As mentioned in our newsletter of 8 May 2019, Luxembourg had to transpose Directive (EU) 2017/828 amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement ("Shareholder Rights Directive II"). To this end, Parliament recently adopted legislation (the Act of 1st August 2019, Mémorial A562, the "Act") to further encourage shareholders to participate in the governance of listed companies and to take investment decisions in the medium-to-long term.