natgillin/translations-raw huggingface dataset:
Podatki iz točke a drugega odstavka člena 17 direktive o preglednosti informacij (med drugim o kraju, času in dnevnem redu skupščine delničarjev) bi morali še naprej ostati tudi v okviru uporabe direktive o preglednosti informacij.
The information under Article 17(1)(a) of the transparency directive (including details of the place, time and agenda of the general meeting) should continue to be governed by the transparency directive.
Cilji te direktive in cilji direktive o preglednosti informacij se dopolnjujejo, ne pa izključujejo.
The requirements of the present directive and the transparency directive should complement one another; they should not exclude one another.
Člen 17 direktive o preglednosti informacij je namenjen tudi temu, da so delničarjem, ki prebivajo v dani državi članici, vse pomembne informacije lahko dostopne.
Article 17 of the transparency directive exists not least in order to ensure that locally resident shareholders have access to all the relevant information.
Po pogajanjih je bil s Svetom in Komisijo dosežen ustni dogovor, ki se odraža v sporazumnih predlogih sprememb, ki jih je predstavil poročevalec.
Following negotiations, an oral agreement has been reached with the Council and the Commission, which has been reflected in the compromise amendments presented by the rapporteur.
MNENJE Odbora za ekonomske in monetarne zadeve
OPINION of the Committee on Economic and Monetary Affairs *
o predlogu Direktive Evropskega parlamenta in Sveta o uveljavljanju glasovalnih pravic delničarjev družb, ki imajo sedež v državi članici in katerih delnice so sprejete v trgovanje na reguliranem trgu, ter o spremembi Direktive 2004/109/ES
on the proposal for a directive of the European Parliament and of the Council on the exercise of voting rights by shareholders of companies having their registered office in a Member States and whose shares are admitted to trading on a regulated market and amending Directive 2004/109/EC
Za učinkovito upravljanje družb je bistven nadzor z visoko in dejavno udeležbo delničarjev na skupščinah.
Control through high and active shareholder participation in general meetings is essential for effective corporate governance.
Ta učinkovit nadzor je ogrožen zaradi nizke udeležbe na skupščinah delničarjev.
This effective control is at risk due to low participation in general meetings.
Eden od poglavitnih razlogov za to je naraščajoči delež delnic v lasti tujih vlagateljev, ki morajo premostiti več ovir, da bi se lahko udeležili skupščine delničarjev.
One of the main reasons for this lies in the growing proportion of share ownership by foreign investors who have to overcome several obstacles in order to attend a general meeting.
Prvič, delničarji navadno hranijo svoje vrednostne papirje s pomočjo verig posrednikov, ki sodijo v pristojnost različnih oblasti.
First, shareholders normally hold their securities through chains of intermediaries in different jurisdictions.
Zato sta pravočasen dostop do informacij in uveljavljanje glasovalne pravice, bodisi z osebno prisotnostjo, bodisi z imenovanjem pooblaščenca, ob sočasnem spoštovanju posebnih nacionalnih zakonskih zahtev težavna in draga.
Hence, it is difficult and costly to obtain timely access to information and to exercise the voting right by either being present in person or by appointing a proxy whilst respecting specific national legal requirements.
Drugič, zaradi obveze začasne zaustavitve trgovanja z delnicami je sodelovanje na skupščinah delničarjev še manj privlačno.
Second, the obligation of share blocking makes participation in a general meeting less attractive.
Komisija predlaga pet ukrepov za olajšanje in povečanje čezmejnega sodelovanja delničarjev na skupščinah, ki naj bi prispevali k povečanju odgovornosti družb v odnosu do svojih lastnikov ter spodbujali enotni trg:
To facilitate and increase shareholder participation in general meetings in a cross-border context, which in turn would increase the company's accountability to its owners and promote the Single Market, the European Commission proposes five measures:
a) zagotoviti, da so skupščine delničarjev sklicane dovolj vnaprej;
a) Ensure that general meetings are convened sufficiently in advance;
b) nadomestiti začasno zaustavitev trgovanja z delnicami s sistemom referenčnega datuma;
b) Replace all forms of share blocking by a record date system;
c) odpraviti vse pravne ovire za elektronsko udeležbo na skupščini delničarjev;
c) Remove all legal obstacles to electronic participation in general meetings;
d) zagotoviti delničarjem pravico, da postavljajo ustna in pisna vprašanja (tudi preko elektronskih sredstev) na skupščini delničarjev in pred njo;
d) Give shareholders the right to ask questions orally and in writing (including electronic means) at and ahead of a general meeting;
e) ponuditi delničarjem s prebivališčem v drugi državi možnost glasovanja prek pooblaščenca, po pošti ali prek elektronskih sredstev.
e) Offer non-resident shareholders the possibility to vote by proxy, post or electronic means.
