EU Inc (the 28th regime) · 2026/0074(COD)
Supports the creation of an optional European company form but wants changes to better protect minority shareholders, preserve notarial roles, strengthen worker participation, and clarify insolvency and capital rules.
Ensure stronger protection for minority shareholders by lowering the threshold for management expertise to 5%, expanding the right of withdrawal beyond 'oppressive conduct', and requiring unanimity to restrict free transferability of shares.
“EU Inc. recule par rapport à l’avant-projet SES, qui érigeait la protection des minoritaires en verrou du principe de liberté statutaire... Seule garantie ferme : si une modification statutaire accroît les engagements financiers d’un actionnaire, son consentement exprès est requis (art. 49, § 3) - acquis de la directive 68/151.”
Response to the European Consultation on the 28th Business Law Package and the Proposed EU Inc. Regulation - version définitive.pdf, page 7
Limit the facilitation of forum shopping by reconsidering the 48-hour registration and low cost cap, and address the dissociation of statutory seat and central administration to prevent social and fiscal competition between member states.
“Immatriculation en 48 heures et coût plafonné à 100 € : ces facilités peuvent favoriser une concurrence sociale et fiscale entre États membres... La faculté pour une EU Inc. de dissocier siège statutaire et administration centrale (considérant 11) accentue ces craintes.”
Response to the European Consultation on the 28th Business Law Package and the Proposed EU Inc. Regulation - version définitive.pdf, page 7
Regulate the delegation of distribution and share issuance powers to the board by setting limits on amount and duration to protect minority shareholders from dilution and loss of control.
“L’article 72, § 2 autorise les statuts à confier au conseil d’administration... Cette disposition est audacieuse et risque de heurter plusieurs traditions nationales. Elle doit être encadrée - au minimum par un plafond et une durée de délégation.”
Response to the European Consultation on the 28th Business Law Package and the Proposed EU Inc. Regulation - version définitive.pdf, page 4
Preserve the role of notaries in capital increases and share transfers by allowing reference to national law, to respect traditions in many member states.
Introduce clear European minimum rules on directors' liability for false solvency and balance sheet attestations, rather than leaving this to diverse national laws, to reduce legal uncertainty.
“La suppression du capital minimum... si les tests de bilan et de solvabilité sont robustes, si la responsabilité des dirigeants signataires est clairement engagée en cas de fausse attestation - par une règle européenne au moins minimale, et non par simple renvoi au droit national.”
Response to the European Consultation on the 28th Business Law Package and the Proposed EU Inc. Regulation - version définitive.pdf, page 6
Strengthen employee participation rights and codetermination to prevent companies from circumventing these by choosing a less protective statutory seat.
Replace the term '28th regime' and the name 'EU Inc.' with terms rooted in European legal tradition to enhance political and cultural acceptance.
Explicitly enshrine in the text the principle that the applicable law is that of the state of incorporation, but address the risks of forum shopping and the dissociation of statutory and real seat.
Include insolvency practitioners in liquidation and insolvency procedures to protect creditors and employees, aligning with recent EU legislative decisions.
Prevent companies from other legal forms transforming into EU Inc. solely to benefit from a more flexible insolvency regime.
“Il existe également un risque que des entreprises ayant d’autres formes juridiques cherchent à se transformer en « EU Inc. » afin de bénéficier d’un régime d’insolvabilité plus souple.”
Response to the European Consultation on the 28th Business Law Package and the Proposed EU Inc. Regulation - version définitive.pdf, page 4
On the files they lobby on: “…E) 2022/2464 dite "CSRD" sur le reporting extra-financier des entreprises - Omnibus I 2025 Accord provisoire de simplification Harmonisation du droit des affaires, droit de l'entreprise - société européenne simplifiée - 28ème régime - Code européen des affaires”
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