DOCSLIB.ORG

EC COMPANY Law-THE EUROPEAN COMPANY V

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
EC COMPANY Law-THE EUROPEAN COMPANY V GEORGIA JOURNAL OF INTERNATIONAL AND COMPARATIVE LAW VOLUME 21 1991 NumBER 2 EC COMPANY LAw-THE EUROPEAN COMPANY V. THE EUROPEAN ECONOMIC INTEREST GROUPING AND THE HARMONIZATION OF THE NATIONAL COMPANY LAWS Johan de Bruycker* I. INTRODUCTION Upon the emergence of the European Economic Community (EC or EEC) in 1957,' the Commission of the European Community and the respective business communities realized that the existing differ- ences between the company laws of each signatory nation formed a barrier against the creation of a Common Market as prescribed in the Treaty of Rome. 2 The creation of a Common Market mandates that companies be able to easily engage in transnational transactions * Attorney, DeBandt, Van Hecke & Lagae, Brussels, Belgium. J.D. 1987, Uni- versity of Ghent; LL.M. 1990, University of Georgia. Member, Belgium Bar. I The Treaty of Rome establishing the European Economic Community (EEC) was signed on March 25, 1957 and went into effect on January 1, 1958. The six signatory countries were the Federal Republic of Germany, France, Italy, Belgium, Luxembourg, and The Netherlands. Treaty Establishing the European Economic Community, Mar. 25, 1957, 298 U.N.T.S. 3 [hereinafter EEC Treaty]. 2 The basic principles creating the Common Market as expressed in article 2 of the Treaty of Rome have been reaffirmed in the Single European Act. See 30 O.J. EuR. Com. (No. L 169) 1 (1987) [hereinafter Single European Act]. Article 2 of the EEC Treaty provides: It shall be the aim of the Community, by establishing a Common Market and progressively approximating the economic policies of Member States, to promote throughout the Community a harmonious development of ec- onomic activities, a continuous and balanced expansion, an increase in stability, an accelerated raising of the standard of living and closer relations between its Member States. GA. J. INT'L & Comnp. L. [Vol. 21:191 and be able to easily establish new subsidiaries in other EC countries.3 The Commission has taken a twofold approach to achieve these objectives. First, it has tried to harmonize the Member States existing company laws by initiating directives which must be implemented by the national authorities within their legal systems. These directives will be discussed in part II. 4 This harmonization of company law is aimed at realizing the complete freedom of establishment in the EEC.5 Second, to avoid the disadvantages of the harmonization process and to realize a more European outlook, the Commission has proposed two new company forms to be governed mainly by Community law instead of national law. These are the so-called "societas Europaea" or "SE ' 6 and the "European Economic Interest Grouping" or "EEIG." ' 7 The former constitutes the main part of this article, but a discussion of the SE, and especially a discussion of the necessity of the SE, would not be complete unless situated in the context of these other related subjects. Therefore, parts II and III contain a See generally Carreau & Lee, Towards A European Company Law, 9 Nw. J. INT'L L. & Bus. 501 (1989); Vagts & Waelde, The societas Europaea: A future Option for U.S. Corporations?, 29 Bus. LAW 823 (1973-74); Hood, The European Company Proposal, 22 INr'L & Comp. L. Q. 434 (1973); Konstandinidis, The Historical Evolution of the Concept of the European Company and Their Impact on Greek Law, 5-6 HELLENIC REV. INT'L REL. 285 (1989); Dine, The Community Company Law Harmonization Programme, 14 EuR. L. Jua. 322 (1989); Commission, Commission Sets Out Latest Proposalfor European Company Statute, 636 COMMON MKT. REP. 1 (1989); Commission, Company Law in the European Community, 14 EuR. FILE 3 (1989); Storm, Statute of a Societas Europea, 5 Co mON MKT. REP. (1967-68); Sanders, The European Company on its Way, 8 CommON MKT. REP. 29 (1971); Scholten, The European Company, 5 COMMON MKT. REP. 9 (1967); Norton, The European Type Company and its Meaning for the American Enterprise in the European Community, 6 CORNELL INT'L L. J. 111 (1973); Ficker, A Project for a European Corporation, J. Bus. L. 156 (1970); Mann, The European Company, 19 INT'L & COMP. L. Q. 468 (1970); Van Rijn, Faut-il instituerla "soci~t&europ&enne"?, JOURNAL DES TRIuwuAux 377 (1967); M. BnzALY & C. QUIGLEY, COMPLETING THE INTERNAL MARKET OF THE EUROPEAN CoMMUNrrY, 1992 HANDBOOK (1989). 4 See infra Section II. A. I However, harmonization by the use of directives cannot create a completely uniform set of laws since each Member State is free to establish its own laws implementing the directive. The objective of complete freedom of establishment cannot thus be realized through this process. Proposal for a Council Regulation on the Statute for a European Company. 32 O.J. EutR. Comm. (No. C 263) 41 (1989) [hereinafter Proposal for a European Company Regulation]. Council Regulation (EEC) No. 2137/85 of 15 July 1985, on the European Economic Interest Grouping (EEIG). 