The European Commission is attempting to ensure that member states enact tougher corporate governance reforms
In an official recommendation – now in final draft form – issued in October last year, the European Commission (EC) told member states to review their laws on non-executive or supervisory boards, in light of guidelines outlined in the recommendation. If national laws do not ensure boards are sufficiently independent and free of conflicts of interest, those laws must change by June 2006.Following financial scandals at Netherlands-based Ahold and Italy’s Parmalat, the EU asked
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