In recent years there has been discussion on possible regulatory reaction to the decoupling of voting rights. In this context, issues and potential problems relating to empty voting (i.e. having voting rights attached to shares without corresponding economic exposure) have also been raised.
Currently there are no specific rules relating to empty voting at the European level. Two Member States, however, have taken or are planning to take steps to address empty voting. ESMA has decided to issue this call for evidence in order to collect information and evidence on the extent to which empty voting practices exist in practice and the effects of such practices.
Responses to this call for evidence will help ESMA to assess whether there is need for further ESMA work with regard to empty voting.