représentants dépositaires

English translation: custodian (acting) as representative

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
French term or phrase:représentant dépositaire
English translation:custodian (acting) as representative
Entered by: ph-b

11:47 Jul 11, 2020
French to English translations [PRO]
Law/Patents - Law (general) / Articles of Association of a company
French term or phrase: représentants dépositaires
The text is from the list of information which must be written into the minutes of meetings of shareholders of a société anonyme.
This term is very common in Articles of Association.
Web searches give a range of conflicting answers (e.g. represntatives of deposited shares, representative agents, depositary banks...)
Please answer if you know precisely what is meant in this context and can suggest a suitable (British) English term, but please don't post guesses.

Le nombre, l'espèce, la valeur nominale et la catégorie des actions représentées par les actionnaires, les organes ainsi que les représentants indépendants et les représentants dépositaires;
AllegroTrans
United Kingdom
Local time: 13:11
custodians (acting) as representatives
Explanation:

From a reliable source:
Représentants dépositaires
Les représentants dépositaires au sens de l’art. 689d CO sont priés d’informer la société du nombre des actions qu’ils représentent dans les meilleurs délais [...]

https://www.roche.com/dam/jcr:3cb1ac7f-12d8-4b84-9c74-57362e...

That article of the C[ode suisse des] O[bligations] provides as follows:
Art. 689d. Droits sociaux inhérents à la qualité d’actionnaire / I. Participation à l’assemblée générale / 3. Représentation de l’actionnaire / c. Par un dépositaire
c. par un dépositaire
1 Pour exercer les droits sociaux liés aux actions reçues en dépôt, le représentant dépositaire demande des instructions au déposant avant chaque assemblée générale, pour exercer son droit de vote.

https://www.admin.ch/opc/fr/classified-compilation/19110009/...

The official translation on the website of the Swiss governement reads as follows:
"Art. 689d
c. Custodian as representative
1 Where a custodian wishes to act as representative in exercising the participation rights attaching to shares deposited with him, he asks the depositors for voting instructions prior to every general meeting."
https://www.admin.ch/opc/en/classified-compilation/19110009/...

I'll leave it to native speakers to decide whether "custodian as representative" works in English, even though it is an official translation published on the website of the Swiss government. I have a feeling that inserting "acting" would improve it.


Selected response from:

ph-b
France
Local time: 14:11
Grading comment
Thanks!
4 KudoZ points were awarded for this answer



Summary of answers provided
4representatives of (shares) custodians
Daryo
3 +1proxy holders for deposited shares
Marco Solinas
3custodians (acting) as representatives
ph-b
3 -1Company share trustees
Gabriel Ferrero
Summary of reference entries provided
A starting point ...
Daryo

Discussion entries: 5





  

Answers


4 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
proxy holders for deposited shares


Explanation:
See bottom of page 14 of this bilingual document (Swiss articles of association): http://ge.ch/hrcintapp/rdfisFile?id=2995941800000066031012

Marco Solinas
Local time: 05:11
Meets criteria
Works in field
Native speaker of: Native in EnglishEnglish, Native in ItalianItalian
PRO pts in category: 59
Notes to answerer
Asker: Thank you Marco, do you think "representatives" might be better than proxy holders?


Peer comments on this answer (and responses from the answerer)
agree  Adrian MM.: https://www.linguee.de/franzoesisch-deutsch/uebersetzung/dép... Proxy as a paper or e-form so a power of attorney - referred to simply as a 'power' in UK co. law, rather than a human agent with a right to speak and/or vote at meetings.
1 hr

neutral  philgoddard: Maybe, I'm not sure. Doesn't proxy imply that they have voting rights?
4 hrs

neutral  Daryo: they certainly will be voting as "proxies" of those owning the shares, but in the ST they are presented under a different angle.
1 day 6 hrs
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12 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): -1
Company share trustees


Explanation:
Those who hold shares on behalf of others

Gabriel Ferrero
France
Local time: 14:11
Meets criteria
Specializes in field
Native speaker of: Native in EnglishEnglish
Notes to answerer
Asker: Thanks Gabriel. However as the French for trustee isn't used I would be very interested to know how you arrived at this


Peer comments on this answer (and responses from the answerer)
neutral  writeaway: do you have any references to back this? trustees?
10 mins
  -> https://www.lawinsider.com/dictionary/share-trustee

neutral  Adrian MM.: an excellent idea - the only problem is the non-status of home-grown trusts and nominees in Swiss law https://star.worldbank.org/sites/star/files/bo_country_guide...
10 hrs

disagree  Daryo: in a wider sense / as an informal figure of speech -yes - BUT, I very much doubt that when you deposit your shares in a Swiss bank they create a proper formal trust.
21 hrs
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2 days 20 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
custodians (acting) as representatives


Explanation:

From a reliable source:
Représentants dépositaires
Les représentants dépositaires au sens de l’art. 689d CO sont priés d’informer la société du nombre des actions qu’ils représentent dans les meilleurs délais [...]

https://www.roche.com/dam/jcr:3cb1ac7f-12d8-4b84-9c74-57362e...

That article of the C[ode suisse des] O[bligations] provides as follows:
Art. 689d. Droits sociaux inhérents à la qualité d’actionnaire / I. Participation à l’assemblée générale / 3. Représentation de l’actionnaire / c. Par un dépositaire
c. par un dépositaire
1 Pour exercer les droits sociaux liés aux actions reçues en dépôt, le représentant dépositaire demande des instructions au déposant avant chaque assemblée générale, pour exercer son droit de vote.

https://www.admin.ch/opc/fr/classified-compilation/19110009/...

