Part III Prospectus Liability and Litigation, 24 The Netherlands

Author(s):  
Franx Jan Paul

This chapter discusses Dutch law. The history of the present statutory rules on prospectus liability in the Netherlands dates back to 1928, the year in which Dutch corporate law was codified. Like the annual report which companies had to publish on a yearly basis, the Dutch legislator considered the prospectus as a corporate document and therefore was of the opinion that a statutory rule on prospectus liability should be issued together with the Companies Act. Codification of prospectus liability was effectuated by formulating it as a special category of tort in the Dutch Civil Code (DCC). The act of 1928 provided that managing and supervisory directors of the issuer would be jointly and severally liable with the issuer itself for misleading statements in the prospectus. This had to do with the view of the legislator — that the decision of investors to invest in a company was to a large extent based on the reputation of management. As a result of this joint and several liability of directors, the first Dutch legislation on prospectus liability can be considered as being particularly investor friendly.

2016 ◽  
Vol 5 (4) ◽  
pp. 7-15
Author(s):  
Annika Galle

The Dutch Civil Code stipulates that, for balanced gender representation, 30% of seats on the boards of large corporations should be occupied by women. If a company does not meet this requirement, the company is compelled to be transparent in its annual report by means of the ‘comply or explain’ principle. This article analyses the application of this rule through content analysis of the annual reports of 52 listed companies in 2012 and 49 in 2013. The article discusses whether this rule has the desired effect of creating transparency on the gender quota. The conclusion is that ‘the comply or explain’ mechanism is inadequate without further measures, including sanctions. For 2012, 21% of the companies researched made no mention in their annual report of the application of the gender quota. In 2013, 18% of the companies made no mention of it. The companies that did indicate that they did not meet the quota failed to provide the required transparency. The reasons cited for not meeting the quota are nothing more than clichéd phrases, lacking any specificity. If the Netherlands wants to achieve the European and Dutch targets with the aid of the ’comply or explain’ mechanism, the government will have to introduce additional mechanisms, including sanctions - or, alternatively, steer an entirely different course.


2015 ◽  
Vol 20 (1) ◽  
pp. 75
Author(s):  
Mijntje Luckerath-Rovers

Since 2013 the Dutch Civil Code has required a minimum of 30 per cent women (and men) on both the executive and the supervisory boards of companies. The law is based on the comply or explain principle: companies that have not reached the 30 per cent target on one or other of these Boards should explain in their annual report why the seats are not evenly distributed, how the company has tried to achieve a balanced distribution of the seats and how the company intends in future to realise a balanced distribution of the seats. Research among the 87 listed companies in the Netherlands shows that the average percentage of women on supervisory boards increased to 25 per cent in 2014, but that the percentage on executive boards increased only to 6 per cent. While the 30 per cent target should have been reached by January 2016, it seems only a matter of time before a quota with sanctions will be introduced in the Netherlands.


