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From 1 February, new rules on access to shareholder registers apply, which has significant implications for limited companies and their shareholders. The changes are intended to increase the transparency and availability of information about share ownership. Here is an overview of the most important changes and what they entail.
Objective: The new rules are part of a broader effort to improve transparency in corporate structures and strengthen trust in the market. By making shareholder registers more accessible, lawmakers hope to reduce the risk of hidden ownership and financial crime.
Extended right of access: Shareholder registers must now be available for inspection by anyone who wishes to do so. This means that both shareholders and the general public can access information about share ownership in the company. The regulation's starting point is that companies must provide access by sending an electronic copy via e-mail, but can also offer other digital solutions.
Access must be provided within three working days of the request for access being received by the company. Access must be granted to the shareholder register as it was at the time the company received the request for access, and information must be provided about any changes from this time until access is granted.
Disclosure at the general meeting: The board of directors shall ensure that the shareholder register is available at the general meeting. The company decides how the register is to be made available. The duty can be fulfilled by providing access to shareholders who request it during the meeting. As the regulation is designed to be technology-neutral, access can therefore be provided, for example, by sharing a link to a copy of the shareholder register in the electronic meeting room.
Coverage of costs: Although access should generally be provided free of charge, the company may claim reimbursement of its administrative costs, calculated in accordance with the rules for public fee rates, in the event of more than 12 requests for access from the same person. The company may also claim reimbursement of postage expenses.
Practical implications: For limited companies, the new rules mean that they must adapt their routines to ensure that the shareholder books are available and up to date. This may involve investments in digital solutions and increased administrative work to keep the information up to date.
For shareholders and other stakeholders, the new rules provide a significant improvement in the ability to gain insight into share ownership. This can be particularly useful for investors who want to gain a better understanding of the ownership structure of companies they are considering investing in.
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