1. 13 March 2008 The changing landscape of corporate law Bas Visée

2. I. European developments 1.Take-over Directive 2.Cross-border Merger Directive 3.European Private Company 4.Amendment Second Directive 5.Shareholders Rights Directive 6.Amendment Third and Sixth Directive

3. 1. Take-over Directive (2004/25/EC)  mandatory bid  strong reluctance to lift take-over barriers

4. 2. Cross-border Merger Directive (2005/56/EC)  SE Statute  Sevic

5. 3. European Private Company  European Economic Interest Grouping (EEIG):1989  European Public Company (SE): 2004  European Cooperative Company (SCE): 2006  European Private Company (SPE):?

6. 4. Amendment Second Directive (2006/68/EC)  Simplification of capital maintenance regime for public limited liability companies  Acquisition of own shares no longer limited to 10%

7. 5. Shareholders Rights Directive (2007/36/EC)  information prior to general meeting of listed companies  right to put items on the agenda At least 8 daysAt least 21 days convocation record date GMS

8. 6. Amendment Third and Sixth Directive (2007/63/EC)  Cross-border Merger Directive: exemption from requirement of independent expert’s report if all shareholders agree  Introduction of similar exemption in respect of national mergers and divisions

9. II. Dutch Developments ( 1) Trade Register Act 2007 (2) Bills for new partnership law (3) Bill on simplification of the law applicable to B.V.’s (4) Draft-bills corporate governance (5) Draft-bill not-for-profit company

10. 1.Trade Register Act 2007 (Stb. 2007, 153)  conversion into “basisregister”  also for public law legal entities

11. 2.Bills for new partnership law (EK 28.746-31.065)  new classification of partnerships  legal personality

12. 3.Bill on simplification of the law applicable to B.V.’s (TK 31.058)  Arnout Stroeve

13. 4.Draft-bills corporate governance  Opinion works councils of N.V.’s on executive pay  Recommandations in May 2007 report of Monitoring Commission Corporate Governance taken over by government

14. 5.Draft-bill not-for-profit-company  “maatschappelijke onderneming”  new legal entity for semi-public- sector: hospitals, schools, universities

15. Conclusion Never a dull moment when wandering through the corporate landscape Bas Visée corporate partner b.visee@houthoff.com