Author(s):  
C.J.H. Jansen ◽  
W.J. Zwalve

AbstractThe history of Dutch private law, or - as it was called - 'ancient national law' ('oud vaderlands recht'), which was taught at Dutch universities since the days of S.J. Fockema Andreae sr (1844-1921), suffered from at least three serious disadvantages, viz. the absence of anything like a "Dutch nation" before the creation of the modern centralized state in 1798, the absence of anything like a "national law", least of all private law, before the enactment of the first Dutch civil code of 1809 and the inability to come to terms with the reception of Roman law, which was regarded as a cataclysmic event brought about by the "unhistoric" attitude of sixteenth-century Dutch lawyers (S.J. Fockema Andreae jr in 1950). Hence the emphasis on pre-reception medieval law and public rather than private law. On the other hand, the Dutch civilians were interested in "classical" Roman law rather than the history of private law after the reception of Roman law in the Netherlands. To most of them Roman law had become distorted and disfigured in the process. So the study of the history of substantive private law of the era between the reception of Roman law and the enactment of the first civil code was rather unattractive to both groups of legal historians. To the "germanists" national law was tainted with Roman law, whereas to the civilians, the "romanists", Roman law had become contaminated by the mould of ancient customary and statutory law and the expediency of legal practitioners. So, in spite of the fact that the very same era is commonly regarded as the heyday of Dutch legal science (Voetius, Grotius, Vinnius), no comprehensive introduction to what is also commonly regarded as a most important Dutch contribution to European legal culture, viz. "Roman-Dutch" law, was ever written in the Netherlands. Students had to be referred to R.W. Lee's Introduction to Roman-Dutch Law, an English textbook! The volumes of the Tijdschrift voor Rechtsgeschiedenis bear witness to this sorry state of affairs. There are many learned and solid articles on subjects of classical Roman law and French customary law, but relatively very few on subjects of substantive Dutch private law and even less on subjects of "Roman-Dutch" law. There is, of course, an explanation for this. The "germanists" had (and have) their own magazine, the "Verslagen en Mededeelingen" ("Reports and Proceedings"), published by de "Vereniging tot uitgaaf der bronnen van het oud-vaderlands recht" (the "Society for the edition of the sources of ancient national law"), founded in 1879, whereas there is also, as far as "Roman-Dutch" law is concerned, the "Tydskrif vir Hedendaagse Romeins-Hollandse Reg", published in South Africa. There is another consideration to be taken into account too: much of what has been written on the history of substantive Dutch private law in the last 75 years was not, or at least not primarily, written with a public consisting of legal historians in mind, but in view of practical questions of and developments in modern Dutch private law intended to be read by legal practitioners, rather than the professional historians. That is why so much which would have been of interest to professional historians at large, was published in Dutch and in Dutch legal journals. So, in the final analysis, it is the international profile and the emphasis on history that have prevented the publication of more articles on the history of substantive Dutch private law in the volumes of the Tijdschrift voor Rechtsgeschiedenis.


2020 ◽  
Vol 94 (7/8) ◽  
pp. 313-329
Author(s):  
Kavita Nandram ◽  
Mohamed El Harchaoui

Value creation is a key element in transparent and informative reporting, as it gives a better impression of the risks and opportunities that a company faces. Companies are expected to report about value creation in their annual report under various regulations and frameworks in relation to non-financial reporting. Therefore, the aim of this study is to obtain insight into whether Dutch AEX and AMX listed companies are making any progress on reporting about value creation in their 2018 annual reporting. Our analysis shows that reporting about value creation can be more specific and companies can pay more attention to any possible destruction of value. Additionally, companies can provide better insight into the long term and other effects of their chosen strategy in their value creation models. The paper provides a number of examples of good practice as inspiration for companies.


1996 ◽  
Vol 76 (03) ◽  
pp. 411-416 ◽  
Author(s):  
Fransje C H Bijnen ◽  
Edith J M Feskens ◽  
Simona Giampaoli ◽  
Alessandro Menotti ◽  
Flaminio Fidanza ◽  
...  

SummaryThe association between plasma fibrinogen, factor VII, factor X, activated partial thromboplastin time, antithrombin III and the lifestyle factors cigarette smoking, alcohol use, fat intake and physical activity was assessed in 802 men aged 70-90 years in Zutphen (The Netherlands), Montegiorgio and Crevalcore (Italy).Smoking was positively associated with fibrinogen, also after adjustment for other lifestyle factors, age, use of anticoagulants and aspirin like drugs, body mass index, and history of myocardial infarction. Alcohol use was associated with increased levels of factor X and decreased levels of antithrombin III. Fat intake was positively associated with antithrombin III. Between cohorts, considerable differences were observed in levels of haemostatic parameters and the lifestyle factors. Compared to the mediterranean cohorts the Zutphen cohort showed the highest levels of fibrinogen and factor VII. Differences in lifestyle factors could, however, not explain differences between cohorts in levels of any of the haemostatic parameters, despite the observed associations between lifestyle factors and haemostatic parameters.


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