Late December the Dutch government published a proposal for changes to the Dutch ‘Class Action (Financial Settlement) Act’. The proposal, if adopted, might make the Netherlands the most attractive jurisdiction worldwide for settling international class actions.
Sometimes the two come together, just yesterday in this judgment in an injunction proceeding initiated by Johan Cruyff and 1o-odd Ajax trainers/former football players against Ajax - a listed company - and its supervisory board.
Although Cruyff cs claimed victory after the judge had spoken, even moderately close reading of the judgment clarifies that Cruyff cs lost on most grounds; the only upside was that the judge basically created a status quo for the coming period, in order for Ajax' general meeting to decide whether to choose in favor of either the Cruyff scenario (and against the supervisory directors) or the Van Gaal scenario. I write either/or, as both scenario's as to Ajax' future football-wise seem to be incompatible - or so the experts say.
Anyway, I'm amazed that so far no corporate law enthusiast has penned a column in some fancy magazine about this whole corporate governance drama. It won't be me, as I cheer for - you guessed it - Feyenoord. Crank up the volume!
This week an interesting (draft) proposal has been published that sets out a new “European Venture Capital Fund” label and includes new measures to allow venture capitalists to market their funds across the EU and grow while using a single set of rules. Every fund using the label will have to prove that a high percentage of investments (70% of the capital received from investors) are spent in supporting young and innovative companies. The idea is that by introducing a single rulebook, venture capital funds will have the potential to attract more capital commitments and become bigger.