Povzetek: V prispevku je podrobneje obravnavano novo I.b poglavje Delničarske direktive I o preglednosti institucionalnih vlagateljev, upravljavcev premoženja in svetovalcev za glasovanje, ki je bilo v direktivo vneseno z Delničarsko direktivo II iz leta 2017. Pojasnjene so zahteve po razkritju (1) politike sodelovanja institucionalnih vlagateljev in upravljavcev premoženja na skupščinah družb, v katere se vlaga, (2) usklajenosti naložbene strategije institucionalnih vlagateljev s profilom in trajanjem njihovih obveznosti, (3) dogovora med institucionalnim vlagateljem in upravljavcem premoženja, če mu institucionalni vlagatelj prepusti upravljanje zbranih sredstev, (4) informacij o opravljanju storitev upravljavcev premoženja in (5) informacij o opravljanju storitev svetovalcev za glasovanje. Za vsako posamezno zahtevo po razkritju je pojasnjeno tudi, kako naj bi se predvidoma implementirala v slovenski in nemški pravni red. Prispevek problematizira nalaganje dolžnosti investicijskim vlagateljem in upravljavcev premoženja kot delničarjem, saj ti praviloma le uresničujejo svoje pravice, tradicionalno pa zaradi naložbe v družbo niso imeli tudi dolžnosti. Prav tako je obravnavana vedno pomembnejša vloga svetovalcev za glasovanje, urejanje položaja katerih utegne v prihodnje pomeniti izziv za zakonodajalce.
Ključne besede: Delničarska direktiva II, delničarjeve dolžnosti, institucionalni vlagatelj, upravljavec premoženja, svetovalec za glasovanje
Title: Transparency of Institutional Investors, Asset Managers and Proxy Advisors
Abstract: The article examines in detail the new Chapter Ib of the first Shareholder Rights Directive on the transparency of institutional investors, investment managers and proxy advisers, which was included in the directive by the Shareholder Rights Directive II in 2017. It clarifies the requirements for disclosure of (1) the engagement policy of institutional investors and investment managers at the general meetings of investee companies; (2) the consistency of the institutional investors'' investment strategy with the profile and duration of their liabilities; (3) the arrangement between the asset manager and institutional investor, where an asset manager invests on behalf of an institutional investor; (4) information about the services of the asset managers; and (5) information about the services of the proxy advisers. For each individual disclosure requirement, it is also explained how it is expected to be implemented in the Slovenian and German legal order. The duties of institutional investors and asset managers as shareholders are debated, as they traditionally only exercise their rights and have had no duties due to their investment in the company. It also addresses the increasingly important role of proxy advisers. The legal regulation on their position and their services may be a challenge for legislators in the future.
Keywords: Shareholder Rights Directive II, shareholder duties, institutional investor, asset manager, proxy advisor
