natgillin/translations-raw huggingface dataset:
Information on implementation
Komisija v tesnem sodelovanju z ESMA in Evropskim bančnim organom, ustanovljenim z Uredbo (EU) št. 1093/2010 Evropskega parlamenta in Sveta, predloži poročilo Evropskemu parlamentu in Svetu o izvajanju tega poglavja, vključno z učinkovitostjo izvajanja ter težavami pri uporabi v praksi in pri izvrševanju, ob upoštevanju pomembnih tržnih sprememb na ravni Unije in na mednarodni ravni.
Competent authorities shall inform the Commission of substantial practical difficulties in enforcement of the provisions of this Chapter or non-compliance with the provisions of this Chapter by Union or third-country intermediaries.
V poročilu obravnava tudi primernost področja uporabe tega poglavja, kar zadeva posrednike iz tretjih držav.
The Commission shall, in close cooperation with ESMA and the European Supervisory Authority (European Banking Authority), established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council, submit a report to the European Parliament and to the Council on the implementation of this Chapter, including its effectiveness, difficulties in practical application and enforcement, while taking into account relevant market developments at the Union and international level.
Komisija objavi poročilo do 10. junija 2023.
The report shall also address the appropriateness of the scope of application of this Chapter in relation to third-country intermediaries.
POGLAVJE Ib
The Commission shall publish the report by 10 June 2023.
PREGLEDNOST INSTITUCIONALNIH VLAGATELJEV, UPRAVLJAVCEV PREMOŽENJA IN SVETOVALCEV ZA GLASOVANJE
CHAPTER Ib
Člen 3g
TRANSPARENCY OF INSTITUTIONAL INVESTORS, ASSET MANAGERS AND PROXY ADVISORS
Politika sodelovanja
Article 3g
Države članice zagotovijo, da institucionalni vlagatelji in upravljavci premoženja bodisi izpolnjujejo zahteve iz točk (a) in (b) bodisi javno razkrijejo jasno in obrazloženo pojasnilo, zakaj so se odločili, da ne izpolnijo ene ali več od navedenih zahtev.
Engagement policy
Institucionalni vlagatelji in upravljavci premoženja razvijejo in javno razkrijejo politiko sodelovanja, v kateri je opisano, kako vključujejo sodelovanje delničarjev v svojo naložbeno strategijo.
Member States shall ensure that institutional investors and asset managers either comply with the requirements set out in points (a) and (b) or publicly disclose a clear and reasoned explanation why they have chosen not to comply with one or more of those requirements.
V tej politiki je opisano, kako spremljajo družbe, v katere vlagajo, v zvezi z relevantnimi zadevami, vključno s strategijo, finančno in nefinančno uspešnostjo in tveganjem, kapitalsko strukturo, socialnim in okoljskim vplivom ter upravljanjem družb, kako vodijo dialog z družbami, v katere vlagajo, kako uveljavljajo glasovalne pravice in druge pravice iz delnic, kako sodelujejo z drugimi delničarji, kako komunicirajo z ustreznimi deležniki družb, v katere vlagajo, in kako obvladujejo obstoječa in potencialna nasprotja interesov v zvezi z njihovim sodelovanjem.
Institutional investors and asset managers shall develop and publicly disclose an engagement policy that describes how they integrate shareholder engagement in their investment strategy.
Institucionalni vlagatelji in upravljavci premoženja vsako leto javno razkrijejo, kako se izvaja ta politika sodelovanja, vključno s splošnim opisom njihovega glasovanja, obrazložitvijo najpomembnejših glasovanj in uporabo storitev svetovalcev za glasovanje.
The policy shall describe how they monitor investee companies on relevant matters, including strategy, financial and non-financial performance and risk, capital structure, social and environmental impact and corporate governance, conduct dialogues with investee companies, exercise voting rights and other rights attached to shares, cooperate with other shareholders, communicate with relevant stakeholders of the investee companies and manage actual and potential conflicts of interests in relation to their engagement.
Javno razkrijejo tudi, kako so glasovali na skupščinah delničarjev družb, v katerih imajo delnice.
Institutional investors and asset managers shall, on an annual basis, publicly disclose how their engagement policy has been implemented, including a general description of voting behaviour, an explanation of the most significant votes and the use of the services of proxy advisors.
Iz takega razkritja so lahko izvzeti glasovi, ki zaradi vsebine glasovanja ali velikosti lastniškega deleža v družbi niso pomembni.
They shall publicly disclose how they have cast votes in the general meetings of companies in which they hold shares.
