Shares in the EMCA : the time is ripe for true no par value shares in the EU, and the 2nd directive is not an obstacle

The most interesting proposal in the draft European Model Companies Act ( EMCA) concerning shares and the focus of this Article is the recommendation to introduce true no par value shares, as they have been in use in the US for many years and were introduced in Australia, New Zealand but also Finland more recently. Contrary to what has often been assumed, the 2nd EU Company Law Directive does not preclude no par value shares. There is nothing in the wording of the Directive to suggest otherwise, and the reference in the Directive to shares without a nominal value is a reference to Belgian law, which has allowed true no par value shares in all but name since at least 1913. EU member states could therefore introduce such shares even for public companies. True no par value shares offer a far more flexible framework in case of capital increases or mergers, but since under a no par value system there is no link between par value and shareholder rights, additional disclosure about these rights might be warranted under a no par value system. Traditional par value shares offer no protection to creditors, shareholders or other stakeholders, so that their abolition should not be mourned. The threat of new share issues at an unacceptably high discount is more efficiently countered by disclosure and shareholder decision rights

Shares in the EMCA : the time is ripe for true no par value shares in the EU, and the 2nd directive is not an obstacle

The most interesting proposal in the draft European Model Companies Act ( EMCA) concerning shares and the focus of this Article is the recommendation to introduce true no par value shares, as they have been in use in the US for many years and were introduced in Australia, New Zealand but also Finland more recently. Contrary to what has often been assumed, the 2nd EU Company Law Directive does not preclude no par value shares. There is nothing in the wording of the Directive to suggest otherwise, and the reference in the Directive to shares without a nominal value is a reference to Belgian law, which has allowed true no par value shares in all but name since at least 1913. EU member states could therefore introduce such shares even for public companies. True no par value shares offer a far more flexible framework in case of capital increases or mergers, but since under a no par value system there is no link between par value and shareholder rights, additional disclosure about these rights might be warranted under a no par value system. Traditional par value shares offer no protection to creditors, shareholders or other stakeholders, so that their abolition should not be mourned. The threat of new share issues at an unacceptably high discount is more efficiently countered by disclosure and shareholder decision rights

Improving NVQs: a report of the user forums

"1999 is the second consecutive year that QCA has held user events to gain feedback about the National Vocational Qualification (NVQ) system and to report on forthcoming developments... The main purpose was to seek user views, particularly those of employers, on: improving the value and flexibility of NVQs; consistency in awarding body documentation and procedures; the development of risk management strategies by awarding bodies to aid quality assurance... The main views are summarised in Section 2 and set out in more detail in Section 3. They will be taken into account by QCA in an overall report on improving the value of NVQs and other vocational qualifications, to be presented to the Secretary of State for Education and Employment in 2000." - Page 7

Controlling Tools in IT-Innovation Processes

Numerous studies have shown that innovation is the main driving force behind business value creation or the production of value-added. But what exactly is innovation, and why has it become so critical to business success and what connections it has to information technology? The article approaches the question by introducing the system of innovation. After appointing the place of the assessment of IT-novelties with a new conception, explores the very interesting area in the intersection of IT, innovation and controlling with the aim of giving a map in the hand of decision makers.information technology (IT), innovation, controlling, Stage-Gate process