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JUL
25
AmCham EU’s Response to the European Commission’s Consultation on the EU Corporate Governance Framework
On 22 July 2011 AmCham EU submitted its response to the European Commission’s Green Paper on the state of corporate governance in the EU.

The Green Paper seeks to improve the effectiveness of the current corporate governance framework in light of the recent financial crisis, in order to ensure that companies are well-governed, reliable, and sustainable. It focuses particularly on topics such as diversity in boards, shareholders’ involvement and improvement of the comply-or-explain principle, and impacts the entire AmCham EU membership. 

Corporate Governance reform is a key priority of AmCham EU, and is closely followed by the Financial Services and Company Law Committee. AmCham EU strongly supports the European Commission’s efforts to lower barriers to cross-border business and reinforce the Single Market. We therefore welcome the European Commission’s consultation and its efforts to harmonise corporate governance regulation across the EU. AmCham EU does however urge the Commission to clarify which failings it seeks to address before the introduction of additional corporate governance legislation, and to avoid a one size fits all approach to corporate governance by accounting for differences in company size and business models used.

In autumn 2011 the European Commission is expected to issue a feedback statement with a summary of the responses received, paving the way for the introduction of legislative proposals. At that time it will be possible to assess if there are opportunities for AmChams in Europe to work together on this issue.  Please contact Policy Officer Aylin Lusi at alu@amchameu.eu should you have any queries.

KEY DATES:

Consultation Opens: 05/04/2011

Consultation Closes: 22/07/2011

Feedback from Commission: Autumn 2011

To view AmCham EU's response to corporate governance consultation please click here.

The text of the Green Paper can be found here.

 

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