1. Member States shall define material transactions for the purposes of this Article, taking into account:
(a) the influence that the information about the transaction may have on the economic decisions of shareholders of the company;
(b) the risk that the transaction creates for the company and its shareholders who are not a related party, including minority shareholders.
When defining material transactions Member States shall set one or more quantitative ratios based on the impact of the transaction on the financial position, revenues, assets, capitalisation, including equity, or turnover of the company or take into account the nature of transaction and the position of the related party.
Member States may adopt different materiality definitions for the application of paragraph 4 than those for the application of paragraphs 2 and 3 and may differentiate the definitions according to the company size.
2. Member States shall ensure that companies publicly announce material transactions w
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