28 O.J. EuR. COMM. (No. L 199) 1 (1985) [hereinafter EEIG Regulation). 1991] EC CoMPANY LAW brief discussion of the harmonization of the European company laws and the EEIG. II. THE EUROPEAN HARMONIZATION EFFORTS The Commission's efforts to harmonize existing company law is based on Article 54(3)(g) of the EEC Treaty and is an attempt to 8 coordinate each Member State's company laws through directives. This harmonization is necessary to avoid distortions in the market which may result from the differences in each Member State's eco- nomic development and the varying corporate requirements of their national company laws. If no harmonization between the company laws of the different Member States existed, companies would seek to operate from the Member State that has the least restrictive com- pany laws. 9 The United States experience has proven that competition to attract corporate resettlement through lenient corporate laws results in a general lowering of corporate standards. 0 If the European Community does not prescribe minimum standards, by using directives or by introducing compulsory Community company law, then it risks a similar situation as the United States where a "pygmy among the 50 states" dictates the primary policy of American corporate law; sat- isfying big corporations and increasing their revenues." In order to remedy this "Delaware syndrome," harmonization of national com- 2 pany laws appears to be necessary.' Article 54(3)(g) provides: The Council and the Commission shall carry out the duties devolving upon them under the preceding provisions, in particular: (g) by coordinating to the necessary extent the safeguards which, for the protection of the interest of members and others, are required by Member States of companies or firms within the meaning of the second paragraph of article 58 with a view to making such safeguards equivalent throughout the Community. EEC Treaty, supra note 1. 9 Unless at least some harmonization is realized, the "Delaware effect", feared by the Commission and countries with strict and well developed company laws (such as Germany), will be realized. See Dine, The Community Company Law Harmo- nization Programme, 14 Euri. L. REv. 322, 328 (1989). 10For a general article about the predominance of Delaware and the lowering of corporate standards in the United States, see Cary, Federalism and Corporate Law: Reflections Upon Delaware, 83 YALE L.J. 663 (1974). Id.I at 701. 12 Id. at 700. GA. J. INT'L & COMP. L. [Vol. 21:191 A. The Different Company Directives The seven Directives which have already been adopted by the Council will now be discussed briefly. 3 The First Council Directive of 196814 provides for a system requiring all companies to publicly disclose basic commercial data; i.e. paid capital, balance sheets, profit and loss accounts, and articles of incorporation. The Directive also provides for provisions which protect third parties by limiting the doctrines of constructive notice and ultra vires. 5 The Second Council Directive'6 applies to public companies and lays down minimum requirements for their formation and mainte- nance and the increase and reduction in their capital. A public limited 7 company must exceed 25,000 ECU in minimum subscribed capital.' The Third Council Directive of 197811 regulates internal mergers between public undertakings where the assets and liabilities of the acquired company are simultaneously transferred to the acquiring 11Of the directives proposed by the Commission concerning a European company, five have yet to be adopted by the Council and will therefore not be discussed. These five directives are as follows: the Fifth Directive concerning the structure of public limited companies, 26 O.J. EuR. Comm. (No. C 240) 2 (1983); the Tenth Directive concerning cross-border mergers of public limited companies, 28 O.J. EuR. Com. (No. C. 23) 11 (1985); the Eleventh Directive concerning disclosure require- ments of branches opened in a Member State by certain types of companies governed by the law of another state, 29 O.J. EuR. Comm. (No. C. 203) 12 (1986); the Twelfth Directive concerning the single-member private limited companies, 32 O.J. EuR. Comm. (No. C. 152) 10 (1989); and the Thirteenth Directive concerning takeovers and other general bids, _ O.J. EuR. Comm. (No. .) -(1988). l,First Council Directive of 9 March 1968, on the Coordination of Safeguards which, for the Protection of the Interests of Members and Others, are Required by Member States of Companies within the Meaning of the second Paragraph of article 58 of the Treaty, with a View to Making such Safeguards Equivalent Throughout the Community, 11 J.O. Comm. EuR. (No. L. 65) 8 (1968). See also Commission of the European Community, Harmonization of Company Law in the European Community, Measures Adopted and Proposed, BULL. EuR. Comm. Supp. 4/75 (1975) [hereinafter Harmonization of Company Law].
