After thorough examination, the VZMD has concluded that the European Court of Justice in Luxembourg has not reached any definite decision on the meaning or legal nature of any document crucial to determine whether the wipe-out or expropriation of the minority shareholders and holders of subordinated bonds at the end of 2013 was valid. European Court of Justice supported its decision with the fact that, due to noncooperation of Slovenian authorities, it was not possible to determine which specific documents pertain to the archives of the European Central Bank (ECB), and has therefore made a general decision. The VZMD otherwise welcomes the finding that the ECB archives are untouchable, but is simultaneously surprised that apparently the VZMD is the only entity in the Republic of Slovenia that has managed to obtain a relevant finding from the ECB regarding the legal nature of the "appraisals" of the property and finances of the Slovenian banks at the end of 2013.

On Wednesday, the traditional investors' conference of the German shareholders' association (DSW) and the European Federation of Investors and Financial Services Users (Better Finance) will take place, this year titled "European Capital Markets’ Union & the new Green Deal". Based on the decision by the German Federal State of Hessen last week, the conference - which was supposed to take place in Frankfurt (initially in Wiesbaden), and which is organized by the DSW and Better Finance - was moved to an online-only format due to the aggravated epidemiological situation. More than 250 participants have already registered for the event online, whereby 80% come from as many as 25 different countries. The conference will be BROADCAST LIVE live here: https://broadcast-server.de/dsw-konferenz/ - it starts on 2 December at 9 a.m. CET.

At the beginning of December, Frankfurt will host the traditional investors' conference entitled  "European Capital Markets’ Union & the new Green Deal" this year. One day before the conference, also the annual general meeting and sessions of committees of the European Federation of Investors and Financial Services Users will take place (Better Finance). One of the pivotal investors' meetings in the EU, which is normally attended by hundreds of guests from all over the world, is organized by the German shareholders' association (DSW) and Better Finance every two years. In order to be staged efficiently, the conference will take place in Frankfurt, and not in Wiesbaden this time as the attendees will be able to attend the event both in person for invitees only, as well as virtually.

On Friday, the VZMD sent an appeal and a warning to the Government of the Republic of Slovenia, calling to be extremely cautious and prudent when making the forecast arrangements for remote annual general meetings, since rushing and the premise of assumed efficiency may generate extremely controversial solutions. In fact, the Government is planning to include in the PKP6 the possibility of virtual and electronic general meetings of public limited companies. At the VZMD, they welcome such initiatives, but they at the same time bring attention to the extremely controversial provision that would exclude the possibility to contest resolutions made at virtual and electronic general meetings. The institute of contesting resolutions of the general meetings is, in fact, often the one and only fender of protection of rights of (minority) shareholders. Therefore, the VZMD strongly opposes any such limitations.

Today at 1:00 p.m. (Slovene time) the international web conference “Prospects for developing cooperation between Russia and Slovenia in the post-pandemic period”, organized by Moscow Chamber of Commerce (MCCI), will take place. The participants and prominent guests will discuss the past and the current examples of cooperation between the Russian and the Slovene business entities and business communities, and will attempt to define the priority areas for strengthening and developing the cooperation in light of next perspectives, as well as estimate the difficulties and potential complications related to sanctions and the COVID-19 pandemic.

This week, the European Federation of Investors and Financial Services Users (Better Finance) published a series of opinions, proposals, and measures that have been drawn up by investor associations from all around Europe. With this, they are aiming to provide clear information and guidance for individual investors and financial services users across all EU Member States. The European Federation of Investors (VZMD is one of the founding members) warns that the COVID-19 pandemic in connection with its emergency confinement measures has severely disrupted capital markets. As a result, EU citizens as investors and savers are feeling the immense pressure, and will be among the first in line to suffer from the economic and financial fallout that will undoubtedly ensue following the large array of different financial measures taken by governments and financial institutions.

The VZMD adamantly opposes the call by the Slovenian Directors’ Association (ZNS) to directors and managers of companies, not to distribute profit or to distribute it partially. In this regard, the VZMD has made a point that the decision about the dividend payout should be the concern of the owners or shareholders respectively, and due to a fact that the dividends are to be paid out from (portion) of the profit earned by the companies in previous years, and not in the year to date. 

At the VZMD, we strictly observe and adhere to the recommendations and limitations that have been adopted by the Government of the Republic of Slovenia and the National Institute of Public Health with regard to the epidemic and the pandemic declared by the World Health Organization (WHO), and will promptly continue to do so down the road. Nevertheless, we continue to conduct all business operations, efforts, and activities to the fullest extent possible. That means that our information office continues to be fully operative for all security owners, investors, thousands of signatories of the Shareholder’s Agreements, and more than 1,500 "members" of the Share SUPPORT (VIDEO) civil society. In addition, our associates remain available for all interested parties and those included in the international business-investor programs Invest to Slovenia - investo.si and International Investors' Network – invest-to.net, despite the fact that given the circumstances, the majority of the main international events have been postponed to the following months.