The Shareholders Rights Directive (SRD II) is aimed at tackling corporate governance shortcomings relating to listed companies and their boards, shareholders (institutional investors and asset managers), intermediaries and proxy advisors (e.g., firms providing services to shareholders, notably voting advice). The Directive made it easier for shareholders to use their existing rights over companies and likewise enhance those rights where necessary.

The SRD has been adopted in 2017 and transposed into national legislations & fully applicable since 2019. In 2023, the Commission requested EBA and ESMA to identify areas for further progress and detailed policy suggestions regarding the Directive’s effectiveness. The subsequent report prepared by EBA and ESMA will serve as basis for the upcoming work of the European Commission in assessing the implementation of the SRD II and for the potential review process of the SRD II.

Deutsche Börse Group welcomes solutions that ensure shareholders are more engaged, better hold the management of the company accountable, and act in the long-term interests of the company.

For further information on Deutsche Börse Group’s positioning on the matter, find our statements and position papers under Publications.