Load more

Recommended publications
  • 1 Information Document for Participants
    Information Document for Participants This Information Document is supplied to you for information purposes, in addition to the information already contained in the 2020 Airbus Employee Share Ownership Plan Rules (“2020 ESOP”), and in accordance with the European Prospectus Regulation (Regulation (EU) 2017/1129). This Information Document shall not constitute a prospectus. Airbus SE (“Airbus”) relies on the exemptions provided in the above-mentioned Regulation regarding the offer of shares to its employees in the context of the 2020 ESOP, and the subsequent admission to trading of these securities. The obligation to publish a prospectus does not apply to the offer of the 2020 ESOP because of Article 1 (4) lit. i) and Article 1 (5) lit. h) of the European Prospectus Regulation 1. The issuer of the securities is Airbus SE, a European public company (Societas Europaea) existing under the laws of The Netherlands, with corporate seat in Amsterdam, The Netherlands, and reg- istered address is Mendelweg 30, 2333 CS Leiden - The Netherlands. The shares of Airbus are traded on Euronext Paris, on the ‘Regulierter Markt’ of the Frankfurt Stock Exchange and on the Madrid, Bilbao, Barcelona and Valencia Stock Exchanges under the trade name of Airbus (and ticker AIR). Additional financial information is available on: http://company.airbus.com/investors 2. The securities subject to the 2020 ESOP concern fully paid ordinary shares (“Shares”) in the capital of Airbus which ordinarily entitle the holder of the Shares to (i) vote at general meetings of share- holders and (ii) receive dividends decided upon at such general meetings of shareholders.
    [Show full text]
  • Perspectives on the Role of a Central Bank
    hhhd ©International Monetary Fund. Not for Redistribution This page intentionally left blank ©International Monetary Fund. Not for Redistribution ggggs Paul A. Volcker Miguel Mancera Jean Godeaux Proceedings of a conference held in Beijing, China, January 5-7, 1990 People's Bank of China International Monetary Fund United Nations Development Programme Washington, D.C., 1991 ©International Monetary Fund. Not for Redistribution © 1991 International Monetary Fund Cover design by IMF Graphics Section Cataloging-in-Publication Data Perspectives on the role of central bank / Paul A. Volcker, Miguel Mancera, Jean Godeaux [speakers]. — Washington, D.C.: International Monetary Fund, 1991. p. ; cm. Proceedings of a conference held in Beijing, China, Janu- ary 5-7, 1990. Jointly sponsored by: People's Bank of China, Interna- tional Monetary Fund, and United Nations Development Programme. ISBN 1-55775-206-0 1. Banks and banking, Central — Congresses. 2. Monetary policy — Congresses. I. Volcker, Paul A. II. Mancera, Miguel. III. Godeaux, Jean. HG1811.P47 1991 Price: US$12.50 Address orders to: International Monetary Fund, Publication Services 700 19th Street, N.W., Washington, D.C. 20431, U.S.A. Telephone: (202) 623-7430 Telefax: (202) 623-7491 Cable: Interfund ©International Monetary Fund. Not for Redistribution Foreword a1 he International Conference on Central Banking, jointly spon- sored by the People's Bank of China (PBC), the International Monetary Fund (IMF), and the United Nations Development Programme (UNDP), was held at the Diaoyutai State Guesthouse in Beijing, China on January 15-17, 1990. The conference was chaired by Richard D. Erb, Deputy Managing Director of the IMF, and co-chaired by Li Guixian, State Councillor and Governor of the PBC, and Roy D.
