The European Securities and Markets Authority has published a statement on practices governed by the Takeover Bid Directive, focused on shareholder cooperation issues relating to acting in concert and the appointment of board members.The statement is in response to a request by the European Commission for clarity on a number of issues following the 2012 report on the application of the Takeover Bid Directive. The statement contains a wide list of activities that shareholders can cooperate on without the presumption of acting in concert. It also contains information on how shareholders may cooperate in order to secure board member appointments by setting out factors that national authorities may take into account when considering whether shareholders are acting in concert.