Make Europe grow again
Follow the EU’s 28th regime from the founders’ petition to the final vote. See how the text changed at each step, and what every lobby asked for, in their own words, with their meetings and declared spend.
Where it stands · 15 Oct 2026
Parliament’s legal affairs committee put off its vote on 8 October: the rapporteurs disagree on workers’ say on the board. The Council has no common position yet.
Next: Committee vote expected around 19 October; plenary possibly in November; leaders want a deal by the end of 2026.
Enrico Letta’s report on the single market, written for EU leaders, proposes an optional EU-wide legal regime for companies that sits next to the 27 national ones.
Mario Draghi’s report on European competitiveness calls for an EU-wide legal statute for innovative start-ups.
Founders and investors publish a proposal for one pan-European company form and a petition. They hand it to Commissioners McGrath and Zaharieva on 28 January 2025 with 14,000 signatures.
The Commission’s Competitiveness Compass, COM(2025) 30, commits to a 28th regime so innovative companies can operate under one set of EU rules.
The EU Startup and Scaleup Strategy, COM(2025) 270, announces a legislative proposal for the 28th regime in 2026.
Anyone can send views until 30 September 2025. Companies, associations, unions, NGOs and citizens send 879 feedbacks to the call for evidence, and 1,470 answer the questionnaire.
Parliament adopts its own legislative-initiative report, 2025/2079(INL), rapporteur René Repasi (S&D), by 492 votes to 144 with 28 abstentions. It calls the company a “Societas Europaea Unificata” and asks for the same rules everywhere.
The Commission proposes the “28th regime corporate legal framework – EU Inc.”, COM(2026) 321, a regulation under Article 114 TFEU: registration in 48 hours, no minimum capital, EU employee stock options, and worker participation left to the member state of registration.
169 organisations and citizens comment on the proposal itself.
The legal affairs committee (JURI) gets the rapporteur’s draft report. Members table 246 amendments by 22 July.
ECON adopts its opinion for JURI.
In the Council, member states have gone through the text article by article since March. The Presidency’s second compromise text goes round on 7 September; ministers hear the state of play on 24 September. There is no common position yet. The compromise text is not public.
EMPL adopts its opinion for JURI by 26 votes to 19 with 7 abstentions.
The rapporteurs can’t agree on board-level worker participation, so JURI’s vote planned for 8 October doesn’t take place. Reported as agreed: open to all companies, listed ones included, and no simplified insolvency procedure (a review clause instead).
JURI’s vote is expected around 19 October, with a plenary vote possibly in November. The Commission and EU leaders aim for a deal by the end of 2026.
20 Jan 2026
Parliament
The report requires S.EU companies to grant board-level employee representation rights according to the national law where employees work, once local thresholds are met, and prevents circumvention of existing rights.
“stresses that, accordingly, the S.EU must introduce, in accordance with the applicable national law of the place of employment, board-level employee representation rights once the number of employees of the company exceeds any threshold, as laid down in the national law of the place of employment, for triggering board-level employee representation rights in that Member State;”
Report A10-0269/2025, page 9
18 Mar 2026
Commission
The proposal requires that EU Inc. companies follow the employee participation rules of the Member State where their registered office is located, including after domestic conversions, mergers, or divisions.
“An EU Inc. formed ex nihilo in accordance with Articles 16 to 19 or created through a domestic conversion, merger or division in accordance with Article 21 shall be subject to the employee participation rules applicable in the Member State in which it has its registered office.”
Proposal COM(2026) 321, page 50
29 Jun 2026
Parliament
The draft report requires EU Inc. companies to apply board-level employee representation rights according to the national law of the employees' place of employment, not just the registered office, and to use the highest level of participation if employees are in more than two Member States with such laws.
“An EU Inc. with employees in a Member State other than that of its registered office shall introduce board-level employee representation rights, in accordance with the applicable national law of the place of employment, once the”
Draft report PE790.143, page 73
15 Jul 2026
Parliament
10 Sep 2026
Parliament
The opinion amends the regulation to require that employee participation on the board is governed by the law where the employee works, and prohibits using registration location to circumvent co-determination rights.
