Regulation of shareholder rights from the first and second shareholder rights directive in the United Kingdom and Slovenia

Magistrsko delo obravnava pravice delničarjev, ki izhajajo iz 1. in 2. delničarske direktive, pri čemer je poudarek dan na njihovo implementacijo v dveh državah članicah Evropske unije – Združenem kraljestvu in Sloveniji. Urejanje pravic delničarjev družb, ki kotirajo na borzi, se je na ravni Evropske unije začelo na začetku 21. stoletja, ko je Evropska komisija leta 2007 sprejela 1. delničarsko direktivo (v nadaljevanju: 1. Direktiva) o uveljavljanju določenih pravic delničarjev. V istem obdobju je svetovna finančna kriza že spodbudila razmisleke o potrebi po dodatni regulaciji ter reviziji 1. Direktive, kar se je realiziralo leta 2017 z 2. delničarsko direktivo (v nadaljevanju: 2. Direktiva) glede spodbujanja dolgoročnega sodelovanja delničarjev. V osrednjem delu je najprej obravnavana prva delničarska direktiva, vključno s sistematičnim pregledom njene vsebine. Šest ključnih področij, ki jih ureja, je najprej predstavljenih v kontekstu same direktive, nato pa je predstavljena še njihova normativna ureditev v Združenem kraljestvu ter v Sloveniji, kjer je hkrati podana tudi primerjava med obema sistemoma. Na kratko je podana tudi predstavitev okoliščin, ki so pripeljale do revizije 1. Direktive. Nenazadnje je po enakem sistemu kot 1. Direktiva obravnava še 2. Direktiva, od analize njenih določb do primerjave implementacije v Združenem kraljestvu in Sloveniji. Avtorica je v delu ugotovila, da so bile za implementacijo obeh direktiv večje spremembe potrebne v Sloveniji, saj domača zakonodaja nekaterih institutov sploh ni urejala. Čeprav Slovenija še ni implementirala 2. Direktive, je iz predloga novele ZGD-1K razvidno, da bo določena področja potrebno urediti povsem na novo. Spremembe zakonodaje Združenega kraljestva so bile znatno manjše, kar gre deloma pripisati temu, da je Združeno kraljestvo že imelo zelo razvit zakonodajni okvir, ki je urejal večino institutov, deloma pa temu, da je tekom postopka sprejemanja direktiv Združeno kraljestvo izkoristilo svoj vpliv znotraj Evropske unije in ugovarjalo vrsti predlaganih določb, ter doseglo njihovo predrugačenje ali pa izključitev iz končnega besedila direktiv.The master\u27s thesis deals with shareholder rights from the 1st and 2nd Shareholder Rights Directive, and their implementation in two Member States – the United Kingdom and Slovenia. The regulation of rights of shareholders in listed companies began at the European Union level in the beginning of the 21st century, when the European Commission adopted the 1st Shareholder Rights Directive on the exercise of certain rights of shareholders in listed companies in 2007. Around the same time, the global financial crisis prompted a debate on the need for additional regulation of this area and on the revision of the 1st Directive, which was realized in 2017 with a 2nd Shareholder Rights Directive regarding the encouragement of long-term shareholder engagement. The central part of the thesis firstly deals with the 1st Shareholder Rights Directive, including a systematic overview of its content. The six key areas from the 1st Directive are firstly presented in the context of the Directive itself, followed by an overview of their implementation in the United Kingdom and Slovenia with a comparison between both systems. Secondly, there is a brief presentation of the circumstances that led to the revision of the 1st Directive. Finally, the same systematic approach as for the 1st Directive is used for the 2nd Directive, including an analysis of its provisions and the comparison of their implementation in the United Kingdom and Slovenia. The author concluded that with respect to the implementation of both Directives, greater changes were required in Slovenia, since the domestic legislation did not even deal with certain issues. Although Slovenia has not yet implemented the 2nd Directive, it is clear from the proposed amendment ZGD-1K that certain areas will have to be regulated from scratch. On the other hand, the changes of the United Kingdom legislation were significantly smaller, which can be contributed in part to the fact that the United Kingdom already had a highly developed legislative framework, and in part to the fact that during the adoption procedure of both Directives, the United Kingdom exercised its influence within the European Union and objected to several proposed provisions, ultimately succeeding in changing or excluding them from the final text of the Directives