Council wants action plan on corporate governance

On 30 September the new Competitiveness Council concluded the EU needs an action plan on company law, including corporate governance.

Following a debate on work done by the High Level Group of Company Law Experts, the Competitiveness Council concluded that there is a need to develop an 'Action Plan on Company Law':

  • as a response to recent corporate failures;
  • to improve and modernise the EU regulatory framework for company law;
  • consisting of legislative and non-legislative proposals;
  • to strengthen and clarify certain corporate governance issues, such as:
    • the role of non-executive directors and supervisory boards;
    • management remuneration;
    • management responsibility for financial information;
    • auditing practices;
    • the role of audit committees.

The Council invited the Commission to organise an in-depth discussion on the forthcoming report of the High Level Group and to develop an Action Plan for company law, including corporate governance, as soon as possible. This report follows an online consultation of stakeholders from 25 April to 21 June 2002.

 

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