“eu shareholder rights directive: effects and practical solutions” january 12, 2011...
TRANSCRIPT
“EU Shareholder Rights Directive: Effects and Practical Solutions”
January 12, 2011
“Globalization on the march!”Panayotis Dracos
President and CEOUnion Of Listed Companies
European Issuers
15 Countries Represented:
Austria France Poland
Belgium Germany Portugal
Bulgaria Greece Spain
Cyprus Italy Switzerland
Finland Netherlands United Kingdom
www.eneiset.gr Union of Listed Companies Panayotis Dracos
Globalization on the march, part I U.S. Securities and Exchange Commission • Committee of European Securities Regulators or CESR, • European System of Securities and Markets or ESMA
The U.S. Financial Accounting Standards Board (FASB) • International Accounting Standards Board (IASB)
The U.S. Federal Trade Commission (FTC)• European Union (E.U.) Competition Commission
www.eneiset.gr Union of Listed Companies Panayotis Dracos
Globalization on the march, part II There are 65 Shipping Companies of Greek interests
• Most of them listed in NYSE or Nasdaq
• Three are listed in London
• Three, in coastal shipping, quoted in Athens
• One in Milan, Italy
BUT the top 6 banks, and 35 of the top 40, that finance shipping are European!!
• Of $500 billion of ship financing, $ 275 billion have been provided by the first 29 European banks!
• While five Greek banks which list as 30th and 35th thru 38th between them, supply an additional $13 billion to ship financing!
• Beyond any doubt this is unmistakable proof of globalization on the march!
www.eneiset.gr Union of Listed Companies Panayotis Dracos
Codes, Rules and Regulations under constant revision and harmonization, Part I
Market regulations:• Market Abuse• Prospectus• Transparency and • MiFID directives
Shareholder rights Shareholder transparency and identification Corporate governance
www.eneiset.gr Union of Listed Companies Panayotis Dracos
Codes, Rules and Regulations under constant revision and harmonization, Part II Accounting standards Financial reporting Corporate social responsibility Corporate governance reporting Credit rating company rules Certified public accountant rules Banking and insurance capital adequacy rules Clearing and settlement rules and infrastructures
(including T2S initiative)
www.eneiset.gr Union of Listed Companies Panayotis Dracos
“EU Shareholder Rights Directive: Effects and Practical Solutions”
January 12, 2011
“Globalization on the march!”Panayotis Dracos
President and CEOUnion Of Listed Companies