The management or administrative bodies of the company promoting the operation shall draw up a draft terms of formation of an European Company (SE) that includes an explanatory report regarding the legal and economic aspects of the formation as well as the information laid down in art. 20 paragraph (1) lit. (a), (b), (c), (f), (g), (h) and (i) of the Council Regulation (CE) no. 2157/2001, also establishing a minimum percentage of shares or parts of share capital of each company promoting the operation, that the shareholders shall contribute with to the SE setting up. The percentage shall be above 50% of the permanent voting rights. 

The draft terms of formation an SE shall be subject of publicity in compliance with the law of each member state, within one month before the General Assembly which shall decide on the operation.