Commission published results of consultation on Corporate Governance Action Plan

21 November 2003

The European Commission has published a synthesis of the results of the consultation on the Corporate Governance Action Plan. The Commission received 114 responses to the consultation. There was widespread support for a very large majority of the proposals for legislative and non-legislative action contained in the Action Plan. Some concerns were, however, expressed on certain specific measures and on the legislative nature of some of the initiatives envisaged.

The Commission has already adopted a proposal for a Directive on cross-border mergers. Other company law proposals will follow in 2004, for the simplification and modernisation of the '2nd Company Law Directive' on capital maintenance and alteration and for a Directive on the cross-border transfer of company 'seat'.

As indicated in the Commission work programme for 2004, the first corporate governance initiatives under the Action Plan are expected for the second half of 2004. The Commission sees the following initiatives as the most urgent:

a Recommendation aiming at promoting the role of non-executive or supervisory directors (nomination, remuneration and audit committees)

a Recommendation on directors' remuneration, giving shareholders more information and influence.

Press release
Synthesis of responses

© European Commission