Traduction de «Unique actionnaire » (Français → Anglais) :

DSB is still involved in activities where it faces competition, both in Denmark and abroad. This can cause problems, since the DSB’s competitive position may be strengthened by the fact that it is in state ownership.

1b. Apart from the limitations expressly permitted in paragraphs 1 and 1a, Member States may not restrict or allow companies to restrict the exercise of shareholder rights through proxy holders for any purpose other than to address potential conflicts of interest between the proxy holder and the shareholder, in whose interest the proxy holder is bound to act, and in doing so Member States may not impose any requirements other than the following:

1a. The use of electronic means for the purpose of enabling shareholders to participate in the general meeting may be made subject only to such requirements and constraints as are necessary in order to ensure the identification of shareholders and the security of the electronic communication, and only to the extent that they are proportionate to achieving those objectives.

Corporate governance is presented as a problem confined solely to relations between shareholders and management, as if a business were a body solely concerned with shareholders’ interests.

3. Disputes the position taken by the Commission that ‘shareholders own companies’ and thus should have absolute veto rights on major decisions. Tends to prefer the continental European view that shareholders own shares, notes that they often have a restricted focus on their own financial interests at the stock market, whereas the one-tier or two-tier managements of companies have a broader mission than only making profits for their shareholders; and urges a more fundamental debate about the ownership-control relationship and the European traditions of company law, and a more in-depth analysis of the impact of the major differences in c ...[+++]ompany financing in Europe, particularly between the Anglo-Saxon tradition, where a dispersed share ownership via the financial markets is dominant, and the continental tradition characterised by a major role for banks and majority shareholders.

As such, it was an independent entity with nominal capital of DEM 100 million (EUR 50 million) and the Land of North Rhine-Westphalia as the sole shareholder.