Key Insights Stibbe Capital Markets Seminar 2024
On Thursday 20 June 2024, Stibbe hosted its annual Capital Markets Seminar in Amsterdam. The gathering, hosted by Marieke Driessen, Nora Offergelt and Pieter Schütte, was attended by over 70 capital markets participants. This year, the focus was on “The case for Amsterdam listings – now and in the future”.
After an introduction by Pieter Schütte, a panel of industry experts engaged in an interactive discussion on the characteristics of the Dutch capital markets, led by moderators Marieke Driessen and Nora Offergelt. The afternoon was concluded with a reception, allowing participants to discuss the topics addressed in the panel discussion over drinks.
The panel consisted of:
- Rients Abma (Executive Director at Eumedion)
- Marta Arteaga (Managing Director at STJ Advisors)
- Willem Kröner (Head of Equity Capital Markets at Rabobank)
- Willemijn van Meer (Senior Manager Regulatory Advisory at KPMG)
Key insights that emerged from the seminar and the panel discussion:
- With over 70 IPOs, we have seen a very good decade for the Amsterdam stock exchange. The Dutch capital markets are generally considered to benefit from a great ecosystem with a solid infrastructure, an internationally recognised yet accessible stock exchange, a competent and pragmatic regulator and a mature environment of advisors.
- While there is much reason for optimism, there are also challenges. We have seen that it is difficult for small and mid-caps to find their way to the public markets. This is in part due to the demanding IPO process, relatively low local demand from investors and the regulated environment for listed companies.
- Bolstering local demand for both small and mid-cap IPOs and aftermarket trading is key in improving the Dutch capital markets.
- Multiple-voting share structures can be a useful tool, especially for founder-led companies. However, institutional investors generally favour the one-share-one-vote principle, and prefer harmonisation of regulation on multiple-vote share structures with safeguards for minority shareholders, such as sunset provisions.
- The CSRD reporting requirements are perceived as burdensome by companies, and are expected to require significant resources in the upcoming years. However, investors, demanding more robust ESG-reporting, welcome these harmonised reporting standards.
We reflect on a very interesting, insightful and successful event. For any inquiries regarding the seminar, or capital markets insights in general, please do not hesitate to contact Pieter Schütte, Nora Offergelt or Marieke Driessen.
