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

How to improve the economic and social performance of Eastern and Southern Mediterranean countries

In this brief the authors analyze the key challenges facing the MED11 countries and propose policy measures that could improve the region’s economic and social performance

Prospects for Future Euro-Mediterranean Trade

Initiatives and agreements between EU and Mediterranean countries aimed at establishing a free trade area. Indeed there has been a liberalization of trade in the last 10 years creating new trade flows, but trade integration still has to be developed further in order to make substantial differences for the Mediterranean countries.Mediterranean region, trade liberalisation, EU Free Trade Agreements

The demand for hydrographic surveyors in the Benelux

In February 2015, the Hydrographic Society Benelux (HSB) sent an extended questionnaire to 77 of the most important hydrographic companies in the Benelux (Belgium, The Netherlands and Luxemburg). The organization of this questioning was in cooperation with the Department of Geography of Ghent University (Belgium). The purpose was to inquire the demand for hydrographic surveyors during the next 5 years in the Benelux. The Benelux is hosting the four biggest dredging companies in the world, so the demand for hydrographic surveyors is usually fairly high and a good parameter for the general demand in the West of Europe. On the one hand, the aim of the questionnaire was to research the demand for the preferred level of hydrographic surveyor, allowing a concise estimation of the demand for IHO category-A and category-B certified hydrographic surveyors. On the other hand, the required balance between hydrographic surveyors with a Bachelor versus Master degree was questioned. As a similar questionnaire and analysis has been performed in 2009, trends over the past 6 years can be discerned and analyzed. The results are important, not only for the private companies, but also for the higher education institutes. In the Benelux, but also outside the Benelux, one can find hydrographic institutes delivering cat. A and cat. B. IHO certified hydrographic surveyors, combined or not with a Bachelor and/or Master diploma. It is generally assumed that there is a shortage of hydrographic surveyors and/or of hydrographical educated employees in the Benelux. Currently, part of the active hydrographic surveyors in the Benelux are engineers, geologists and other non-specifically hydrographic trained people, who received additional bathymetric trining within private companies. But does this hypothesis withstands a scientific analysis? This will be critically analyzed in this paper

Geomatics bachelor and masters program in Belgium

A 4-year curriculum degree of Licence in Geography option Land Surveying was introduced in 1990 at two Belgian academic universities: both at the Universite de Liege in the French speaking part of Belgium and at Ghent University in the Dutch speaking part of Belgium. With the BAMA revolution in 2004, this degree has been converted into a 5-year curriculum finalised into an academic "Master in Geomatics and Surveying" (Ghent University) or a "Master in Geography, option Geomatics and Geometrology" (Universite de Liege) and subsequent "Ph.D. in Geomatics and Surveying" (Ghent University). The academic bachelor degree that gives direct access to the Master curriculum without additional compulsory courses is "Bachelor in Geography and Geomatics, Main subject: Surveying" (Ghent University), that can be obtained after 3 years of study. As suggested by the title, the geomatics/surveying degree is related to geographical sciences and located in the Faculty of Sciences. On the opposite, University Colleges (also called Technical Universities) offer professional Bachelor degrees, while academic universities only offer academic Bachelor or Master degrees. In October 2014, Ghent University will start an enhanced academic Bachelor program in Geomatics that allows direct access to the profession of chartered surveyor. The paper will discuss the education experiences, student number evolution and motivation for the enhancements of the Bachelor program

Tourism: an alternative to development?: reconsidering farming, tourism and conservation incentives in Northwest Yunnan mountainous communities

In the last decade, tourism has developed rapidly in the mountainous areas of northwest Yunnan. This growth has led to substantial economic and social changes, with resulting environmental consequences. This article uses a case study to illustrate how local farmers involved in tourism changed their agricultural practices as a result of the transformations that took place in the area. The aim was to examine tourism's expected benefits of poverty alleviation and conservation incentives. Tourism investments were found to have been adopted only by households with available cash and labor, whereas they remained inaccessible for the poor, small landowners who most needed a new source of income and used their land more exhaustively. Relatively rich, large landowners did not take the opportunity to reduce their agricultural activities. Instead, they used supplementary incomes earned from tourism to hire external labor to cultivate their land more intensely. Tourism development failed to generate real incentives for mountain farmers to adopt more conservation measures and prevent soil erosion and nonpoint source agricultural water pollution, which currently constitute serious environmental problems for mountain environments in Yunnan. This article presents recommendations based on the conclusions of the study

Determining geometric primitives for a 3D GIS : easy as 1D, 2D, 3D?

Acquisition techniques such as photo modelling, using SfM-MVS algorithms, are being applied increasingly in several fields of research and render highly realistic and accurate 3D models. Nowadays, these 3D models are mainly deployed for documentation purposes. As these data generally encompass spatial data, the development of a 3D GIS would allow researchers to use these 3D models to their full extent. Such a GIS would allow a more elaborate analysis of these 3D models and thus support the comprehension of the objects that the features in the model represent. One of the first issues that has to be tackled in order to make the resulting 3D models compatible for implementation in a 3D GIS is the choice of a certain geometric primitive to spatially represent the input data. The chosen geometric primitive will not only influence the visualisation of the data, but also the way in which the data can be stored, exchanged, manipulated, queried and understood. Geometric primitives can be one-, two- and three-dimensional. By adding an extra dimension, the complexity of the data increases, but the user is allowed to understand the original situation more intuitively. This research paper tries to give an initial analysis of 1D, 2D and 3D primitives in the framework of the integration of SfM-MVS based 3D models in a 3D GIS

Grid models versus TIN : geometric accuracy of multibeam data processing

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