The
European Public Limited Company
SE (Societas Europaea)
With taking effect of the corresponding law at
29.12.2004 the European public company (Societas Europaea, or short: SE)
is been established.
Aim of this new supranational public limited
company,it is to be relieved international business-unions,
concern-educational processes and business-co-operations within the
European Union. Through the creation one of singles-state society-laws
and largely independend social system as business-bearers should be
reduced the existing society-legal, fiscal and psychological
impediments.
Formation
Basis of
the regulations to introduction of the SE is two legal acts of the
European union:
- “The ordinance over the
SE...” and the
complementary
- “Guidline over the
participation of the employees in the SE...”
The
foundation of an European public company can take place in form of
society-legally:
A SE can
according to type 2 VO through amalgamation is established
- either through inclusion
- or through formation of a new
company.
A
SE can originate according to type 32 VO in form
of a Holding-SE.
The
foundation can from at least two companies (Plc or Ltd.) with their
seat in a member state, is enforced.
Societies
and legal persons (public and private right), that have been founded
after right of a member state, with seat and headquarters in the EC,
can establish a subsidiary-SE according type 35 VO.
A Plc,
that has been founded by the right of a member state and has its seat
and headquarters in the EC, can be tranformated into a SE according
type 37 VO, if it has had a subsidiary subject to the right of another
member state for at least two years happens.
All the foundation-forms common is an international
element.
At least two of the originator-societies must be
subject to the right of different member states.
Still it is to be heeded with the
foundation-possibilities, that there is not a bar- or fact-foundation
through natural persons.
The minimum capital amounts to 120.000 Euro.
The SE is
written down into the register of the member state, in which it has
its statuory certain seat. This seat must correspond to the seat of
the headquarters. Supplementary the registration is published in the
official gazette of the EC.
Organization
The
inner organization-form can be chosen optional: the dual system with
separation of executive and supervisory board (Germany) or the
monistic model (England, France).
Characteristic
for the monistic system is that a administrative council, a “board
of directors”, that SE leads and decides the baselines of the
activities and oversees their transposition. The board consists only
of not business-leading members . At least 3 members must be chosen
for 5 years. At least 6 meetings must
be determined per year. The administrative council orders
one or several managing directors for the current management.
These are not members of the directors board, at the decisions of the
administrative council bound and can be recalled anytime.
Tax
The taxation of the current business activity, the
profit-investigation an the preparation of the tax-explanation of
the SE takes place after the national tax-right of the respective
seat-state. The SE draws up a annual account. It consists of
balance-sheet, profit- and loss calculation, the appendix, just as
the progress report. The founders have the possibility to determine
the board as well as the executive and the board for the observation
of the annual account.
A study of the European commission of 05.10.2001
over the possibility of an EC-far of uniform fiscal allocation-basis
could not yet be moved until now.
Participation
The entrepreneurial co-determination was the
biggest obstacle that was valid to overcome it to the creation of an
European public company.
First, employers and employees can agree on an any
co-determination-model. Remains the model behind the
co-determination-level one of the
foundation-businesses, it, according to degree of
the deviation, needs a
certain qualified consent-majority of the
employees.
With these negotiations over an agreement between
employers and employees, primarily following points are to be
regulated:
- the composition of the agency-organ of the employees
and his authorities
- the procedure over the instruction and hearing
- the co-determination of the employees in the board
or administration-organ.
The negotiation-duration is restricted on 6 months,
can be extended by agreement of the negotiation-partners on 1 years
however.
Also union-representatives, that are not busy in
the business, can belong the negotiation-committee.
Achieve the special negotiation-committee (BVG)
within the negotiation-time period with the organs of the involved
societies no unification, the so-called “Auffangregelung” finds
application for the employee-participation.
Be subject to rules over the
business-co-determination one of the involved societies after national
right, must admit also the SE employee-representatives to its
supervisory - or administration-organ after the “Auffangregelung”
so, in fact in accordance with the numerical relationship, that was
decisive for it, the nation-state-like co-determination-right subject
to society.
In the case of the conversion of a society into a
SE, all co-determination-rules current before the conversion find
application also after the conversion unchanged. No one of the
participant was subject to after national right, regulations over the
co-determination, so, also the SE is not committed to admit
employee-representatives to its supervisory - or administration -
organs.
Outlooks
It will turn out which word this new social system
will find in the near future. Interestingly, this could be for
businesses, wants to bring in the miscellaneous subsidiary into a SE,
about this way the administration-expenditure one everyone daughter
considerably reduces and, to manage expenses-decrease consequently.
For legal and tax-law reasons, also a
seat-publishing can be into another EC-member state of advantage.
On the other hand, another prosecution of the
construction of an EC-uniform fiscal allocation-basis could on basis
of IAS/IFRS of the 4. EC-balance-guideline to an aligned taxation of
the member states leads.
Whether with the European public company (SE) the
long called in, from nation-state-like regulations relieved social
system to the disposal is joined, seems quite doubtful in view of the
numerous areas, in which the society is subject to the respective
national rules over public companies. One thinks of problem with
co-determination-right only of it and at the country-specific tax
collection.
© ESI 2005
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