Shareholder Rights and Activism Review

29 Pages·2017·0.29 MB·English

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The Shareholder Rights and Activism Review
Reproduced with permission from Law Business Research Ltd.
This article was first published in The Shareholder Rights and Activism Review, -
Edition 2
(published in September 2017 – editor Francis J Aquila)
For further information please email
[email protected]
Shareholder
Rights and
Activism
Review
Second Edition
Editor
Francis J Aquila
l r
aw eviews
PUBLISHER
Gideon Roberton
SENIOR BUSINESS DEVELOPMENT MANAGER
Nick Barette
BUSINESS DEVELOPMENT MANAGERS
Thomas Lee, Joel Woods
ACCOUNT MANAGERS
Pere Aspinall, Sophie Emberson,
Laura Lynas, Jack Bagnall
PRODUCT MARKETING EXECUTIVE
Rebecca Mogridge
RESEARCHER
Arthur Hunter
EDITORIAL COORDINATOR
Gavin Jordan
HEAD OF PRODUCTION
Adam Myers
PRODUCTION EDITOR
Anna Andreoli
SUBEDITOR
Robbie Kelly
CHIEF EXECUTIVE OFFICER
Paul Howarth
Published in the United Kingdom
by Law Business Research Ltd, London
87 Lancaster Road, London, W11 1QQ, UK
© 2017 Law Business Research Ltd
www.TheLawReviews.co.uk
No photocopying: copyright licences do not apply.
The information provided in this publication is general and may not apply in a specific situation, nor
does it necessarily represent the views of authors’ firms or their clients. Legal advice should always
be sought before taking any legal action based on the information provided. The publishers accept
no responsibility for any acts or omissions contained herein. Although the information provided is
accurate as of August 2017, be advised that this is a developing area.
Enquiries concerning reproduction should be sent to Law Business Research, at the address above.
Enquiries concerning editorial content should be directed
to the Publisher – [email protected]
ISBN 978-1-910813-84-3
Printed in Great Britain by
Encompass Print Solutions, Derbyshire
Tel: [phone]
l r
aw eviews
THE MERGERS AND ACQUISITIONS REVIEW
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ACKNOWLEDGEMENTS
The publisher acknowledges and thanks the following law firms for their learned assistance
throughout the preparation of this book:
BAKER & MCKENZIE – CIS, LIMITED
BOWMANS
DARROIS VILLEY MAILLOT BROCHIER
DE BRAUW BLACKSTONE WESTBROEK NV
HERBERT SMITH FREEHILLS
HOMBURGER AG
KHAITAN & CO
MANNHEIMER SWARTLING
MARVAL, O’FARRELL & MAIRAL
MORGAN LEWIS STAMFORD LLC
MORI HAMADA & MATSUMOTO
NAUTADUTILH
SULLIVAN & CROMWELL LLP
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CONTENTS
PREFACE ...........................................................................................................................................................v
Francis J Aquila
Chapter 1 ARGENTINA ........................................................................................................................1
Bárbara Ramperti, Diego Krischcautzky and Lorena Aimó
Chapter 2 AUSTRALIA ........................................................................................................................12
Quentin Digby and Timothy Stutt
Chapter 3 FRANCE ..............................................................................................................................26
Jean-Michel Darrois, Bertrand Cardi and Forrest G Alogna
Chapter 4 INDIA ..................................................................................................................................36
Nikhil Narayanan
Chapter 5 JAPAN ..................................................................................................................................45
Akira Matsushita
Chapter 6 LUXEMBOURG .................................................................................................................57
Margaretha Wilkenhuysen and Steven van Waas
Chapter 7 NETHERLANDS ...............................................................................................................68
Paul Cronheim, Willem Bijveld and Frank Hamming
Chapter 8 RUSSIA ................................................................................................................................85
Max Gutbrod
Chapter 9 SINGAPORE .......................................................................................................................91
Lee Suet-Fern and Elizabeth Kong Sau-Wai
Chapter 10 SOUTH AFRICA .............................................................................................................100
Ezra Davids and Xolani Ntamane
iii
Contents
Chapter 11 SWEDEN...........................................................................................................................110
Eva Hägg and Patrik Marcelius
Chapter 12 SWITZERLAND ..............................................................................................................120
David Oser and Karin Mattle
Chapter 13 UNITED KINGDOM .....................................................................................................130
Gavin Davies and Mark Bardell
Chapter 14 UNITED STATES ............................................................................................................143
Francis J Aquila
Appendix 1 ABOUT THE AUTHORS ...............................................................................................155
Appendix 2 CONTRIBUTING LAW FIRMS’ CONTACT DETAILS...........................................163
iv
Chapter 7
NETHERLANDS
Paul Cronheim, Willem Bijveld and Frank Hamming1
I OVERVIEW
Shareholder activism is a hot topic in many Dutch boardrooms. In 2017 alone, several
activist campaigns aimed at Dutch companies made headlines in the Netherlands as well as
abroad. Discussions between boards and shareholders on matters such as strategy, corporate
governance and executive compensation are a regular feature within Dutch listed companies.
This chapter gives an overview of the Dutch regulatory and legal framework in which listed
companies and their shareholders operate, points out the key trends concerning shareholder
activism in the Dutch market, and zooms in on a few topical battles between companies and
activist shareholders.
II LEGAL AND REGULATORY FRAMEWORK
i Primary sources of law, regulation and practice
Dutch Civil Code
Book 2 of the Dutch Civil Code (DCC) is the primary source of law with regard to Dutch
corporate law. As such, the DCC also covers the rights and duties of, and the division of
powers between, the (one or two-tier) board and the general meeting of shareholders.
Dutch Corporate Governance Code
The Dutch Corporate Governance Code complements the DCC as it lays down principles
and best practice provisions that regulate the relationship between the board and the general
meeting. The Corporate Governance Code was revised in December 2016. The new Corporate
Governance Code places greater focus on long-term value creation for the company and
its business, which fits into the Dutch stakeholder model of corporate governance. The
Corporate Governance Code applies on a comply-or-explain basis to, briefly stated, all Dutch
listed companies.
Dutch Financial Markets Supervision Act and Market Abuse Directive
The Dutch Financial Markets Supervision Act (FMSA) contains, among others, disclosure
obligations for listed companies, major shareholders and board members, and rules on
1 Paul Cronheim is a partner, and Willem Bijveld and Frank Hamming are senior associates at De Brauw
Blackstone Westbroek NV. The authors have been involved in several cases described or referred to in this
chapter. The authors do not express an opinion on these cases. This chapter takes into account events and
developments in the Netherlands until 16 August 2017.
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