Stališče pripravljavca mnenja
The Draftsman's position
Pripravljavec mnenja pozdravlja cilje in instrumente iz predlagane direktive, vendar meni, da so potrebne naslednje spremembe:
The Draftsman welcomes the objectives and instruments of the proposed Directive, but considers the following changes to be necessary:
3.1 Ukrep (a): Obvestilo o skupščini delničarjev
3.1 Measure (a): Meeting notice
Delničarji morajo biti znatno vnaprej obveščeni o datumu, dnevnem redu in pomembnejših dokumentih skupščine, da lahko sprejemajo odločitve na osnovi poznavanja stanja.
In order to take informed decisions, shareholders must be provided with a date, agenda and relevant documents well in advance.
Zato je uvedba minimalnega sklicnega roka učinkovito sredstvo.
Therefore, the introduction of a minimum notice period is an efficient instrument.
Obvestilo bi moralo bili objavljeno na spletni strani družbe in poslano tudi centralnemu registru vrednostnih papirjev, ki je zlasti v primeru prinosniških delnic prvi člen v verigi med družbo in delničarjem.
This notice should not only be posted on the company's website, but also sent to the central securities depository, which is, especially in the case of bearer shares, the first link in the chain between the company and the shareholder.
V primeru imenskih delnic je treba obvestilo poslati delničarju, ki je zapisan v delniško knjigo, ali registriranemu naslovniku.
In the case of registered shares, the notice should be sent directly to the registered shareholder or nominee.
Poleg tega bi bilo treba razlikovati med letnimi skupščinami delničarjev in izrednimi skupščinami delničarjev, saj se te sklicujejo zaradi različnih namenov in se med seboj razlikujejo po svoji nujnosti.
Moreover, there should be a distinction between annual general meetings and extraordinary general meetings which are called for different purposes and with different degrees of urgency.
3.2 Ukrep (b): Referenčni datum namesto začasne zaustavitve trgovanja z delnicami
3.2 Measure (b): Record date instead of share blocking
Nadomestitev začasne zaustavitve trgovanja z delnicami s sistemom referenčnega datuma je temeljni korak.
The replacement of share blocking by a record date system is a fundamental step.
Takšen sistem bi moral zagotoviti, da je referenčni datum čim bližje datumu skupščine in da je med datumom obvestila o skupščini delničarjev in referenčnim datumom dovolj časovnega razmika, da se (institucionalnim) vlagateljem omogoči umik izposojenih delnic.
Such a system should provide for a record date lying as close as possible to the general meeting and a sufficient time lag between the notice of the general meeting and the record date so that (institutional) shareholders are able to recall shares out on loan.
Poleg tega bi morale imeti države članice možnost, da določijo različne referenčne datume za prinosniške delnice in za imenske delnice zaradi strukturnih razlik med tema dvema vrstama delnic.
Moreover, given the structural differences between bearer shares and registered shares, Member States should be allowed to set different record dates for these two types of shares.
3.3 Ukrep (c): Udeležba prek elektronskih sredstev
3.3 Measure (c): Participation by electronic means
Možnost udeležbe prek elektronskih sredstev, npr. dodajanje vsebin na dnevni red, predlaganje sklepov, postavljanje vprašanj, glasovanje itd., lahko znatno poveča udeležbo na skupščinah delničarjev.
The possibility to participate by electronic means, e.g. to add items to the agenda, to table resolutions, to ask questions, to vote etc., may substantially increase the turn-out of general meetings.
Vendar pa bi morale imeti družbe možnost, da se – glede na svojo velikost in tehnične zmogljivosti – svobodno odločajo ali bodo uporabile elektronska sredstva ali ne.
However, depending on their size and technical possibilities, companies should be free in their decision whether or not to make use of electronic means.
3.4 Ukrep (d): Pravica postavljanja vprašanj
3.4 Measure (d): Right to ask questions
Pravica postavljanja vprašanj je ključna, da se delničarjem omogoči sprejemanje odločitev na osnovi poznavanja položaja.
The right to ask questions is crucial to enable shareholders to take informed decisions.
