EU Court rules unrestricted shareholder data access violates GDPR
The Court of Justice of the European Union ruled that public access to shareholder data must be balanced against GDPR privacy protections. The court determined that unrestricted access to personal information of minority shareholders is not necessary for transparency and violates fundamental rights.
Why it matters
This ruling sets a significant legal precedent for how EU member states must balance corporate transparency laws with individual data privacy rights.
--> The Court of Justice of the European Union, in a case originating in Latvia, ruled that the personal data of shareholders of public limited liability companies cannot be accessible to everyone without any conditions. The court delivered its judgment in case C-798/24 Jautiva on September 3, Cyprus Mail reports .
Seventeen minority shareholders of a Latvian public limited liability company brought the case before the court. They challenged legislation providing for the publication of shareholder information online. For natural persons, the register contained identification and contact data, the class, number and nominal value of shares, as well as the corresponding voting rights.
This information could be viewed by unidentified users and downloaded in bulk. Latvia justified this regime by the need to ensure a transparent business environment and protect third parties, prevent money laundering, the financing of terrorism and proliferation, and facilitate compliance with national, international and European sanctions.
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