“The rules on employee participation should be governed by the law of the Member State where the employee habitually works. The circumvention or restriction of existing systems of corporate co-determination through the choice of the Member State of registration should be excluded.”
EMPL opinion, page 12
European Federation of Investors and Financial Services Users
Enshrine hybrid AGMs as a shareholder right in EU law to enable cross-border participation.
“-Hybrid AGMs as a shareholder right, enshrined in EU law to enable cross-border participation, not left as optional corporate actions;”
Feedback, 2025-09-30
Harmonize employee share ownership rules EU-wide, including taxation only upon actual sale of shares to avoid premature tax burdens on employees.
“Die vorgesehene Regelung, wonach eine Besteuerung erst zum Zeitpunkt der tatsächlichen Veräußerung der Anteile erfolgt, stellt sicher, dass Mitarbeiter nicht bereits vor einem realen Liquiditätszufluss mit einer Steuerlast belegt werden.”
20260421-StellungnahmeEUInc (3).pdf, page 3
Explicitly include SAFE and KISS instruments in the regulation and clarify valuation parameters for exercising and selling shares to minimize tax risks for employees.
“Dass die Verordnung explizit auf SAFE und KISS verweist, werten wir als positives Signal. Um die volle Wirksamkeit dieser Maßnahme zu entfalten, regen wir an, im weiteren Gesetzgebungsprozess auch die Parameter für die Unternehmensbewertung bei der Ausübung und Veräußerung zu präzisieren.”
20260421-StellungnahmeEUInc (3).pdf, page 3
Ensure that new company forms do not undermine employee rights or the role of trade unions in the European labour market.
“New forms of company must never become an instrument to undermine employee rights or the role of trade unions in the European labour market.”
Feedback, 2025-09-30 · the Commission’s translation
Philanthropy Europe Association
Include an explicit provision confirming that the EU Inc. framework does not affect existing individual and collective workers’ and labour rights under EU and national law, including participation rights.
“The proposal should include an explicit provision confirming that it does not affect existing individual and collective workers’ and labour rights under EU and national law. This should include participation rights protected by the EU acquis.”
Feedback, 2026-06-25
Association for Competitive Technology
Introduce harmonised minimum standards on employee participation across Member States to reduce fragmentation and improve corporate governance consistency.
“We call for the introduction of harmonised minimum standards on employee participation within the EU Inc. framework, ensuring a baseline level of consistency across Member States while preserving flexibility where appropriate.”
ACT_EU Inc _Public Consultation.pdf, page 6
Association for Competitive Technology
Address cross-border employment barriers by enabling EU Inc. companies to hire employees across Member States without needing local branches or subsidiaries.
“ACT notes the Commission's stated intention to explore cross-border telework under the forthcoming Fair Labour Mobility Package and urges the Commission to ensure that the package includes provisions enabling EU Inc. companies to hire across borders without triggering additional establishment requirements.”
ACT_EU Inc _Public Consultation.pdf, page 6
Confirm that hiring employees across borders does not trigger burdensome cross-border branch requirements, allowing remote-first operations without local brand or compliance obligations.
“It is critical, then, that the proposal confirms that simply hiring across borders does not trigger the Cross-Border Branches requirements in Chapter IV, which impose burdens and go against the one-and-done approach that EU Inc aims to achieve.”
26Q2---Response-to-EC-Consultation-on-EU-Inc.pdf, page 4
Ensure employee stock options complement wages and labour protections, are transparent, workable, and accessible, avoiding schemes that justify low wages or poor conditions.
“Share options should complement wages and labour protections. Workers should not be expected to accept poor working conditions or below-market salaries in exchange for a hypothetical future exit. ... The debate should not be about whether employee ownership exists, but about ensuring that it is fair, transparent and genuinely accessible in practice.”
EU-Inc_Key-Recommendations_AFS_ESN.pdf, page 12
Respect existing worker participation rights without weakening them, apply national rules where thresholds are met, and avoid linking seat choice to workforce location to preserve legal predictability and cross-border flexibility.
