On 12 December 2012 the European Commission has published its Action Plan for European company law and corporate governance. I agree with Laurens Kelterman that it is necessary to pay attention to these initiatives and what is the outcome of the discussion on EU level.
The Commission Communication “Action Plan: European company law and corporate governance – a modern legal framework for more engaged shareholders and sustainable companies” of 12 December 2012 outlines the initiatives which the Commission intends to take in this area in the coming years in order to modernise and enhance the current framework.
The initiatives, which will be both legislative and non-legislative, follow three main lines:
- Enhancing transparency between companies and investors
- Encouraging long-term shareholder engagement
- Improving the framework for cross-border operation of companies
In addition, the Action Plan also launches a process of codification of most company law directives.