Družbam pa je treba omogočiti, da se zavarujejo pred zlorabami te pravice.
However, companies must be enabled to protect themselves against an abuse of this right.
Delničarji imajo pravico postavljati vprašanja ustno na skupščini delničarjev in – če družba zagotovi možnosti za to – lahko uporabljajo elektronska sredstva.
Consequently, shareholders shall have the right to ask questions orally at the general meeting and, if provided by the company, may make use of electronic means.
Nasprotno pa države članice niso obvezane dopustiti, da se pisna vprašanja postavijo pred skupščino.
In contrast, Member States are not obliged to allow for written questions ahead of the meeting.
Poleg tega družbe na dan skupščine zgolj ustno odgovorijo na vprašanja in niso obvezane, da odgovore objavijo na svoji spletni strani.
Moreover, companies shall only respond to the questions orally on the day of the meeting and shall not be obliged to publish the answers on their website.
3.5 Ukrep (e) Glasovanje prek pooblaščenca
3.5 Measure (e): Voting by proxy
Pripravljavec mnenja podpira načelo, da ne bi smelo biti omejitev glede osebe, ki lahko pridobi pooblastilo.
The Draftsman supports the principle that there should be no restriction as to the person who can be granted a proxy.
Vendar imajo države članice možnost izbrati ustrezne ukrepe za omejevanje pravic imetnikov pooblastil, da se preprečijo navzkrižja interesov.
However, to avoid conflicts of interest, Member States shall have the possibility to choose the appropriate measures to restrict the rights of proxy holders.
3.6 Razmerje delničar - posrednik - družba
3.6 The shareholder - intermediary - company relationship
Cilj bi moral biti, da mora gospodarski delničar, torej oseba, ki je sprejela odločitev za naložbo in nosi tveganja, povezana z delnicami, nadzorovati uveljavljanje svojih glasovalnih pravic.
The objective should be that the economic shareholder, that is to say the person who has made the investment decision and bears the risks related to the shares, should control the exercise of his voting rights.
Glede na velike razlike med nacionalnimi sistemi lastništva delnic pripravljavec mnenja ne bo predlagal opredelitve tako imenovanega „osnovnega vlagatelja“.
Given the large differences between the national systems of share ownership, the draftsman will not propose a definition of the so called "ultimate investor".
Vendar pa poudarja, da posredniki, ki niso zakoniti delničarji, uveljavljajo glasovalne pravice le v okviru svojega splošnega pogodbenega razmerja s stranko ter izvršujejo navodila za glasovanja, če jih je njihova stranka izdala.
However, he underlines that intermediaries who are not legal shareholders shall only exercise voting rights within their general contractual framework with the client and carry out voting instructions if any have been issued by the client.
Če posrednik ni zadnji člen v verigi med delničarjem in družbo, posreduje navodila za glasovanje naslednjemu posredniku.
If the intermediary is not the last element in the chain between the shareholder and the company, he shall pass on the voting instructions to the next intermediary..
Treba je odstraniti ovire, ki delničarje odvračajo od glasovanja, kot je pogoj začasne zaustavitve trgovanja z delnicami pri uveljavljanju glasovalnih pravic določeno obdobje pred skupščino .
Obstacles which deter shareholders from voting, such as making the exercise of voting rights subject to the blocking of shares during a certain period before the meeting, should be removed.
(4) Trenutno obstoječa zakonodaja Skupnosti ne zadostuje za doseganje tega cilja .
(4) The currently existing community legislation is not sufficient to achieve this objective .
Direktiva 2004/109/ES Evropskega parlamenta in Sveta z dne 15. decembra 2004 o uskladitvi zahtev v zvezi s preglednostjo informacij o izdajateljih, katerih vrednostni papirji so sprejeti v trgovanje na reguliranem trgu, in o spremembah Direktive 2001/34/ES nalaga izdajateljem, da morajo dati na razpolago nekatere informacije in listine, pomembne za skupščine delničarjev, vendar pa je treba dati te informacije in listine na razpolago v matični državi članici izdajatelja.
Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC imposes on issuers to make available certain information and documents relevant to general meetings but such information and documents are to be made available in the issuer’s home Member State.
Poleg tega se Direktiva 2001/34/ES osredotoča na informacije, ki jih morajo izdajatelji razkriti trgu, in zato ne obravnava samega procesa glasovanja delničarjev.
Moreover Directive 2001/34/EC focuses on the information which issuers have to disclose to the market and accordingly does not deal with the shareholder voting process itself.
