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The CBI welcomed the conclusions of the Weil Gotshal & Manges report, the Winter Report and the Action Plan, which stated that there was no need for an EU code of corporate governance. We appreciate that the Commission has stated that it does not intend to create one. Nevertheless we believe that the Commission’s actions in the detail of this consultation are clearly inconsistent with its stated intent.
We are concerned that the Commission proposes to proceed by issuing a Recommendation containing a set of detailed principles for Member States to introduce as a minimum, with the possibility of further action later in 2006.
We therefore fear that the Commission’s proposals will merely add another layer to an already complex picture of corporate governance.
We consider that the proposals need a fundamental rethink and believe that national parliaments need to be more involved in the area of company law and corporate governance in considering the question of what should be dealt with at EU or at national level. If there is to be any EU action, we believe that it should be at the level of principles, not rules.
CBI response
Directors numeration