State Intervention and the Rights of Shareholders

18.01.2017 NL law

In its judgment dated 8 November 2016, the European Court of Justice (the “ECJ”) decided the issue of whether the Irish government violated certain fundamental provisions of corporate law by (i) increasing the capital, lowering the nominal value and amending the articles of association of Permanent TSB plc, formerly Irish Life and Permanent plc (“ILP”), a credit institution operating in Ireland, without the approval of ILP’s shareholders, and (ii) issuing new shares without respecting the pre-emptive rights of ILP’s existing shareholders.

The ECJ ruled that the rights that shareholders have pursuant to the Second Council Directive 77/91/EEC do not preclude a measure that is adopted where there is a serious disturbance to the economy and the financial system of a Member State that threatens the financial stability of the European Union.

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