Informacije iz odstavka 1 so brezplačno na voljo na spletnem mestu institucionalnega vlagatelja ali upravljavca premoženja.
Such disclosure may exclude votes that are insignificant due to the subject matter of the vote or the size of the holding in the company.
Države članice lahko zahtevajo, da se informacije brezplačno objavijo prek drugih sredstev, ki so zlahka dostopna na spletu.
The information referred to in paragraph 1 shall be available free of charge on the institutional investor’s or asset manager’s website.
Če upravljavec premoženja izvaja politiko sodelovanja, vključno z glasovanjem, v imenu institucionalnega vlagatelja, institucionalni vlagatelj navede sklic na mesto, kjer je upravljavec premoženja objavil take informacije o glasovanju.
Member States may provide for the information to be published, free of charge, by other means that are easily accessible online.
Pravila o nasprotjih interesov, ki se uporabljajo za institucionalne vlagatelje in upravljavce premoženja, vključno s členom 14 Direktive 2011/61/EU, točko (b) člena 12(1) in točko (d) člena 14(1) Direktive 2009/65/ES in relevantnimi izvedbenimi pravili ter členom 23 Direktive 2014/65/EU, se uporabljajo tudi v zvezi z dejavnostmi sodelovanja.
Where an asset manager implements the engagement policy, including voting, on behalf of an institutional investor, the institutional investor shall make a reference as to where such voting information has been published by the asset manager.
Člen 3h
Conflicts of interests rules applicable to institutional investors and asset managers, including Article 14 of Directive 2011/61/EU, point (b) of Article 12(1) and point (d) of 14(1) of Directive 2009/65/EC and the relevant implementing rules, and Article 23 of Directive 2014/65/EU shall also apply with regard to engagement activities.
Naložbena strategija institucionalnih vlagateljev in dogovori z upravljavci premoženja
Article 3h
Države članice zagotovijo, da institucionalni vlagatelji javno razkrijejo, kako so glavni elementi njihove strategije kapitalskih naložb usklajeni s profilom in trajanjem njihovih obveznosti, zlasti dolgoročnimi obveznostmi, ter kako prispevajo k srednje- do dolgoročni donosnosti njihovih sredstev.
Investment strategy of institutional investors and arrangements with asset managers
Države članice zagotovijo, da v primeru, ko upravljavec premoženja vlaga v imenu institucionalnega vlagatelja, bodisi po lastni presoji za vsako stranko posebej bodisi prek kolektivnih naložbenih podjemov, institucionalni vlagatelj javno razkrije naslednje informacije v zvezi s svojim dogovorom z upravljavcem premoženja:
Member States shall ensure that institutional investors publicly disclose how the main elements of their equity investment strategy are consistent with the profile and duration of their liabilities, in particular long-term liabilities, and how they contribute to the medium to long-term performance of their assets.
kako dogovor z upravljavcem premoženja spodbuja upravljavca premoženja k uskladitvi naložbene strategije in odločitev s profilom in trajanjem obveznosti institucionalnega vlagatelja, zlasti dolgoročnih obveznosti;
Member States shall ensure that where an asset manager invests on behalf of an institutional investor, whether on a discretionary client-by-client basis or through a collective investment undertaking, the institutional investor publicly discloses the following information regarding its arrangement with the asset manager:
kako navedeni dogovor spodbuja upravljavca premoženja k sprejemanju naložbenih odločitev na podlagi ocen o srednje- do dolgoročni finančni in nefinančni uspešnosti družbe, v katero se vlaga, ter k sodelovanju z družbami, v katere se vlaga, da bi se izboljšala njihova srednje- in dolgoročna uspešnost;
how the arrangement with the asset manager incentivises the asset manager to align its investment strategy and decisions with the profile and duration of the liabilities of the institutional investor, in particular long-term liabilities;
kako so način in časovni okvir ovrednotenja uspešnosti upravljavca premoženja ter plačilo za storitve upravljanja premoženja usklajeni s profilom in trajanjem obveznosti institucionalnega vlagatelja, zlasti dolgoročnih obveznosti, in kako upoštevajo absolutno dolgoročno uspešnost;
how that arrangement incentivises the asset manager to make investment decisions based on assessments about medium to long-term financial and non-financial performance of the investee company and to engage with investee companies in order to improve their performance in the medium to long-term;
kako institucionalni vlagatelj spremlja stroške obrata portfelja, ki jih ima upravljavec premoženja, ter kako opredeljuje in spremlja obrat portfelja ali obseg obrata;
how the method and time horizon of the evaluation of the asset manager’s performance and the remuneration for asset management services are in line with the profile and duration of the liabilities of the institutional investor, in particular long-term liabilities, and take absolute long-term performance into account;
trajanje dogovora z upravljavcem premoženja.
how the institutional investor monitors portfolio turnover costs incurred by the asset manager and how it defines and monitors a targeted portfolio turnover or turnover range;
Če dogovor z upravljavcem premoženja ne vsebuje enega ali več takih elementov, institucionalni vlagatelj za to predloži jasno in obrazloženo pojasnilo.
the duration of the arrangement with the asset manager.
