EC launches consultation on corporate governance

by Sebastian Cheek, for Professional Pensions, June 3, 2010

The European Commission has launched a public consultation on a Green Paper looking at reforming corporate governance in financial institutions.

The consultation – issued in response to weaknesses in corporate governance among financial institutions after the financial crisis – focuses on a number of issues, including how to manage risk more effectively and how to empower shareholders.

n March last year, the commission committed itself to improving corporate governance in financial institutions, saying it would ensure the interests of consumers and other stakeholders are better taken into account, businesses are managed in a more sustainable way and bankruptcy risks are reduced.

In February this year the EC said the paper would look at the adequacy and sustainability of the European pension system (PP Online February 25).

European Commission internal market and services commissioner Michel Barnier said: “I am convinced that true crisis prevention starts from within companies. If we are to prevent future crises, financial institutions themselves need to change….(continue reading)

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