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07.04.2011: EC to consult on corporate governance

The European Commission has launched a public consultation focusing on how corporate governance of European companies can be improved in the wake of the financial crisis.

The Commission has published a green paper on corporate governance. The paper focuses on how to improve the diversity and functioning of boards of directors, and the monitoring and enforcement of existing national corporate governance codes, and how to increase shareholder engagement.

Michel Barnier, Commission internal market and services commissioner, said: ‘In the current economic situation, we need more than ever to ensure that companies are well governed and consequently reliable and sustainable. Too much short-term thinking has had disastrous consequences. Above all, we need company boards to be more effective and shareholders to fully assume their responsibilities.’

The Commission wants to stimulate debate on issues such as increasing the diversity on company boards, the availability and time commitment of directors, risk management and diectors’ pay.

The green paper outlines ways to enhance shareholders' involvement on corporate governance issues and encourage them to take an interest in sustainable returns and longer term performance. It is also considering whether a European mechanism to help issuers identify their shareholders should be developed, to create a better framework for shareholder cooperation.

ICAEWs head of corporate governance, Vanessa Jones, said: ‘The issue of whether to, and how to, introduce proportionality into corporate governance regimes across different sized, listed companies and in the unlisted sector is an interesting line of enquiry and will open a wide debate. Good governance is important to all organisations but one size does not fit all and caution is needed for any developments that may stifle competitiveness of European markets.’

The deadline for responses to the consultation is 22 July 2011.


Source: Accountancy Magazine

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