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Agenda: 1. Introduction, background and recent history 2. Main Components:

British Institute of International and Comparative Law Workshop on Shareholder Rights,6 July 2005 Introduction by Professor Jonathan Rickford, Director, Company Law Centre. Agenda: 1. Introduction, background and recent history 2. Main Components: Company/Shareholder: ID, comms., actions

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Agenda: 1. Introduction, background and recent history 2. Main Components:

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  1. British Institute of International and Comparative LawWorkshop on Shareholder Rights,6 July 2005Introduction by Professor Jonathan Rickford,Director, Company Law Centre Agenda: 1. Introduction, background and recent history 2. Main Components: • Company/Shareholder: ID, comms., actions • Stock-lending • Depositary receipts • GM information • GM participation - share blocking; “questions”; requisitions; and voting • Voting and intermediaries • GM Feedback 3. Summary/Conclusion BIICL Workshop Shareholder Rights jbkr 6-05

  2. 2. Background, History etc • UK: CLR - general orientation • EU:Winter - Takeovers (silent dog?) • Commission Action Plan • Commission Consultations • Expectations • Preliminary: Scope = Listed Cos BIICL Workshop Shareholder Rights jbkr 6-05

  3. 3. Company/“Shareholder”: ID, Comms, Actions • UK - CLR, section 360 and DTI WP • EU - Winter Group and EC (1) “ultimate investor” • Current EC position • Merits? BIICL Workshop Shareholder Rights jbkr 6-05

  4. 4. Stock Lending • Legal Character in UK • Merits • Risks? Locusts? • Commission proposals BIICL Workshop Shareholder Rights jbkr 6-05

  5. 5. Depositary receipts • Legal Nature and risks • Commission Proposal • Merits? BIICL Workshop Shareholder Rights jbkr 6-05

  6. 6. General Meeting: Information • UK CLR Proposals: ?AGM; mode, timing, content • UK DTI WP • EC proposals notice timing;notice content;supplementary information;dissemination, language etc;web use BIICL Workshop Shareholder Rights jbkr 6-05

  7. 7. GM Participation • Share-blocking, record dates, electronic presenceUK law/practice; EC proposals • “Questions” • Requisitions - DTI, EC, proposals; • Remote voting and proxies BIICL Workshop Shareholder Rights jbkr 6-05

  8. 8. Intermediaries and Voting • EC proposals: defining Intermediaries registering “nominees” “powers of attorney” “voting on instructions” BIICL Workshop Shareholder Rights jbkr 6-05

  9. 9. GM Feedback • UK proposals CLR, DTI publicity audit • EC proposals website publicity BIICL Workshop Shareholder Rights jbkr 6-05

  10. 10. Summary/Conclusion Key Issues for UK players? • Ultimate Investor • Stock-lending • Questions • Intermediaries BIICL Workshop Shareholder Rights jbkr 6-05

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