    [Show full text]
  • Prospectus Dated 9 March 2018 SAP SE
    Prospectus dated 9 March 2018 SAP SE (a European Company (Societas Europaea, SE) established under the laws of the European Union and the Federal Republic of Germany and having its corporate seat in Walldorf, Federal Republic of Germany) (formerly SAP AG) will issue on 13 March 2018 EUR 500,000,000 Floating Rate Notes due 2021 EUR 500,000,000 1.000 per cent. Notes due 2026 EUR 500,000,000 1.375 per cent. Notes due 2030. The notes due 13 March 2021 (the "2021 Notes") bear interest on their principal amount from 13 March 2018 at a floating rate of interest payable in arrear on 13 March, 13 June, 13 September and 13 December in each year, the notes due 13 March 2026 (the "2026 Notes") bear interest on their principal amount from 13 March 2018 at a fixed rate of 1.000 per cent. per annum payable in arrear on 13 March in each year and the notes due 13 March 2030 (the "2030 Notes" and, together with the 2021 Notes and the 2026 Notes, the "Notes") bear interest on their principal amount from 13 March 2018 at a fixed rate of 1.375 per cent. per annum payable in arrear on 13 March in each year. The Notes are governed by the laws of the Federal Republic of Germany ("Germany") and will be issued in a denomination of EUR 100,000. Unless previously redeemed in accordance with the terms and conditions of the Notes ("Terms and Conditions") or repurchased and cancelled, the 2021 Notes will be redeemed at par on 13 March 2021, the 2026 Notes will be redeemed at par on 13 March 2026 and the 2030 Notes will be redeemed at par on 13 March 2030.
    [Show full text]
  • European Company/ Societas Europaea Impact of a No-Deal Brexit
    European Company/ September 2019 Societas Europaea SEs registered in the EU which have a branch or establishment in Impact of a no-deal Brexit the UK must register that branch or establishment with Companies House within three months of the Exit Time. Action required Deloitte Legal has experience working with SEs and can assist you with the conversion from a UK Societas to UK PLC, as well UK-registered Societas Europaea (SEs) as a registration of a branch or establishment of an EU SE. The Deloitte Legal Corporate Reorganisations team are experts in to consider converting to UK Public Listed advising on corporate law aspects of domestic and global group Companies (PLCs) following Brexit, or reorganisations, work as part of a multi-disciplinary team, and can consider the future need for the entity also assist you with any wider group reorganisation required as a result of Brexit. within a group structure Detail European SEs with a permanent Unless there is a fully-ratified withdrawal agreement prior to 31 establishment (PE) in the UK must October 2019, or a further Brexit extension, all EU law will cease to apply from 11pm UK time on 31 October 2019 (Exit Time). The SE register the PE at Companies House will cease to be a legal entity form within the UK. within three months of Brexit Any SE registered in the UK at Exit Time will be automatically converted into a UK Societas and the name of the SE will automatically be amended to end with UK Societas rather than SE. Summary The entity can then choose either to remain as a UK Societas or Any European Company/Soceitas Europaea (SE) will automatically convert into a UK PLC.