Informacije iz odstavkov 1 in 2 tega člena so brezplačno na voljo na spletnem mestu institucionalnega vlagatelja in se vsako leto posodobijo, razen če ni nobene pomembne spremembe.
Where the arrangement with the asset manager does not contain one or more of such elements, the institutional investor shall give a clear and reasoned explanation why this is the case.
Države članice lahko določijo, da so te informacije brezplačno na voljo prek drugih sredstev, ki so zlahka dostopna na spletu.
The information referred to in paragraphs 1 and 2 of this Article shall be available, free of charge, on the institutional investor’s website and shall be updated annually unless there is no material change.
Države članice zagotovijo, da smejo institucionalni vlagatelji, ki jih ureja Direktiva 2009/138/ES, te informacije vključiti v svoja poročila o solventnosti in finančnem položaju iz člena 51 navedene direktive.
Member States may provide for that information to be available, free of charge, through other means that are easily accessible online.
Člen 3i
Member States shall ensure that institutional investors regulated by Directive 2009/138/EC are allowed to include this information in their report on solvency and financial condition referred to in Article 51 of that Directive.
Preglednost upravljavcev premoženja
Article 3i
Države članice zagotovijo, da upravljavci premoženja institucionalnim vlagateljem, s katerimi so sklenili dogovore iz člena 3h, vsako leto razkrijejo, kako sta njihova naložbena strategija in njeno izvajanje skladna s tem dogovorom ter kako prispevata k srednje- do dolgoročni donosnosti premoženja institucionalnega vlagatelja ali sklada.
Transparency of asset managers
To razkritje vključuje poročanje o najpomembnejših srednje- do dolgoročnih tveganjih, povezanih z naložbami, o sestavi, obratu in stroških obrata portfelja, o uporabi svetovalcev za glasovanje pri dejavnostih sodelovanja ter o svoji politiki o posoji vrednostnih papirjev in o tem, kako se uporablja pri dejavnostih sodelovanja, kjer je ustrezno, zlasti v času zasedanja skupščine delničarjev družb, v katere se vlaga.
Member States shall ensure that asset managers disclose, on an annual basis, to the institutional investor with which they have entered into the arrangements referred to in Article 3h how their investment strategy and implementation thereof complies with that arrangement and contributes to the medium to long-term performance of the assets of the institutional investor or of the fund.
To razkritje vključuje tudi informacije o tem, ali in kako sprejemajo naložbene odločitve na podlagi vrednotenja srednje- do dolgoročne uspešnosti družbe, v katero se vlaga, vključno z nefinančno uspešnostjo, ter o tem, ali je prišlo do nasprotij interesov v povezavi z dejavnostmi sodelovanja in katera so ta nasprotja ter kako se upravljavci premoženja spopadajo z njimi.
Such disclosure shall include reporting on the key material medium to long-term risks associated with the investments, on portfolio composition, turnover and turnover costs, on the use of proxy advisors for the purpose of engagement activities and their policy on securities lending and how it is applied to fulfil its engagement activities if applicable, particularly at the time of the general meeting of the investee companies.
Države članice lahko določijo, da se informacije iz odstavka 1 razkrijejo skupaj z letnim poročilom iz člena 68 Direktive 2009/65/ES ali člena 22 Direktive 2011/61/EU ali z rednimi poročili iz člena 25(6) Direktive 2014/65/EU.
Such disclosure shall also include information on whether and, if so, how, they make investment decisions based on evaluation of medium to long-term performance of the investee company, including non-financial performance, and on whether and, if so, which conflicts of interests have arisen in connection with engagements activities and how the asset managers have dealt with them.
Kadar so informacije, razkrite v skladu z odstavkom 1, že javno dostopne, upravljavcu premoženja teh informacij ni treba neposredno posredovati institucionalnemu vlagatelju.
Member States may provide for the information in paragraph 1 to be disclosed together with the annual report referred to in Article 68 of Directive 2009/65/EC or in Article 22 of Directive 2011/61/EU, or periodic communications referred to in Article 25(6) of Directive 2014/65/EU.
