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The concept of the "Societas Europea", a European corporate form transcending national boundaries and common to all member states, was first proposed in the late 1960s. More than 30 years later, on 8 October 2001 the Council of the European Communities adopted Council Regulation No 2157/2001 on the statute for a European company and the supplementary Council Directive 2001/86/EC with regard to employee involvement.