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Review of the Shareholder Rights Directive (SHRD)

The proposal to revise the existing Shareholder Rights Directive would tackle corporate governance shortcomings relating to listed companies and their boards, shareholders (institutional investors and asset managers), intermediaries and proxy advisors (i.e. firms providing services to shareholders, notably voting advice).


The proposals would both make it easier for shareholders to use their existing rights over companies and enhance those rights where necessary. This would help ensure shareholders were more engaged, better hold the management of the company to account and act in the long-term interests of the company.

The Review shall:

  • contribute to the long-term sustainability of EU companies,
  • create an attractive environment for shareholders,
  • enhance cross-border voting by improving efficiency of the equity investment chain,
  • contribute to growth, jobs creation and EU competitiveness,
  • create a better link between pay and performance of company directors,
  • enhance transparency and shareholder oversight on related party transactions,
  • ensure reliability and quality of advice of proxy advisors,
  • improve shareholder identification,
  • facilitate transmission of cross-border information across the investment chain,
  • increase transparency of costs, and
  • increase engagement of asset owners and asset managers.

Time line

11 July 2007: the Directive on the Exercise of Certain Rights of Shareholders in Listed Companies (2007/36/EC) of the European Parliament and of the Council

9 April 2014: European Commission Proposal for a Directive amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement  and Directive 2013/34/EU as regards certain elements of the corporate governance statement

The political debate is ongoing.

SHRD: the highlighted parts of the value chain are affected

Clearstream: Proxy Voting Service

Staff Clearstream

Our Proxy Voting Service covers all Clearstream proxy voting markets and eligible instrument types, including Eurobonds and investment funds shares, together with Institutional Shareholder Services (ISS).

Shareholders' rights in EU companies: Council formal adoption


The council adopted a directive aimed at strengthening shareholders' engagement in big European companies. The directive will encourage transparent and active engagement by shareholders of listed companies by reviewing the current Shareholders' Rights Directive (2007/36/EC).

Legal basis

Find the most recent legal text on this regulation here.