Recent trends in the remuneration of executives and directors
Corporate Finance Lab
by Tom Vos
3w ago
Over the last few years, remuneration in public companies has received considerable attention in both academic and public discourse. Several national and international initiatives have reformed remuneration practices to achieve various objectives, including improving shareholder engagement, encouraging active monitoring by (independent) directors, achieving corporate sustainability, and incentivising long-term value creation. Although these trends have had a significant impact on practice, large differences in remuneration practices still exist. On the afternoon of 23 May 2024, the Jean-Pierre ..read more
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Verjaringstermijn voor rechtsvorderingen tegen vennoten strijdig met art. 10 en 11 van de Grondwet
Corporate Finance Lab
by Jasper Van Eetvelde
2M ago
In een arrest van 1 februari 2024 heeft het Grondwettelijk Hof geoordeeld dat het verschil in de verjaring van rechtsvorderingen ten aanzien van vennoten en ten aanzien van bestuurders de grondwettelijke gelijkheidgelijkheidstoets schendt. Achtergrond Krachtens art. 198, §1 eerste streepje W.Venn. (thans art. 2:143, §1, tweede streepje WVV) verjaren alle rechtsvorderingen tegen vennoten door verloop van vijf jaren, te rekenen van de bekendmaking hetzij van hun uittreding[1] hetzij van de akte van ontbinding van de vennootschap, of te rekenen van het verstrijken van de overeengekomen duur. Conc ..read more
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De werknemer: een onderbelicht slachtoffer van de afschaffing van de immuniteit van de uitvoeringsagent
Corporate Finance Lab
by Joeri Vananroye
4M ago
Het ziet er dus naar uit dat er een politieke meerderheid (misschien zelfs consensus) bestaat omtrent de afschaffing van de immuniteit van de uitvoeringsagent. Zie de post van Roodhooft van gisteren. In kort komt de tekst goedgekeurd in de Commissie Justitie hier op neer: De immuniteit van de uitvoeringsagent wordt afgeschaft: de hoofdschuldeiser kan dus de uitvoeringsagent van zijn hoofdschuldenaar aanspreken indien die een onrechtmatige daad begaat in de uitvoering van de hoofdovereenkomst; De uitvoeringsagent kan de excepties inroepen uit de verhouding tussen hoofdschuldeiser en hoofdschul ..read more
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The flip side of the coin: how entrepreneurship‑oriented insolvency laws can complicate access to debt financing for growth firms
Corporate Finance Lab
by Niels Appermont
7M ago
Policymakers strive to create legislation that promotes entrepreneurship, as it influences individuals’ propensity to start new ventures. While research extensively covers the effects of tax and interest policies on entrepreneurship, the impact of insolvency laws remains underexplored in law and economics scholarship. In our paper entitled “The flip side of the coin: how entrepreneurship‑oriented insolvency laws can complicate access to debt financing for growth firms”, we examine the changes in the use of debt for growth firms, using the recent reform of Belgian insolvency and company law in ..read more
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Intra-Group Financing and Enterprise Group Insolvency: Problems, Principles and Solutions
Corporate Finance Lab
by Corporate Finance Lab
7M ago
‘Entity separateness should not result in complete entity insulation‘ Ilya Kokorin 1. Economic and legal realities of corporate groups The enterprise group is one of the primary forms of organising economic activity. In fact, virtually every major firm is organised as a group. From early precursors of business groups, such as the Medici system of partnerships of the 15th-16th centuries and the European colonial trading empires of the 17th centuries (e.g. Dutch and English East India Companies), to the emergence at the end of the 19th century of the first modern groups of companies characte ..read more
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Authorizations to issue shares and disapply pre-emption rights in the UK, Belgium and France: law, economics and practice
Corporate Finance Lab
by Tom Vos
8M ago
In Europe, shareholder approval and pre-emption rights have traditionally fulfilled an important role in protecting shareholders in listed corporations against excessive dilution in share issuances. However, these protections also make it costlier and slower to raise capital through share issuances. That is why countries generally allow shareholders to authorize the board of directors to issue shares without shareholder approval and without pre-emption rights – within certain limits. The protection offered by pre-emption rights and shareholder approval therefore depends on the extent to w ..read more
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The new Belgian restructuring plan for large enterprises: debt-to-equity swap
Corporate Finance Lab
by Corporate Finance Lab
11M ago
The long anticipated law of 7 June 2023 implementing the European Directive on restructuring and insolvency brings about a major reform of Belgian insolvency law. Among various other innovations, it introduces a new judicial reorganisation through collective agreement for large enterprises. The new law will apply to all procedures opened as from 1 September 2023. In this second of two blog posts (see first here), we will examine to which extent creditors can seek to impose a debt-to-equity swap on shareholders within the new judicial reorganisation for large enterprises. For reference: debt-to ..read more
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The new Belgian restructuring plan for large enterprises: secured creditors no longer entitled to the reorganisation value
Corporate Finance Lab
by Corporate Finance Lab
11M ago
The long anticipated law of 7 June 2023 implementing the European Directive on restructuring and insolvency brings about a major reform of Belgian insolvency law. Among various other innovations, it introduces a new judicial reorganisation through collective agreement for large enterprises.[1] The new law will apply to all procedures opened as from 1 September 2023. What does this reform mean for secured creditors? In this first of two blog posts, we will examine the “value” to which secured creditors are entitled under the new judicial reorganisation through collective agreement for large ent ..read more
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Short-termism in European corporate governance
Corporate Finance Lab
by Tom Vos
1y ago
Conference organized by University of Antwerp, Harvard Law School and ECGI on 30 May Short-termist behavior by corporations is often seen as a large societal problem. For example, Joe Biden wrote in a 2016 op-ed for the Wall Street Journal: “Short-termism […] is one of the greatest threats to America’s enduring prosperity”.  However, the debate on short-termism has so far largely focused on possible short-termism in the US and the UK). Short-termism in European corporate governance has received much less attention. A notable exception is the 2020 EY study for the European Commission on “d ..read more
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Special Purpose Acquisition Companies: too Alternative to be an Alternative Investment Fund?
Corporate Finance Lab
by Corporate Finance Lab
1y ago
While Special Purpose Acquisition Companies (SPACs) made a comeback to the American stock markets in 2020, Euronext Amsterdam became the SPAC champion on the old continent, with 16 SPAC listings (FT, 17 February 2021). As we appear to be past the hype, burning legal questions to understand the legal landscape for alternative investment funds, and in particular European SPACs come to the fore. One of these questions is whether European SPACs are subject to the Alternative Investment Fund Managers Directive (AIFMD)? There is no clear answer to this question. In this article, I will try to summar ..read more
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