“Where an EU Inc. owns a national subsidiary that meets national worker-participation thresholds, those national rules should continue to apply. Similarly, conversion into an EU Inc. in that same Member State should not remove or weaken rights that workers already hold. ... Worker participation should also not depend on forcing the registered seat to match the location of the workforce. Linking seat choice to workforce location would undermine the legal predictability and cross-border flexibility EU Inc. is meant to provide.”
EU-Inc_Key-Recommendations_AFS_ESN.pdf, page 13
Prevent the 28th regime from allowing companies to opt out of national labour rules and collective agreements, protecting workers' rights and collective bargaining.
“The inclusion of labour law risks creating a system allowing companies to opt out of national labour rules and collective agreements, thereby creating unfair competition for the many socially responsible companies organised in employers’ associations and participating in collective bargaining.”
Feedback, 2025-09-30 · the Commission’s translation
Bundesarbeitskammer Österreich
Prevent companies from circumventing national employee participation and co-determination rights by using the EU Inc. form registered in low-protection states.
“Inakzeptabel ist für die BAK insbesondere auch Art. 12, da dieser Unternehmen ermöglicht, mit Hilfe der Gründung einer EU Inc. bestehende nationale Mitbestimmungsrechte von Arbeitnehmer:innen ohne große Mühen gezielt zu unterlaufen.”
BAK-Begutachtung_28. Regime.pdf, page 2
Vereinte Dienstleistungsgewerkschaft
Ensure independent European guarantees of employee participation rights that cannot be circumvented by relocating company seats.
“The draft does not contain an independent European guarantee of participation rights, but links it solely to the company’s registered office.”
Feedback, 2026-06-23 · the Commission’s translation
Vereinte Dienstleistungsgewerkschaft
Include binding protection rules in the regulation to safeguard national labour laws and prevent social dumping.
“While the Commission states in the recitals that national labour law should remain unaffected, binding protection rules are completely missing from the actual text of the Regulation.”
Feedback, 2026-06-23 · the Commission’s translation
Fagbevægelsens Hovedorganisation
Reject any 28th regime that includes labour law or allows companies to bypass national labour laws and collective agreements, to protect workers and trade union rights.
“FH can never accept a 28th regime, that also contains labour law. This potentially leads to a possibility to circumvent both labour law and collective agreements.”
Feedback, 2025-09-30
“28th Regime for Innovative Companies European Innovation Act Public Procurement Act European Research Area Act European Biotech Act I European Biotech Act II Omnibus on taxation Interest and Royalties Directive (Council Directive 2003/49/EC) Tax Merger Directive (Council Directiv…”
Fédération Française de l'Assurance
“…mer Protection policies - Solvency II - Savings and Investments Union - Long-term investment - Sustainable finance policies (Taxonomy, SFDR, CSRD) - Climate resilience and preparedness - Health policies - Corporate Law (EU Inc/28th Regime) - Insurance Distribution Directive (IDD) - Key information documents for packaged retail and insurance-based investment products (PRIIPs) - Retail Investment Policies - Data Protection and Acces Policies (GDPR, ePrivacy) - Supplementary Pension Package (Pan-Eu…”
Zentralverband des Deutschen Handwerks e.V.
“…ung des Plans für bezahlbaren Wohnraum und der Wohnungsbaustrategie Anpassung der Allgemeinen Gruppenfreistellungsverordnung im Beihilferecht Baudienstleistungsgesetz EU-Start-up and Scale-up Strategie Vorschlag für ein 28.…”
“…lity Due Diligence Directive - Forced Labour Ban Regulation - Sustainable Finance Disclosure Regulation - Public Procurement Framework - Data Act Regulation - Artificial Intelligence Act Regulation - Cybersecurity Act - 28th regime - Circular Economy Act - European Innovation Act - Automotive Package - Global Gateway Investment Hub - Saving and Investment Union - Single Market initiatives and roadmap”
“…nce DEBRA • Anti-Money Laundering rules AML as well as initiatives affecting both portfolio companies and fund managers, such as those under the Startup and Scaleup Strategy: • SME definition • European Innovation Act • 28th regime • European Innovation Investment Pact • Rescue and Restructuring Guidelines Finally, Invest Europe follows legislation that may impact portfolio companies, as – non exhaustive – examples: Energy, Defence, Tech and Healthcare initiatives.”
