Beruflich Dokumente
Kultur Dokumente
EEIG
EEIG
SE - Introduction
Proposed SE Nordea SE
(before)
Nordea AB (Sweden)
Proposed SE Nordea SE
(after)
Nordea SE
Branch (Finland)
Branch (Danmark)
Branch (Norway)
SE History of proposals
1970/1975
1989/91
Political agreement on Nice Summit of the European
Council, December 2000
2001 Statute for a SE adopted + Directive on employee
participation
SE General provisions
SE General provisions
SE General provisions
Impossible if proceedings for winding up,
liquidation, insolvency or suspension of
payments or other similar proceedings
have been brought against it
Protection of public interest
SE Formation
SE Formation
SE Formation
1. An SE shall be governed:
Structure of the SE
An SE shall comprise:
Structure of the SE
- The 1975 Proposal contained detailed
provisions on (corporate governance)
remuneration, responsibilities, conflicting
interests, insider trading, and even
investigation procedure initiated by
minority shareholders;
- The 2001 SE Regulation is relatively
poor, as it is restricted to certain matters
only
SE and Corporate
Governance
SE Employee
participation
SE today
SE today
SE today Allianz SE
Example - Allianz Versicherungen AG
-
Leading motive
- Abolish supervision in each MS where a subsidiary resides
SPE
SPE - Background
SMEs
Compared to SE:
Minimum capital
Creation ab initio
National rules on private companies
SE - european company?
Contractural nature
No cross-border element
SPE Proposal
SPE Internal
organization
SPE Employee
representation
SUP
SUP
SUP
Formation:
Ex nihilo or conversion by legal continuity
Governed by natuional rules for private
limited liability companies
By natural or legal persons
SUP
Articles of association
Standard template
Registration on an SUP
Possibility of registration on line (to be
fully completed electronically)
Within 3 working days
Exhaustive list of documents (maximum
requirements for MS)
SUP
Single share
Share capital
at least 1 EUR (or national currency)
Distributions;
Balance-sheet test
Solvency statement
SUP
Structure
Decisions withoug GM
Directors
SUP
Structural changes
Case study
Car producing industries join forces in order to survive in a globalizing
world. To that end, lorry producer Plovdiv, a public limited company
registered and having headquarters in Bulgaria, enters into
negotiation with truck producer Cel Marul, a public limited company
registered and having headquarters in Rumania, with a view to
accomplishing a cross-border merger. Opinions differ in respect of the
question whether after the merger has been accomplished either of
both companies should remain, or whether the amalgamation of the
two companies should result in a new company.
(b) Suppose that the Rumanians fear for a dominant position of Plovdiv
plc. What, in order to create more balance between the two merging
companies, would be an alternative way to merge?
Source: Dr. S.F.G. Rammeloo December 2009 , European Company Law (3) EU Law
Business formats EEIG; SE; (future) SPE
Reading materials
Obligatory reading
Further reading
Abraham, M., Pascal, E. La SE: le regime juridique fixe par les textes
communautaires, PA, 27 mai 2004, no. 106
Aitken, Morgan Societas Europaea: is tax an incentive or a barrier?, European
Business Review, 6/04
Avagianou, A. The SE Statute, ELSA Selected Papers on European Law 2002 (2),
http://www.elsa.org/publications/spel_02_2.html
Bartman, Steef Editorial: The SPE Revolution, Volume 5, Issue 6, December 2008.
de Kluiver, H-J., Editorial: (Re)Considering the SPE, European Company law, vol.
5, issue 3, June 2008
di Luigi, C. An invasive top-down harmonisation or a respectful framework model
of national laws? A critique of the SE, International Company and Commercial Law
Review, vol. 19, issue 2, 2008.
Drury, R. A European Private Company?, International and Comparative
Corporate Law Journal, vol. 3, issue 2, 2001
Drury, R. The European Private Company, EBOLR, 9. 2008
Ebke, W. Die Europische Aktiengesellschaft ist da - und jetzt?
Die SE muss sich auf dem "Markt der Gesellschaftsrechtsordnungen" durchsetzen,
Europisches Wirtschafts- und Steuerrecht, Heft 01/2002
Edwards, V. The European Company Essential tool or eviscerated dream?,
Common Market Law Review, 2003
Reading materials