Unlike certain neighbouring countries, in Luxembourg listed companies are often controlled by one or more major shareholders, rendering it difficult to provide examples of shareholders or investors having taken public and adversarial approaches. Probably the most memorable example of shareholder activism in Luxembourg is in relation to the ArcelorMittal merger in 2007. Furthermore, a significant number of Luxembourg companies are listed abroad and these entities often need to apply Luxembourg law as well as the rules of the foreign exchange (e.g., NYSE or Nasdaq). Recent changes to Luxembourg law, including the Shareholder Act,2 marked an important step in Luxembourg CSR legislation and provided shareholders with more statutory rights enabling them to play a more active role in listed companies.
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Source: The Law Reviews - October 2018