Talk:S.A. (corporation)/Archives/2012

Anonymous no more!

An essential aspect of and the key to understanding the term is that until recently the shares of the larger sociétés anonymes were not registered, thus casting a shroud of secrecy over the identity of the shareholders. This gave the share certificates of the société anonyme the status of negotiable instruments. Dividends could be collected by cutting off the coupons. Nonetheless shareholders wishing to take part in General Meetings had to comply with certain formalities, including the production of their shares, prior to admission. This arrangement was popular with taxpayers, because it allowed wealth to be concealed from the frequently rapacious efforts of the tax collector. The main risk was the danger of losing the share certificates to theft or in a house fire. The system also had the macroeconomic advantage of attracting money that might be hidden in mattresses or be circulating in the black economy to the investment market. Following the 9/11 incident, however, money laundering become a primary concern of the anti-terrorist effort, and Europe-wide legislation was adopted to put an end to the unregistered share. As a result the société anonyme is no longer anonymous, as the names of the shareholders are kept in registers. With this one more distinction between the Anglo-Saxon plc and the S.A. disappears. Whether there will be longer term effects on how people invest their savings remains to be seen. Everybody got to be somewhere! (talk) 00:16, 10 January 2012 (UTC)