ICSA in Europe
Latest consultations
EU Green Paper on Corporate Governance
On 5 April 2011 the EU Commission published a Green Paper on the EU corporate governance framework which is designed to assess the need for improvement of the corporate governance in European listed companies. The consultation launched with this Green Paper is part of a wider review of corporate governance in Europe initiated by the consultation on corporate governance and remuneration policies for financial institutions which was published in June 2010.
The consultation can be found here.
ICSA’s response was published on 22 July 2011. Please find it here.
Consultation on Modernisation of the Directive 2004/109/EC (transparency requirements for listed companies)
The Commission has published a report on the operation of the Directive 2004/109/EC accompanied by a consultation document which is the basis for a public consultation on possible ways forward to modernise the transparency regime for listed companies. At the same time, the Commission has published a staff working document which analyses in detail the impact of the Directive and the issues emerging from its application.
The Commission has also launched a public consultation on the Modernisation of the Transparency Directive 2004/109/EC. The deadline for response is 23 August.
Commission proposes improved EU supervision of Credit Rating Agencies and launches debate on corporate governance in financial institutions
As part of its work on preventing a future financial crisis and strengthening the financial system, the European Commission has today put forward amendments to the EU rules on Credit Rating Agencies (CRAs) and launched a public consultation on reforming corporate governance in financial institutions.
Comments are required by September. It has also issued reports on the extent to which the rem recs have been adopted by member states.
A revision of the Market Abuse Directive
Adopted in early 2003, the MAD has introduced a comprehensive framework to tackle “market abuse”. It consists of a framework directive (Directive 2003/6/EC1), three Commission Directives (Directive 2003/124/EC2; Directive 2003/125/EC3; Directive 2004/72/EC4) and a Commission Regulation (Regulation 2273/20035) setting out implementing measures. This consultation focuses on the revision of the framework Directive 2003/6/EC. Proposals for revisions to the implementing measures would follow at a later stage.
Modernisation of the Transparency Directive 2004/109/EC
The Commission has published a report on the operation of the Directive 2004/109/EC accompanied by a consultation document which is the basis for a public consultation on possible ways forward to modernise the transparency regime for listed companies. The deadline for response is 23 August.
Governance of financial services
As part of its work on preventing a future financial crisis and strengthening the financial system, the European Commission has today put forward amendments to the EU rules on Credit Rating Agencies (CRAs) and launched a public consultation on reforming corporate governance in financial institutions. Comments are required by September.
ICSA in Europe
The ICSA is establishing a voice in Europe in order to influence the development of EU Company Law and Corporate Governance. A key issue for us is that the role of company secretary does not exist in the same way in most EU member states.
The ICSA is building its profile by meeting with members of the EU institutions to lobby them on matters of direct relevance to the profession. It is important to lobby all 3 EU institutions – the Commission, Council and Parliament (by speaking to MEPs), and this in itself adds a further level of complexity. We have established good links with all 3 bodies.
Lobbying is important because without it we may find that we are required to adopt legislation which is not in the interests of our members and the UK market. The Institute is also developing useful networks with other professional bodies in the EU which raises our profile and is useful for sharing views on lobbying issues. There may be times when a common lobbying approach may be appropriate.
If you have concerns or comments about issues that you feel ICSA should be
lobbying on in Europe, please let us know. The EU institutions actively seek out views and we have found that our
input has been welcomed.
In the longer term, the Institute hopes to use its higher profile to develop
European interest in the role of the company secretary, thereby creating
increased opportunities in Europe for the profession.
ICSA and ecoDa board support survey
ICSA and ecoDa (The European Confederation of Directors' Associations) believe that good corporate governance and high standards of boardroom practice are essential to the success of an organisation. We worked together to create a survey to find out how corporate governance is being managed across the EU.
CLICK HERE to see the findings of the board support survey.
Links
BIS: European work
BIS: European law company and partnership
BIS: European corporate governance