    [Show full text]
  • Regional Seminars Support Launch of Coordinated Portfolio Investment Survey N January and February, the IMF’S Statistics Debt (Bonds, Notes, Money Market Instruments)
    IMF Statistics Department Regional seminars support launch of Coordinated Portfolio Investment Survey n January and February, the IMF’s Statistics debt (bonds, notes, money market instruments). It does IDepartment organized five regional seminars for not include the typically less volatile direct investment, country authorities in support of the 2001 which features a more lasting interest between the two Coordinated Portfolio Investment Survey (CPIS). parties, or foreign reserves, which are controlled by the The survey is the second undertaken by the IMF to monetary authorities. improve the measurement of portfolio flows across In response to concerns about asymmetries in global national borders and to deepen understanding of how balance of payments statistics in the late 1980s, an inter- international financial markets operate. The seminars national working party, headed by Baron Jean Godeaux, were designed to explain the purpose and methodol- former Governor of the National Bank of Belgium, rec- ogy of the survey and allow officials who took part in ommended undertaking a coordinated survey of cross- the first survey, held in 1997, to share their experiences border security positions. In the mid-1990s, at the request and insights with first-time participants. of the IMF Committee on Balance of Payments Statistics, Over 70 jurisdictions participated in the seminars then IMF Managing Director Michel Camdessus invited (see box, page 109). The Belgian National Bank hosted major investing countries to participate in the first such two seminars covering the European countries, the survey, organized under the auspices of the IMF, to United States, Canada, the Middle East, and Africa. improve coverage worldwide and spread best practices in The Central Bank of Costa Rica hosted a seminar for compiling data on cross-border portfolio investments.
    [Show full text]
  • Societas Europaea (Se) No
    Information Leaflet No. 19 No. Leaflet Information SOCIETAS EUROPAEA (SE) INFORMATION LEAFLET NO. 19 / December 2020 1. SOCIETAS EUROPAEA A Societas Europaea (SE) is a European public limited company formed under EU Regulation (Council Regulation 2157/2001) and Statutory Instrument 21 of 2007. SE’s can be formed by merger, as a holding company or subsidiary, or by conversion from a plc. Article 3 and 10 of the Regulation requires Member States to treat an SE as if it is a public limited company formed in accordance with the law of the Member State in which it has its registered office. General information regarding public limited companies can be found in Leaflet 1 - Company Incorporation and Leaflet 16 - The Company Secretary. The guidance notes apply only to SE’s to be registered in Ireland. Please seek specialist legal advice or refer to the law governing SE’s, if you plan to form a Societas Europaea. Relevant legislation includes the European Communities (European Public Limited Liability Company) Regulations 2007 (Statutory Instrument No. 21/2007), Council Regulation (EC) No 2157/2001 on the Statute for a European company (the ‘EC Regulation’), and Council Directive 2001/86/EC supplementing the Statute for a European company with regard to the involvement of employees (the ‘Directive’) as implemented by European Communities (European Public Limited Liability Company)(Employment Investment) Regulations 2006, Statutory Instrument 623 of 2006. An SE can be formed in several different ways: • by merger, • as a holding company, • as a subsidiary, • an SE can form a subsidiary SE. • an SE can be formed by a PLC converting into an SE.
    [Show full text]
  • Societas Europaea As a New Legal Form of the Company - Next Stage Or Dead End of the Entrepreneurial Environment’S Development?
    UDC: 005.2 (437.1/.2) JEL: L26, K33 SCIENTIFIC REVIEW Societas Europaea as a New Legal Form of the Company - Next Stage or Dead End of the Entrepreneurial Environment’s Development? Bernatík Werner,Tvrdoń Michal, Silesian University, School of Business Administration in Karvina, Karvina. Czech Republic A B S T R A C T This article takes a look in the situation concerning the European Company (SE) in the Czech Republic. As the European Legislature adopt the legal act in 2001 and put it into force since 2004, Czech Republic became the state with the highest amount of SE. Authors try to identify the conditions of founding SE in Czech region and whether SE are located there as a ordinary trade companies or not. Even the idea of SE was unique now there are 27 local law amendments which make the situation complicated related to aquis communautaire (legislation EU). Although it seems that SE are here rather as “empty shell SE” authors think that such legal form is the future in the European join market. Introduction European Company (also European Corporation, Societas Europaea or SE) is the new legal form of the company within the EU´s entrepreneurial environment since the year of 2004 when entered into force Council Regulation (EC) No. 2157/2001 of 8 October 2001 on the Statue for a European Company (SE) as well as Council Directive 2001/86/EC of 8 October 2001 supplementing the Statue of a European Company with regard to the involvement of employees. These legal acts were adopted in 2001 and national legal systems should be prepared for the force of it until October 2004.