“…al Omnibus) - Copyright & Intellectual Property (Anti-counterfeiting) - Simplification and Omnibus Directives - EU Competition Policy - EU Trade Policy - Single Market Strategy and Single Market Barriers Prevention Act (28th Regime) - EU Tax & Finance Policy (Council Directive on Ensuring a Global Minimum Level of Taxation for Multinational Groups in the Union, Un-shell Directive, Debt-equity Bias Reduction Allowances Initiative, Business in Europe: Framework for Income Taxation (BEFIT), Transfe…”
Association Française de la Gestion financière
“…European Single Access Point (ESAP) Financial Data Acess Regulation (FIDA) Markets in Crypto-Assets Regulation (MiCA) Pensions Pan-European Personal Pension Product (PEPP) IORP Directive Company law Corpotate insolvency 28th regime/EU Inc.…”
Association des grandes entreprises françaises / Association of large French companies
“…ct, Market Integration Package - Financial and non-Financial reporting, ESEF, ESAP, Prospectus - Company law, corporate governance, CSR: Due Diligence, Shareholder Rights Directive, Market Abuse Regulation, ESG ratings, 28th regime - Climate change, energy, environment: Clean Industrial Deal, package implementing the 2040 Climate Law, international negotiations on climate change, Circular Economy, Energy taxation, Energy policy, Environmental state aid guidelines, Green claims, Environmental Omn…”
“Proposal for a Regulation of the European Parliament and of the Council on the 28th Regime Corporate Legal Framework - 'EU INC.…”
EBAN ASBL - The European Business Angels Network
“Capital Markets Union Digital Single Market Connecting SMEs to private investors Harmonising regulations Coinvestment Schemes 28th Regime / EUinc”
Every official text and every organisation’s submission (with its attachments) was cut into 2,064 passages. Contextrie indexed each passage and judged it against the nine questions above, so each step and each ask is read on the passages that address it. A model then summarised them, and every quote was checked word for word against its document: 1,836 of 2,055 summaries carry a checked quote; the others are shown without one.
EU Inc, or the 28th regime, is a company form the Commission proposed on 18 March 2026 (COM(2026) 321): one set of EU rules a company can opt into, next to the 27 national ones, with registration online in 48 hours, no minimum capital and EU employee stock options. Parliament and the Council are now amending it.
Official texts from the Commission and the European Parliament, every organisation’s feedback on the Commission’s “Have your say” portal with its attachments, the EU Transparency Register (declared spend and interests), and Commission meetings as published by the Commission and collected by Integrity Watch EU. Steps known only from the press, like the Council’s compromise texts, are marked “reported”.
Yes. Each step’s position and each organisation’s ask are summarised by a model, and each comes with the words it rests on. Every quote is checked word for word against the document it names; a summary whose quote couldn’t be checked is shown without one, so you can tell them apart.
No. It shows who asked for what, and how the text moved. When a lobby’s ask and a later text agree, that is a match, not proof that one caused the other.
Not yet. EU Inc is the first file. Tell us on Discord which one should be next.
Yes. It runs on Contextrie (open-source context selection) and Bref UI (open-source interface). Both are on GitHub.
Open source underneath
WhoShapedIt is a thin layer on open-source packages. Star them, fork them, build your own micro.
Open-source context and state for AI: it keeps only what matters for the question.
In WhoShapedIt: Reads every lobby submission and position paper and each official text, cut into passages, and judges each passage against nine questions (who can use EU Inc, workers on the board, tax…), so every ask and every step is read on the passages that address it.
Open-source Svelte components for clean, accessible interfaces.
In WhoShapedIt: The status, the timeline, the theme picker, the camps of lobbies and the organisation pages.
Also built with SvelteKit · Vercel AI SDK · Zod