ABSTRACT

The amended EU Shareholder Rights Directive introduces a comprehensive regime of ex ante review for potentially conflicted transactions between listed companies and ‘related parties’ (major shareholders, managers, and others). If considered material, these transactions will have to be evaluated in advance by the board of directors, the shareholders' meeting, or the stock market. The most important choice to be made by member states in implementing the directive concerns the definition of ‘materiality’. We use hand-collected data based on IAS 24 reporting of related party transactions to estimate the number of German companies affected by quantitative materiality thresholds based on accounting assets, sales, market capitalisation, and other financials. One important recommendation derived from the analysis is to use more than one single quantitative test to define material related party transactions.

摘要

修订后的《欧盟股东权利指令》引入了全面的事前审查制度，以应对上市公司与“关联方”（主要股东，经理等）之间潜在冲突的交易。如果认为这些交易很重要，则必须事先由董事会，股东大会或股票市场评估这些交易。成员国在执行该指令时要做出的最重要选择涉及“重要性”的定义。我们使用基于IAS 24关联方交易报告的手工收集的数据来估计受会计资产，销售，市值和其他财务因素影响的定量重要性阈值影响的德国公司的数量。