    [Show full text]
  • 3.1 General Description of the Company
    General Description of the Company and its Share Capital / 3.1 General Description of the Company 3.1 General Description of the Company 3.1.1 Commercial and Corporate Names, Seat and Registered Offi ce Commercial Name: Airbus Seat (statutaire zetel): Amsterdam Statutory Name: Airbus SE Tel: +31 (0)71,5245,600 Registered Office: Mendelweg 30, 2333 CS Leiden, Fax: +31 (0)71,5232,807 The Netherlands 3.1.2 Legal Form The Company is a European public company (Societas Europaea), with its corporate seat in Amsterdam, The Netherlands and registered with the Dutch Commercial Register (Handelsregister) under number 24288945. As a company operating worldwide, the Company is subject to, and operates under, the laws of each country in which it conducts business. 3.1.3 Governing Laws and Disclosures The Company is governed by the laws of the Netherlands Finally, Regulated Information must be made available for central (in particular Book 2 of the Dutch Civil Code and the Dutch storage by a mechanism that is offi cially designated by the Corporate Governance Code) and by its Articles of Association Company’s home Member State. (the “Articles of Association”). Dutch Regulations The Company is subject to various legal provisions of the Dutch Financial Supervision Act (Wet op het financieel toezicht) (the For the purpose of the Transparency Directive, supervision of the “WFT”). In addition, given the fact that its shares are admitted Company is effected by the Member State in which it maintains for trading on a regulated market in France, Germany and Spain, its corporate seat, which is the Netherlands.
    [Show full text]
  • ALLIANZ SE ALLIANZ FINANCE II B.V. € 10,000,000,000 Debt
    2nd Supplement pursuant to Art. 5(4) and Art. 16(1) of Directive 2003/71/EC (the "Prospectus Directive") and Art. 13 (1) of the Luxembourg Act (the "Luxembourg Act") relating to prospectuses for securities (loi relative aux prospectus pour valeurs mobilières) (the "Supplement") dated 10 April 2008 to the Prospectus dated 26 September 2007 as supplemented by a 1st Supplement dated 13 November 2007 (the "Prospectus") with respect to ALLIANZ SE (incorporated as a European Company (Societas Europaea – SE) in Munich, Germany) ALLIANZ FINANCE II B.V. (incorporated with limited liability in Amsterdam, The Netherlands) € 10,000,000,000 Debt Issuance Programme Guaranteed by ALLIANZ SE (incorporated as a European Company (Societas Europaea – SE) in Munich, Germany) This Supplement has been approved by the Commission de Surveillance du Secteur Financier (the "CSSF") of the Grand Duchy of Luxembourg in its capacity as competent authority (the "Competent Authority") under the Luxembourg Act for the purposes of the Prospectus Directive. The Issuer may request the CSSF in its capacity as competent authority under the Luxemburg Act to provide competent authorities in host Member States within the European Economic Area with a certificate of approval attesting that the Supplement has been drawn up in accordance with the Luxembourg Act which implements the Prospectus Directive into Luxembourg law ("Notification"). Right to withdraw In accordance with Article 13 paragraph 2 of the Luxembourg Law, investors who have already agreed to purchase or subscribe for the securities before the supplement is published have the right, exercisable within a time limit which shall not be shorter than two working days after the publication of the supplement, to withdraw their acceptances.
