The suspension of voting rights in general meetings of shareholders of SIFs (financial investment companies) that hold a cumulated stake of over 1% continues to be a contentious issue because criteria set by the heads of SIFs for establishing cumulative voting rights are not clear.
Shareholders' voting rights continue to be limited by SIF heads, and they sometimes contradict decisions of the National Securities Commission or differ from the treatment applied to other shareholders. For instance, SIF Banat-Transilvania (SIF1) capped voting rights of 29 shareholders grouped around Banca Transilvania to 1%, who hold a cumulated 15.4% in the SIF. The list of shareholders whose voting rights have been capped includes, aside from bank executives, three investment funds managed by BT Asset Management. Two of the funds, BT Maxim and BT Clasic, together hold around 1.1% in SIF1, but, according to CNVM regulations, they do not act in concert. CNVM issued a decision in 2007 specifying that investment management companies cannot be said to be using funds under management in a concerted manner until proven otherwise. The management of SIF Banat-Crisana applied this regulation in the case of other investors, deciding, for instance, that funds managed by Swedish-held East Capital were not acting in concert. Four East Capital funds controlled 2.04% in SIF1 at the end of 2009, according to annual reports.
The suspension of voting rights in general meetings of shareholders of SIFs (financial investment companies) that hold a cumulated stake of over 1% continues to be a contentious issue because criteria set by the heads of SIFs for establishing cumulative voting rights are not clear.
Shareholders' voting rights continue to be limited by SIF heads, and they sometimes contradict decisions of the National Securities Commission or differ from the treatment applied to ot