The financial investment companies (SIFs) Banat-Crisana and Moldova have convened General Meetings of Shareholders to modify their statute in line with new legislation relating to the capital market.
The proposals submitted by Banat-Crisana do not include, however, modification of the 0.1% ceiling relating to the maximum share an investor can hold in the company. On the other hand, the National Securities Commission (CNVM) is likely to disagree with the ceiling being retained within the statute.
SIF Moldova is yet to announce its proposed modifications to shareholders, but SIF Banat-Crisana will only propose minor modifications to the statute in terms of object of activity, stock market trading, attributions and distance voting in the General Meetings.
Brokers do not expect other SIFs to propose statute modifications to their shareholders. In line with legal provisions, the other three SIFs, Transilvania, Muntenia and Oltenia, will join Banat-Crisana and Moldova by the end of this month.
By law, CNVM must approve SIF statutes and might not agree to limiting investor participation, especially if shareholders cannot make decisions during their general meetings. Due to the broad spread in shareholder structure, with almost 9 million shareholders in each SIF, it is highly unlikely that enough shareholders will attend the AGA for a decision to be made. This means that statute modifications will have to be enforced by Management Boards with the approval of CNVM.
"Statute approval will depend on the vote of the Commission. I, personally, will not accept imposition of a holding ceiling because this is not a constitutional move. Everybody's rights should be in direct proportion to the amount of shares they have bought," Paul Miclaus, CNVM commissioner, told Ziarul Financiar.
For the statute to be modified, those shareholders who own at least half of the total number of shares should be present at the second convening of the general meeting, and two thirds of these must vote in favour of the modifications.
The existence of the 0.1% ceiling on investor participation in a SIF represents a hindrance to a better concentration of SIF shareholder structure and tighter control of the company activity by shareholders.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
