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Data: 16/09/2005
I arrived in the Commission already a firm believer in the better regulation mantra which has now been taken to heart by the Barroso Commission. My own experiences over the past 10 months in office have only served to re-inforce my determination that this is the only way to go.
What impact does this better regulation approach have on our work on corporate governance and the related area of company law?
When the Commission adopted the Action Plan on Modernising Company Law and Enhancing Corporate Governance in the EU, in May 2003, concerns were expressed that it was the start of an inevitable slide towards a European Code of Corporate Governance. Such a code would clearly be at odds with our better regulation philosophy. This is not the way to go. Moreover, it would certainly take longer than my mandate as a Commissioner, and perhaps even my lifetime, to negotiate. I think we have got better things to do….
I don’t believe in a top down, “one size fits all” approach. There are different ways to skin a cat. I believe in convergence. In convergence over the long term. I believe in a principle based approach. This means being firm on the principles and flexible on their application. Convergence, to me, means that we will have no overly prescriptive regulatory infrastructure and legislation. At best we need only establish a few minimum standards on a few key principles. We are now focusing our work on strengthening shareholders rights in the EU. We need to establish a few basic principles that will ensure voting rights can be exercised across borders. This will mean shareholders are in a position to hold company executives to account over corporate governance.
Two initiatives have been launched in order to entrench dialogue with all stakeholders and promote convergence: the creation of the European Corporate Governance Forum on the one hand and the establishment of the Advisory Group on Company Law and Corporate Governance on the other hand.
The fifteen outstanding, high-level personalities who are members of the Forum provide a tremendous contribution to the exchange of best practices which will help in enhancing the convergence of national practices. The Forum can also assume an educational role by raising awareness amongst the key players – which will, in turn, also help in reinforcing convergence of corporate governance practices over the long term.
The Advisory Group on Company Law and Corporate Governance will serve as a technical body for reflection, debate and advice.
In parallel to this institutionalised dialogue with stakeholders’ representatives, all initiatives undertaken in my portfolio are and will be submitted to public consultation. Every interested party will have the opportunity to take a position. We will listen to and take account of the views expressed. This will ensure that a full picture is developed of the potential impact of our action. This, in my opinion, is essential to ensure that our policy is focused on the needs of our constituents.
We are reaching a turning point as we come to the end of the short term phase of the EU Action Plan. I will now launch a public consultation on the way ahead. Priorities set in 2003 may well have been overtaken by market developments. Our better regulation agenda may mean we should opt for soft, rather than hard, law.
I will also consult on an overhaul of the entire body of existing EU company law, parts of which are definitely beginning to show their age. I have in mind that we should aim to put together a consolidated, easily legible and understandable corpus of law. This would also involve cutting away dead wood and modernising, where necessary. This is, without doubt, an ambitious endeavour but it is one which I think does merit an investment of time and effort in the interests of all.
Ladies and Gentlemen, thank you for your attention. I hope we will now keep each other entertained with a stimulating question and answer session.
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