(4) Obstoječa zakonodaja Skupnosti ne zadostuje za olajšanje uveljavljanja pravic delničarjev v povezavi s skupščinami delničarjev v čezmejnem okviru .
(4) The existing Community legislation is not sufficient to facilitate the exercise of shareholders' rights in relation to general meetings in a cross-border context .
Direktiva 2004/109/ES Evropskega parlamenta in Sveta z dne 15. decembra 2004 o uskladitvi zahtev v zvezi s preglednostjo informacij o izdajateljih, katerih vrednostni papirji so sprejeti v trgovanje na reguliranem trgu, in o spremembah Direktive 2001/34/ES nalaga izdajateljem obveznost , da morajo dati na razpolago nekatere informacije in listine, pomembne za skupščine delničarjev, vendar pa je treba dati te informacije in listine na razpolago v matični državi članici izdajatelja.
Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC imposes an obligation on issuers to make available certain information and documents relevant to general meetings but such information and documents are to be made available in the issuer’s home Member State.
Poleg tega se Direktiva 2001/34/ES osredotoča na informacije, ki jih morajo izdajatelji razkriti trgu, in zato ne obravnava samega procesa glasovanja delničarjev.
Moreover Directive 2001/34/EC focuses on the information that issuers have to disclose to the market and accordingly does not deal with the shareholder voting process itself.
Uvesti bi morali določene minimalne standarde, s katerimi bi zaščitili vlagatelje ter spodbudili nemoteno in učinkovito uveljavljanje pravic delničarjev iz delnic z glasovalno pravico.
Certain minimum standards should therefore be introduced with a view to protecting investors and promoting the smooth and effective exercise of shareholders' rights attaching to voting shares.
V primeru ostalih pravic, razen glasovalne pravice, lahko države članice uporabo minimalnih standardov razširijo na delnice brez glasovalne pravice, če to že ne velja.
As regards rights other than the right to vote, Member States are free to extend the application of these minimum standards to non-voting shares to the extent that this is not already the case.
Države članice uvedejo učinkovite, pregledne, preproste in cenovno dostopne postopke, s katerimi zagotavljajo, da lahko delničarji uveljavljajo pravice, ki so jim dodeljene s to direktivo, in da podjetja izpolnjujejo svoje obveznosti.
Member States shall establish efficient, transparent, simple and affordable procedures to ensure that shareholders are able to exercise the rights conferred on them by this Directive and that companies comply with their obligations, .
Zato je treba delničarje pravočasno obvestiti o skupščini delničarjev in jim pravočasno zagotoviti popolne informacije, ki naj bi se predložile v potrditev skupščini delničarjev.
To this end, sufficient notice of the general meeting should be given and shareholders should be provided timely with the complete information intended to be submitted to the general meeting for approval .
Delničarji naj bi načeloma tudi imeli možnost dodati točke na dnevni red skupščine delničarjev, predložiti sklepe in postaviti vprašanja v zvezi s točkami dnevnega reda.
Shareholders should, in principle, also have the possibility to add items to the meeting agenda, to table resolutions and to ask questions related to items on the agenda.
Zato je treba delničarje pravočasno obvestiti o skupščini delničarjev in jim zagotoviti popolne informacije, ki se predložijo skupščini delničarjev.
To this end, timely notice of the general meeting should be given and shareholders should be provided with the complete information to be submitted to the general meeting.
Delničarji naj bi načeloma tudi imeli možnost dodati točke na dnevni red skupščine delničarjev in predložiti sklepe o točkah tega dnevnega reda , brez poseganja v kakršna koli pravila o omejevanju širjenja nezakonitega in obrekovalnega materiala in o sposobnosti družbe, da zavrne širjenje takšnega materiala.
Shareholders should, in principle, also have the possibility to add items to the meeting agenda and to table resolutions on items on that agenda , without prejudice to any rules concerning restricting the distribution of illegal and defamatory material and companies' ability to refuse to circulate such material.
Moderne tehnologije omogočajo takojšen dostop do informacij pred in po skupščini delničarjev ter dopuščajo aktivno sodelovanje na skupščini delničarjev brez fizične prisotnosti .
Modern technologies allow information to be instantly available before and after a general meeting as well as active participation in the general meeting without the need for physical presence.
Takšne tehnologije je treba izkoristiti.
Such technologies should be exploited .
