Clifford Chance

Implementation of SRD II in Romania

31 July 2020

The Romanian law no. 158/2020 which implements Directive (EU) 2017/828 amending Directive 2007/36/EC (the "Shareholder Rights Directive II" or "SRD II") as regards the encouragement of long-term shareholder engagement was published in the Official Gazette of Romania no. 673 on 29 July 2020.

The principal objectives of the newly adopted law are to establish requirements in relation to enabling listed companies identification of their shareholders and the exercise of certain shareholder rights attached to voting shares in general meetings of such issuers.

The new law also establishes specific requirements to encourage shareholder engagement, in particular for the long-term, as well as certain requirements in relation to remuneration policies to be established as regards the directors.

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