Competitiveness Council endorses Corporate Governance Action Plan

22 September 2003

The EU Council of Ministers endorsed the Commission's Action Plan on Corporate Governance, published in May this year. Among others, the Council adopted without discussion the following conclusions:

The Council:

Emphasises the need to modernise and simplify the regulatory framework, especially relating to capital maintenance and alteration.

Emphasises the urgent need to design adequate solutions to remove the obstacles to and constraints on mobility and on the cross-border restructuring of European Union businesses, as well as on the cross-border exercise of shareholders' rights, by fostering the use of information and communications technologies.

Emphasises the need to strengthen at the same time corporate governance of companies which publicly raise capital and supports the adoption of a common approach to this matter that will enhance transparency, strengthen shareholders' rights and modernise the principles governing the board of directors.

Deems it necessary to reflect further on the real need to introduce new

Council conclusions (prov. Version)
Commission press release

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