Države članice lahko zahtevajo, da se v primeru, kadar upravljavec premoženja ne upravlja premoženja po lastni presoji za vsako stranko posebej, informacije, razkrite v skladu z odstavkom 1, vsaj na zahtevo zagotovijo tudi drugim vlagateljem istega sklada.
Where the information disclosed pursuant to paragraph 1 is already publicly available, the asset manager is not required to provide the information to the institutional investor directly.
Člen 3j
Member States may where the asset manager does not manage the assets on a discretionary client-by-client basis, require that the information disclosed pursuant to paragraph 1 also be provided to other investors of the same fund at least upon request.
Preglednost svetovalcev za glasovanje
Article 3j
Države članice zagotovijo, da svetovalci za glasovanje javno razkrijejo sklic na kodeks ravnanja, ki ga uporabljajo, in poročajo o njegovi uporabi.
Transparency of proxy advisors
Kadar svetovalci za glasovanje ne uporabljajo kodeksa ravnanja, za to predložijo jasno in obrazloženo pojasnilo.
Member States shall ensure that proxy advisors publicly disclose reference to a code of conduct which they apply and report on the application of that code of conduct.
Kadar svetovalci za glasovanje uporabljajo kodeks ravnanja, a odstopajo od katerega koli njegovega priporočila, navedejo, od katerih delov odstopajo, za to predložijo obrazložitev ter sporočijo, kjer je to ustrezno, katere druge ukrepe so sprejeli.
Where proxy advisors do not apply a code of conduct, they shall provide a clear and reasoned explanation why this is the case.
Informacije iz tega odstavka so brezplačno in javno dostopne na spletnih mestih svetovalcev za glasovanje in se vsako leto posodobijo.
Where proxy advisors apply a code of conduct but depart from any of its recommendations, they shall declare from which parts they depart, provide explanations for doing so and indicate, where appropriate, any alternative measures adopted.
Države članice zagotovijo, da svetovalci za glasovanje zavoljo primernega obveščanja svojih strank o točnosti in zanesljivosti svojih dejavnosti vsako leto javno razkrijejo vsaj vse naslednje informacije v zvezi s pripravo svojih raziskav, svetovanja in priporočil glede glasovanja:
Information referred to in this paragraph shall be made publicly available, free of charge, on the websites of proxy advisors and shall be updated on an annual basis.
bistvene značilnosti metodologij in modelov, ki jih uporabljajo;
Member States shall ensure that, in order to adequately inform their clients about the accuracy and reliability of their activities, proxy advisors publicly disclose on an annual basis at least all of the following information in relation to the preparation of their research, advice and voting recommendations:
glavne vire informacij, ki jih uporabljajo;
the essential features of the methodologies and models they apply;
postopke za zagotovitev kakovosti raziskav, svetovanja in priporočil glede glasovanja in kvalifikacije zaposlenih, vključenih v njihovo pripravo;
the main information sources they use;
ali upoštevajo razmere na nacionalnih trgih ter zakonske in regulativne pogoje in pogoje, značilne za posamezno družbo, in če je tako, kako jih upoštevajo;
the procedures put in place to ensure quality of the research, advice and voting recommendations and qualifications of the staff involved;
bistvene značilnosti politik glasovanja za posamezen trg;
whether and, if so, how they take national market, legal, regulatory and company-specific conditions into account;
ali so vzpostavili dialog z družbami, ki so predmet njihovih raziskav, svetovanja ali priporočil glede glasovanja, in z deležniki družbe, in če je tako, kakšna sta njegov obseg in narava;
the essential features of the voting policies they apply for each market;
politiko v zvezi s preprečevanjem in obvladovanjem morebitnih nasprotij interesov.
whether they have dialogues with the companies which are the object of their research, advice or voting recommendations and with the stakeholders of the company, and, if so, the extent and nature thereof;
Informacije iz tega odstavka so javno dostopne na spletnih mestih svetovalcev za glasovanje in ostanejo brezplačno na voljo vsaj tri leta od datuma objave.
the policy regarding the prevention and management of potential conflicts of interests.
Teh informacij ni treba razkrivati ločeno, če so na voljo v okviru razkritja iz odstavka 1.
The information referred to in this paragraph shall be made publicly available on the websites of proxy advisors and shall remain available free of charge for at least three years from the date of publication.