(6a) Da bi povečali udeležbo delničarjev na skupščinah delničarjev in jim omogočili sprejemanje informiranih odločitev, bi morali ti razumeti vabilo in besedila, predložena skupščini delničarjev.
(6a) To increase shareholder participation in general meetings and enable shareholders to take informed decisions, they should be able to understand the convocation and the texts submitted to the general meeting.
Komisija bi zato morala pripraviti priporočilo glede jezikov, hkrati pa preprečiti obremenitev manjših družb, ki kotirajo na borzi in nimajo niti obsežne tuje delničarske baze, niti dejavno ne iščejo tujih naložb.
The Commission should therefore make recommendations concerning the languages used whilst at the same time avoiding burdens for smaller listed companies or companies that neither have a wide foreign shareholder base nor are actively seeking foreign investment.
Komisija bi se morala o tem vprašanju posvetovati z Evropskim parlamentom in svoje rezultate predstaviti v priporočilu najkasneje šest mesecev po sprejetju te direktive.
The Commission should consult the European Parliament on this issue and present its results in a recommendation within six months after the adoption of this Directive.
Te možnosti pa ne sme biti na drugih skupščinah, ki jih skliče družba, ponavadi za pridobitev soglasja delničarjev, ki je potrebno za izvedbo specifičnih transakcij ali financiranja, in na katerih je obširnejši pregled pomislekov in skrbi delničarjev verjetno neprimeren.
There should be no such opportunity at other general meetings called by the company, which are usually required to obtain necessary shareholders’ consent for aspects of a specific transaction or financing exercise and at which a wider review of shareholders’ concerns is unlikely to be appropriate.
Manjšina delničarjev mora imeti kljub temu v obdobju med letnimi skupščinami možnost sklica skupščine, če bi bila mnenja, da obširnejši pregled pomislekov in skrbi delničarjev to zahteva.
A minority of shareholders should, however, be able to requisition a general meeting if such wider review of shareholders' concerns is thought to be merited between annual general meetings.
Za pojasnilo pomembne razlike med letnimi skupščinami in drugimi skupščinami (izrednimi skupščinami) in različnih namenov teh dveh tipov skupščin.
To clarify the important distinction between companies’ annual general meetings and other general meetings (extraordinary general meetings) and the difference in purpose of the two types of meeting.
(6c) Za zagotovitev pristnega glasovanja delničarjev in preprečitev zlorabe glasovalnih pravic, povezanih z delnicami, ki jih posojajo institucionalni vlagatelji za finančne namene, bi morala Komisija oceniti prakso posojanja vrednostnih papirjev in njen učinek na upravljanje podjetij, se o tem vprašanju posvetovati z Evropskim parlamentom in pripraviti poročilo najkasneje šest mesecev po sprejetju te direktive v duhu kodeksa „International Corporate Governance Network Stock Lending Code of Best Practice of October 2005“.
(6c) In order to ensure genuine shareholder voting and prevent the misuse of voting rights linked to shares that are lent out by institutional investors for financial purposes, the Commission should assess the practices of securities lending and its effects on corporate governance, consult the European Parliament on this issue, and present a recommendation within six months after the adoption of this Directive, in the spirit of the International Corporate Governance Network Stock Lending Code of Best Practice of October 2005.
UVODNA IZJAVA 6 D (novo)
RECITAL 6 D (new)
(6d) Vsak delničar bi načeloma moral imeti možnost, da postavi vprašanja v zvezi s točkami na dnevnem redu skupščine delničarjev in prejme odgovor nanje.
(6d) Every shareholder should, in principle, have the opportunity to ask questions related to items on the agenda of a general meeting and to have them answered.
(7) Delničarji naj bi imeli na voljo tudi preproste metode glasovanja, ne da bi se jim bilo treba udeležiti skupščine delničarjev.
(7 ) Shareholders should have a choice of simple means to cast their votes without attending the shareholders meeting .
(7) Družbe, ki svojim delničarjem omogočajo elektronsko udeležbo na skupščini delničarjev, se pri tem ne bi smele soočati s pravnimi ovirami .
(7) Companies should face no legal obstacles in offering to their shareholders any means of electronic participation in a general meeting .
Glasovanje brez osebne udeležbe na skupščini delničarjev , po pošti ali v elektronski obliki, ne sme biti omejeno, razen z omejitvami, ki so potrebne za preverjanje identitete in za varnost komunikacij.
Voting without attending the general meeting in person, whether by correspondence or by electronic means , should not be subject to constraints other than those necessary for the verification of identity and the security of communications.