A Harmonising Step Too Far

– A Comment on the Proposal for a Directive on Multiple Voting Rights in SME

i Nordisk Tidsskrift for Selskabsret
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TheEuropean Commission presented a package of proposals to strengthen the Capital Market Union. The main proposals concern a reform of the regulation in EU law of listing and they contain many good initiatives to reform the current regulation that forms the backbone of EU securities trading. However, the package also contains a proposal for a directive to introduce multiple voting shares in all Member States for national SMEs that seek admission to an SME growth market. The article focuses on the latter directive proposal and argues that contrary to the main proposals on a listing, harmonisation is unwarranted in this area of national law on corporate governance.



Professor, Dr. Jur. & LL.M., University of Copenhagen, Faculty of Law.

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