Corporate communications in Europe need to be dragged from the age of the carrier pigeon into that of the internet, the European Commission has said. The internal market directorate has proposed that voting rights of shareholders, particularly across borders, should be improved, and their voices heard at annual meetings.

Bankers have criticised the plan, saying rigid rules will not foster improved shareholder voting. Henry Raschen, head of market strategy at HSBC Securities Services Europe, said: "If we can establish a minimum standard in Europe, that must be a good thing. The question is: does this require an EU directive? I am keen to avoid any duplication of existing regulation."