In order to improve the efficiency of pre-emptive issues of equity securities and adequately to take account of the size of issuers, without prejudice to investor protection, a proportionate disclosure regime should be introduced for offers of shares to existing shareholders who can either subscribe those shares or sell the right to subscribe for the shares, for offers by SMEs and issuers with reduced market capitalisation (namely small companies whose shares are admitted to trading on a regulated market), and for offers of non-equity securities referred to in Article 1(2)(j) of Directive 2003/71/EC issued by credit institutions.

8. Considers that it is necessary in all cases to distinguish between large and small shareholders, mainly as regards the use of modern technology in the exercise of shareholders' voting rights, given that small shareholders are usually more at risk;

However, and I am pleased that the Commissioner admitted this, we must in all cases accept the distinction between large and small shareholders, especially with regard to the use of modern technology in the exercise of shareholders' voting rights, given that small shareholders are more exposed to risk.

10. Considers it necessary for a distinction to be drawn between large and small shareholders, chiefly with regard to the use of modern technologies in the exercise of shareholders' voting rights, since small shareholders are usually more exposed to risk;

7. Considers that it is necessary in all cases to distinguish between large and small shareholders, mainly as regards the use of modern technology in the exercise of shareholders' voting rights, given that small shareholders are usually more at risk;

Although some slight progress was made during the conciliation process on protecting shareholders who do not have control of the company and on adopting some regulations on making the information of workers mandatory, the situation still fails to safeguard all aspects of workers’ and minority shareholders’ ability to take action.