    [Show full text]
  • Corporate Governance Statement Pursuant to the German Commercial Code, Section 315D in Connection with Section 289F
    Corporate Governance Statement Pursuant to the German Commercial Code, Section 315d in Connection with Section 289f Accountability, transparency, and sustainability are the guiding February 21, 2018, SAP complied with the recommendations of the principles of corporate governance at SAP. We discuss the details in Code as amended on February 7, 2017, with the exceptions specified our Corporate Governance Report, which is prepared in accordance and justified in the annual declaration of conformity issued on with the German Corporate Governance Code (the “Code”), and in October 27, 2017: our Integrated Report. This Statement presents the basic facts of 1. No agreed deductible when taking out directors’ and officers’ corporate governance at the SAP Group as required by the German (D&O) liability insurance for Supervisory Board members Commercial Code, section 315d in connection with section 289f. In deviation from section 3.8 (3) of the Code, we did not provide Declaration Pursuant to the German for any deductible in the D&O liability policies for Supervisory Board Stock Corporation Act, Section 161 members because we did not believe that the motivation and responsibility exhibited by the members of the SAP Supervisory It is a requirement of the German Stock Corporation Act, section Board in fulfilling their tasks could be improved by the introduction of 161, that the Executive Board and Supervisory Board of a European such deductible. The deviation no longer exists because the latest Company (Societas Europaea, SE) listed in Germany issue not less D&O liability insurance policy for Supervisory Board members now frequently than annually a declaration stating the extent to which provides for a deductible.
    [Show full text]
  • Allianz Fact Sheet
    www.allianz.com Fact Sheet ABOUT US The Allianz Group is a global financial services provider with services predominantly in the insurance and asset management business. Over 100 million retail and corporate clients1 in more than 70 countries rely on our knowledge, global presence, financial strength and solidity. In fiscal year 2020 over 150,000 employees worldwide achieved total revenues of 140.5 billion euros and an operating profit of 10.8 billion euros. Allianz SE, the parent company, is headquartered in Munich, Germany. FINANCIAL Revenues Allianz Group 2020: EUR 140.5 bn RESULTS by segments by regions2,3 Property/Casualty Germany 28% Insurance 42% Western & Southern Europe 30% Life/Health USA 10% Insurance 53% Growth Markets4 10% Asset Management 5% Anglo Markets5 5% Specialty Insurance6 16% Operating profit Allianz Group 2020: EUR 10.8 bn by segments7 by regions2 Property/Casualty Germany 28% Insurance 38% Western & Southern Europe 32% Life/Health USA 26% 4 Insurance 38% Growth Markets 12% 5 Asset Management 25% Anglo Markets 4% 6 Specialty Insurance -1% Operating Profit Dividend per share Shareholders’ equity EUR bn EUR EUR bn 80.8 74.0 67.1 9.60 70 65.6 10 9.00 9.60 61.2 11.9 8.00 60 8 11.1 11.5 7.60 11.1 10.8 50 10 40 5 30 20 10 0 0 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Financial statements on the basis of IFRS. Fiscal year = calendar year 1 Including non-consolidated entities with Allianz customers.
    [Show full text]
  • Wilfried Loth Building Europe
    Wilfried Loth Building Europe Wilfried Loth Building Europe A History of European Unification Translated by Robert F. Hogg An electronic version of this book is freely available, thanks to the support of libra- ries working with Knowledge Unlatched. KU is a collaborative initiative designed to make high quality books Open Access. More information about the initiative can be found at www.knowledgeunlatched.org This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 4.0 License. For details go to http://creativecommons.org/licenses/by-nc-nd/4.0/. ISBN 978-3-11-042777-6 e-ISBN (PDF) 978-3-11-042481-2 e-ISBN (EPUB) 978-3-11-042488-1 Library of Congress Cataloging-in-Publication Data A CIP catalog record for this book has been applied for at the Library of Congress. Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available in the Internet at http://dnb.dnb.de. © 2015 Walter de Gruyter GmbH, Berlin/Boston Cover image rights: ©UE/Christian Lambiotte Typesetting: Michael Peschke, Berlin Printing: CPI books GmbH, Leck ♾ Printed on acid free paper Printed in Germany www.degruyter.com Table of Contents Abbreviations vii Prologue: Churchill’s Congress 1 Four Driving Forces 1 The Struggle for the Congress 8 Negotiations and Decisions 13 A Milestone 18 1 Foundation Years, 1948–1957 20 The Struggle over the Council of Europe 20 The Emergence of the Coal and Steel Community
    [Show full text]