–B25. člen).
B48 When considering potential voting rights, an investor shall consider the purpose and design of the instrument, as well as the purpose and design of any other involvement the investor has with the investee.
B48 Naložbenik mora pri upoštevanju potencialnih glasovalnih pravic upoštevati namen in obliko instrumenta ter namen in obliko morebitne druge udeležbe naložbenika v podjetju, v katero naloži.
This includes an assessment of the various terms and conditions of the instrument as well as the investor’s apparent expectations, motives and reasons for agreeing to those terms and conditions.
To vključuje oceno različnih pogojev instrumenta ter očitna pričakovanja in razloge naložbenika za strinjanje s temi pogoji.
B49 If the investor also has voting or other decision-making rights relating to the investee’s activities, the investor assesses whether those rights, in combination with potential voting rights, give the investor power.
B49 Če ima naložbenik tudi glasovalne pravice ali druge pravice odločanja v zvezi z dejavnostmi podjetja, v katero naloži, oceni, ali mu te pravice v kombinaciji s potencialnimi glasovalnimi pravicami zagotavljajo vpliv.
B50 Substantive potential voting rights alone, or in combination with other rights, can give an investor the current ability to direct the relevant activities.
B50 Naložbenik lahko na podlagi materialnih potencialnih glasovalnih pravic samih ali v kombinaciji z drugimi pravicami trenutno usmerja pomembne dejavnosti.
For example, this is likely to be the case when an investor holds 40 per cent of the voting rights of an investee and, in accordance with paragraph B23, holds substantive rights arising from options to acquire a further 20 per cent of the voting rights.
To lahko na primer velja, kadar ima naložbenik 40 % glasovalnih pravic podjetja, v katero naloži, pri čemer ima v skladu z B23. členom materialne pravice, ki izhajajo iz opcij za pridobitev dodatnih 20 % odstotkov glasovalnih pravic.
Example 9
Primer 9
Investor A holds 70 per cent of the voting rights of an investee.
Naložbenik A ima 70 % glasovalnih pravic podjetja, v katero naloži.
Investor B has 30 per cent of the voting rights of the investee as well as an option to acquire half of investor A’s voting rights. The option is exercisable for the next two years at a fixed price that is deeply out of the money (and is expected to remain so for that two-year period).
Naložbenik B ima 30 % glasovalnih pravic podjetja, v katero naloži, in opcijo za pridobitev polovice glasovalnih pravic naložbenika A. Opcijo je mogoče uveljaviti v naslednjih dveh letih po stalni ceni, ki je zelo izven denarja (in za katero se pričakuje, da bo v tem dveletnem obdobju še naprej zelo izven denarja).
Investor A has been exercising its votes and is actively directing the relevant activities of the investee.
Naložbenik A je uveljavljal svoje glasovalne pravice in dejavno usmerja pomembne dejavnosti podjetja, v katero naloži.