The official translation on the website of the Swiss governement reads as follows:
"Art. 689d
c. Custodian as representative
1 Where a custodian wishes to act as representative in exercising the participation rights attaching to shares deposited with him, he asks the depositors for voting instructions prior to every general meeting."
https://www.admin.ch/opc/en/classified-compilation/19110009/...

I'll leave it to native speakers to decide whether "custodian as representative" works in English, even though it is an official translation published on the website of the Swiss government. I have a feeling that inserting "acting" would improve it.




ph-b
France
Local time: 14:11
Does not meet criteria
Specializes in field
Native speaker of: Native in FrenchFrench
PRO pts in category: 4
Grading comment
Thanks!

Peer comments on this answer (and responses from the answerer)
neutral  Daryo: I wouldn't trust too much this "official" translation - besides the not no subtle shift in emphasis / meaning, there is an obvious glaring error: it should be "... in exercising the participation rights attached to shares ..."
5 hrs
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1 day 11 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
représentants dépositaires (Code des obligations suisse)
representatives of (shares) custodians


Explanation:
It's about shares held by banks or other financial institutions in Switzerland.

see refs.
+
What Is a Custodian?

A custodian is a financial institution that holds customers' securities for safekeeping in order to minimize the risk of their theft or loss. A custodian holds securities and other assets in electronic or physical form. Since they are responsible for the safety of assets and securities that may be worth hundreds of millions or even billions of dollars, custodians generally tend to be large and reputable firms. A custodian is sometimes referred to as a "custodian bank."
https://www.investopedia.com/terms/c/custodian.asp

There are also "depositaries", but ...

I have been in capital markets since last 10+ yrs and most people still ask me this query. The difference is in the name itself. Custodian means custody and Depository means where you deposit! So custodian will have your shares or holdings but legally those will be kept in a safe-keeping account with a Depository.
https://www.quora.com/What-is-the-difference-between-a-depos...




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Note added at 1 day 11 hrs (2020-07-12 23:05:11 GMT)
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représentants dépositaires = (put in this form) who will show up at the AGM to represent the custodian of the shares

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Note added at 3 days 2 hrs (2020-07-14 14:09:18 GMT)
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or more precisely who (the names of the persons present) did show up - as the "form" is in fact the minutes of the meeting - it happened already at the time of writing.

"... list of information which must be written into the minutes of meetings of shareholders of a société anonyme"


Daryo
United Kingdom
Local time: 13:11
Does not meet criteria
Native speaker of: Native in SerbianSerbian, Native in FrenchFrench
PRO pts in category: 171
Notes to answerer
Asker: Whilst I can see your logic, the custodians can surely be the representatives themselves (i.e. they send along someone fromn the office) without appointing representatives, so ph-b's answer doesn't seem wrong to me

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Reference comments


1 day 8 hrs
Reference: A starting point ...

Reference information:
Commencer par savoir de quoi on parle?

Droits des actionnaires

Du droit de vote à l'assemblée générale

Droits de vote et transmission du droit de vote
• Chaque action nominative avec droit de vote donne droit à une voix lors de l'assemblée générale d'Edisun Power Europe SA.
• Les personnes morales et communautés d'intérêts liées par le capital, le droit de vote, la direction ou de toute autre façon sont considérées comme un actionnaire.
• Cela vaut également pour les personnes ou communautés d'intérêts qui agissent de manière coordonnée afin de contourner la limitation à l'inscription.
• La limitation du droit de vote ne concerne pas les représentants dépositaires ou les représentants indépendants au sens de l'article 689c CO.
• Chaque actionnaire disposant d'au moins une voix peut faire représenter ses actions par un autre actionnaire inscrit au registre.
Les représentants dépositaires au sens de l'article 689d CO et représentants indépendants ne sont pas tenus d'être actionnaires.
https://www.edisunpower.com/fr/home-fr/investisseurs/corpora...

de l'article 689d CO = de l'article 689d du Code des Obligations suisse, also known as:

Loi fédérale complétant le Code civil suisse
(Livre cinquième: Droit des obligations)
....

Art. 689d(1)J. Droits sociaux inhérents à la qualité d’actionnaire / I. Participation à l’assemblée générale / 3. Représentation de l’actionnaire / c. Par un dépositaire

c. Par un dépositaire

1 Pour exercer les droits sociaux liés aux actions reçues en dépôt, le représentant dépositaire demande des instructions au déposant avant chaque assemblée générale, pour exercer son droit de vote.

2 Si les instructions du déposant ne sont pas données à temps, le représentant dépositaire exerce le droit de vote conformément aux instructions générales du déposant; à défaut de celles-ci, il suit les propositions du conseil d’administration.

****
3 Sont considérés comme représentants dépositaires les établissements soumis à la loi du 8 novembre 1934 sur les banques(2) et les établissements financiers au sens de la loi fédérale du 15 juin 2018 sur les établissements financiers(3).(4)
****

(1) Introduit par le ch. I de la LF du 4 oct. 1991, en vigueur depuis le 1er juil. 1992 (RO 1992 733; FF 1983 II 757).
(2) RS 952.0
(3) RS 954.1
(4) Nouvelle teneur selon l’annexe ch. II 1 de la LF du 15 juin 2018 sur les établissements financiers, en vigueur depuis le 1er janv. 2020 (RO 2018 5247, 2019 4631; FF 2015 8101).
https://www.admin.ch/opc/fr/classified-compilation/19110009/...

Daryo
United Kingdom
Does not meet criteria
Native speaker of: Native in SerbianSerbian, Native in FrenchFrench
PRO pts in category: 171
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