Države članice zagotovijo, da svetovalci za glasovanje svojim strankam brez odlašanja opredelijo in razkrijejo katero koli dejansko ali morebitno nasprotje interesov ali poslovna razmerja, ki bi lahko vplivala na pripravo raziskav, svetovanja ali priporočil glede glasovanja, in ukrepe, ki so jih sprejeli za odpravo, zmanjšanje ali obvladovanje dejanskega ali morebitnega nasprotja interesov.
The information does not need to be disclosed separately where it is available as part of the disclosure under paragraph 1.
Ta člen se uporablja tudi za svetovalce za glasovanje, ki nimajo niti registriranega niti glavnega sedeža v Uniji in ki svoje dejavnosti opravljajo prek poslovne enote v Uniji.
Member States shall ensure that proxy advisors identify and disclose without delay to their clients any actual or potential conflicts of interests or business relationships that may influence the preparation of their research, advice or voting recommendations and the actions they have undertaken to eliminate, mitigate or manage the actual or potential conflicts of interests.
Člen 3k
This Article also applies to proxy advisors that have neither their registered office nor their head office in the Union which carry out their activities through an establishment located in the Union.
Pregled
Article 3k
Komisija Evropskemu parlamentu in Svetu predloži poročilo o izvajanju členov 3g, 3h in 3i, vključno z oceno, ali bi bilo treba od upravljavcev premoženja zahtevati, da javno razkrijejo nekatere informacije iz člena 3i, ob upoštevanju ustreznih tržnih sprememb v Uniji in na mednarodni ravni.
Review
To poročilo objavi do 10. junija 2022 in mu po potrebi priloži zakonodajne predloge.
The Commission shall submit a report to the European Parliament and to the Council on the implementation of Articles 3g, 3h and 3i, including the assessment of the need to require asset managers to publicly disclose certain information under Article 3i, taking into account relevant Union and international market developments.
Komisija v tesnem sodelovanju z ESMA Evropskemu parlamentu in Svetu predloži poročilo o izvajanju člena 3j, v katerem med drugim oceni primernost področja uporabe člena 3j in njegovo učinkovitost ter potrebo po določitvi regulativnih zahtev za svetovalce za glasovanje, ob upoštevanju ustreznih tržnih sprememb v Uniji in na mednarodni ravni.
The report shall be published by 10 June 2022 and shall be accompanied, if appropriate, by legislative proposals.
To poročilo objavi do 10. junija 2023 in mu po potrebi priloži zakonodajne predloge.
The Commission shall, in close cooperation with ESMA, submit a report to the European Parliament and to the Council on the implementation of Article 3j, including the appropriateness of its scope of application and its effectiveness and the assessment of the need for establishing regulatory requirements for proxy advisors, taking into account relevant Union and international market developments.
vstavijo se naslednji členi:
The report shall be published by 10 June 2023 and shall be accompanied, if appropriate, by legislative proposals.
„Člen 9a
The following Articles are inserted:
Pravica do glasovanja o politiki prejemkov
‘Article 9a
Države članice zagotovijo, da družbe oblikujejo politiko prejemkov direktorjev in da imajo delničarji pravico do glasovanja na skupščini delničarjev o politiki prejemkov.
Right to vote on the remuneration policy
Države članice zagotovijo, da je glasovanje na skupščini delničarjev o politiki prejemkov direktorjev zavezujoče.
Member States shall ensure that companies establish a remuneration policy as regards directors and that shareholders have the right to vote on the remuneration policy at the general meeting.
Družbe svojim direktorjem plačajo prejemke le v skladu s politiko prejemkov, ki je bila odobrena na skupščini delničarjev.
Member States shall ensure that the vote by the shareholders at the general meeting on the remuneration policy is binding.
Kadar politika prejemkov še ni sprejeta in skupščina delničarjev ne odobri predlagane politike, lahko družba svojim direktorjem še naprej plačuje prejemke v skladu z obstoječo prakso, na naslednji skupščini delničarjev pa predloži spremenjeno politiko v odobritev.
Companies shall pay remuneration to their directors only in accordance with a remuneration policy that has been approved by the general meeting.
Kadar obstaja odobrena politika prejemkov in skupščina delničarjev ne odobri predlagane nove politike, družba svojim direktorjem še naprej plačuje prejemke v skladu z obstoječo odobreno politiko, na naslednji skupščini delničarjev pa predloži spremenjeno politiko v odobritev.
Where no remuneration policy has been approved and the general meeting does not approve the proposed policy, the company may continue to pay remuneration to its directors in accordance with its existing practices and shall submit a revised policy for approval at the following general meeting.
Države članice pa lahko določijo, da je glasovanje o politiki prejemkov na skupščini delničarjev posvetovalne narave.