The setting up of the new group of experts was announced on 28 April by Internal Market Commissioner Charlie McCreevy. The members of the group are not politicians but investors, employees' representatives, academics, issuers and financial services professionals. They will give detailed technical advice on proposed legislation.
The group will help move forward the Commission's 2003 Action Plan on modernising company law and enhancing corporate governance. Since the adoption of the plan, the Commission has adopted a number of specific initiatives in the areas of independence of directors, responsibilities of board members and maintenance of capital.
"Expert advice from stakeholders is indispensable to making regulation work," said Mr McCreevy.